May 17, 2006
Assessing the carnage and licking my chops
No relevance to the rest of the post but let's admit it - this is one of the great lines of all time.
Selling causes quick damage. Four plus month of index gains are gone in a week. Nuff said.
Cash is actually your little friend right now. The big techs have been just KAKA for so long that it would take pure luck to call a bottom.
But, with the absolute crushing of the leading gold stocks the last 3 days - my eyes will be glued for long opportunities starting again tomorrow.
I won't buy my gold fillings back quite yet but the stocks are worth a scalp for the nimble starting tomorrow.
There have been few gold bulls for the last $300 rise but plenty of genius bears the last few days.
GG, AEM, GLG, LIHRY, PAAS and the rest of the miners will be on my watch list tomorrow as I look for a turn.
Speed to the downside in a runaway bull market offers good risk/reward if you can manage your risk properly.