Posted Oct 17, 2013 by Martin Armstrong
The fundamentals are really worthless because you can always extract just the ones to support your current view to “talk your own book” as they say. The Dow Jones Industrials bottomed within the channel nicely on the daily level and the target was on point as well the first week of October – the 9th (see Array). This is NOT a pattern of a major top. This is a basing pattern and equities may be the last savior we have. If you cannot store gold, you cannot keep excess money in a bank, and if you are European, well you may just have to get as much out of Europe as you possibly can – equities are movable, transportable, and liquid.
This is why I do not like people who try to pretend the sale in gold on Friday was not real. It is better to realize the trend so you DO NOT buy losing your shirt and then lose confidence or your marriage because you followed some gold “analyst” who just talks it up and his own self-interest. If the market is doing something you think is wrong, well may be you better check you logic.