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Marc Eckelberry : 9/25/2006 1:31:16 AM

I remain bullish on gold, especially after the Chinese holiday. Dec gold has support at 590, which should hold as traders anticipate what will happen post ECB on 9/26. If we do break 590, support is 586, followed by 580. Oil drop is slowing the current rise, but the dollar weakness and Asian investors should make up for this. And once oil finds a floor, the ascent will accelerate and you will be left behind. I think now is the time to accumulate. Conservative traders should place stops at 589, others down at 585. It will be the bullish trade of the last quarter.

Keene Little : 9/24/2006 10:50:04 PM

Monday's pivot tables: Link and Link

Keene Little : 9/24/2006 10:40:06 PM

One other thing to keep the bears on their toes here--the SPX has has not even tested its July uptrend line yet (just under 1308 currently). The DOW has broken its uptrend line and would retest it at about 11520. These two continue to paint a slightly different picture and make it a little dicey at the moment in trying to pick a direction.

Keene Little : 9/24/2006 10:29:24 PM

After leaving on Friday for my road trip (I'm in Montana as of Sunday evening) I see that the market bounced a little into Friday afternoon. If we've seen the high for the move up from July then the leg down from Wednesday's high could be complete and now we'll get a correction of it before continuing lower. Looking at ES, a Fib retracement zone of 38-62% gives us 1328-1332.50 to watch for resistance.

So far the bounce on Friday looks corrective and indicates we should see prices continue lower after the bounce is done. The trouble with that interpretation is that if we're in the middle of a choppy rise to new highs (with big money holding the market up) then we'll see corrective choppy price action in both directions. So if you're playing the short side be careful and don't be afraid to take profits often.

OI Technical Staff : 9/24/2006 9:59:59 PM

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