Hard to imagine that today is 29 years since John Lennon was mercilessly gunned down and not a year goes by where one wonders what magic we were denied. The possibilities are endless when you let your mind wander. You can bet he would have continued to be an outspoken person against war and many other injustices in the world as well as creating more timeless music. Always a moment that I remember where I was when the news broke. Not many people other than one's immediate family have that kind of power to most of my generation these days.
On to the markets. The gold correction continued in spades today closing down another $28 breaking thru the $1135 first support area. There is no doubt the shine is off the metals bull but I did notice some of the popular junior stocks are holding up fairly well with some closing up today albeit in the few perentage points and that could change if gold keeps getting pounded.
The GLD chart tells me we have a few more days to go still before it bottoms out and builds for another run. With Christmas coming I doubt we will get much of a rally off the bottom with the market thinning out on the risk taking long specs.
The fundementals and the technicals need to come back into alignment as this was just too much too fast. In the meantime, sit back, play some Lennon tunes,chill out, and stay warm, this precious metals bull has a very long way to run and lots of money to be made.
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