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Markets Easier Overnight
Posted on 09/25/2006 16:41:16 | Link | Post Comment
One week ago, we made the case for the possibility that the Metals markets could go parabolic and in spite of a mid-week pullback, Silver has already recovered to higher levels than a week ago when we first expounded upon this potentially very bullish outlook for metals prices and in support of our analysis and prognostications one highly regarded analyst issued this proclamation just yesterday:
"From last year I have been predicting a great rise in metals prices after September 2006 an we are just a few weeks away from the start of this period. This period will last for about one year though of course it doesn't mean that metals will rise all of the 365 days. It could actually tale 3 to 14 weeks before it strongly marches ahead." Metals can be very tricky indeed, so do not expect catching this move to be easy...
Our feeling is that the sudden and sustained rally in metals prices yesterday combined with a strong rebound in Crude Oil prices conspired in part to put a bit of a damper on stock prices Sunday night and Monday. That's ok as long as stocks can rally again this week. Our idea of an unfolding upward continuation should remain the theme. However, should oil prices spike higher again or any potential fallout from Iran start to become uncomfortable, then the markets could suffer somewhat of another selloff and as long as this selloff is not too deep and its characteristics of recent selloffs are evident, then our bullish scenario should remain intact. In any event, even if the markets were to make lower lows going into the fall, it could actually create a bullish ABC correction spanning much of 2006 and the resolution of such a structure could be even more bullish than the rallies of last week, so to be realistic in today's World we really have to be prepared for all eventualities.
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