February 07, 2006

Commodities slaughtered

A morning selloff turned into a complete rout. My $575 post to take profits in gold seems timely with gold back below $550 tonight - just 24 hours later.

Fast market and I would be back buying long-term positions in the $530's.

I still think we are in a massive commodity boom for oil and metals so you have to hope for carnage like this to rebuild positions. Don't watch the news - there isn't any!

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