Unfortunately, it does indeed look like the 220 target (62% retrace of bull market) for Huey is in play. Recall that the violation of the September low brought about this target. But a target is just a target, not a prediction.This is a weekly chart, but if you pull up a daily (you can use the stockcharts.com menu over there on the right side panel) you will see that today made a new closing low. Of course, gold was higher again but what do panicking and over leveraged players care?
Hopefully everyone understands who they are whether investor, trader, bottom feeder, risk manager, avoider or whatever. Anything but hoper. I see a headline 'Dow plunges 733 as new data points to recession' to which I would ask where were these guys months ago when a recession was all but a given? There's the media again, masters of the obvious. The play is an has been contraction/recession begets pressure on monetary authorities amid DEFLATION hysteria. Check. Meanwhile, how about gold stock fundamentals, Ehh Bueller?
Oh and yes, this is a cyclical bear market for the gold stocks. Not that that needs clarification. The trend line drawn is not meant to be some happy happy attempt to say 'bull intact'. Bull NOT intact. Bull dead, kaput, dog food. The line simply correlates with the fib level. Now, the birth of a brand new baby bull... that's what I am in this for. All this angst while those fundies keep on getting better. It doesn't get any better than that for a contrary sort.
