General Motors is about as relevant as horse drawn carriages.
Saturday, November 22, 2008
Weekend Review
Not much has changed, even with Friday's +6% close.
Gold showed good strength, and GDX was up 26%.
But gold is approaching resistance, so stay cautious.
But gold is approaching resistance, so stay cautious.
The market is still terribly weak. Gold miners may offer some upside potential, but I suspect it is a better shorting opportunity until the broader market can find some traction. Treasuries are getting ridiculous, but it is too early to get short the long end of the curve. Keep an eye on TBT.
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