You have to love it...
posted on
Sep 22, 2008 04:29AM
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Read the following and see if you can guess the author...
We Are Not
Elliot Wavers Here, But...:
We've watched those who follow the
Elliot Wave Theory get themselves
all bollixed up over time, getting too
close to the market and seeing too
many waves; however, we have found
that markets do move in massive
five ways movements and gold we
think is doing exactly that. Wave I
took us higher; Wave II corrected;
Wave III was classic in that it had
the requisite 5 wave pattern within,
and Wave IV corrected perfectly.
We are about to embark upon Wave
V.. and that means much, much
higher gold prices lie ahead.
Reflation is the order of the new
day; and gold shall have its way.
Weakness is to be bought; strength
is not to be sold.
Yes folks, it's our good friend Dennis Gartman back on the Gold bandwagon again. I find his flip flops humorous but I have to give him some credit, he did recognize that things have materially changed and that holding fast to his bearish gold position would make him look like one of the most collossal idiots of all time.
He would be joining John Nadler, who has never really been bullish on gold since it broke $400.00, only pausing in his bearish rhetoric during the more obvious bullish times. During those times, he doesn't switch like Dennis did but just comments on the broad market in general terms. Then when gold has a bad week or two he yanks out the knives for the goldbugs and bashes the metal that keeps him employed. Jackass...