Heads were bulls, tails were bears.

Probably is how some of these people are doing there gold investing these days. Sure enough as I thought, The dollar was unable to break above the mid 79 region and gold retook 930. More interesting was the hourly RSI level which fell into way oversold territory yesterday at one point all the way to 20. Today, it was back up to a peak of 62. Oversold to overbought in 24 hrs or less. If this keeps up no one will be getting anywhere. Daily RSI is at 48, half way between over bought or oversold with a slight bias to over sold. What happens tomorrow will be anyone's guess. There is just as much an argument for going up as there is for going down, so my suggesting is hold whatever you got. Don't buy, don't sell. If your holding cash, hold cash. if your half invested stay that way. If your fully invested same thing. No use trying to gamble here.

The two biggest gainers in the mining sector today have been AEM which posted good earnings and my little GSS which i believe is gearing itself up to surprise a few people. As I write this TRE is at least back above 3, as we all anticipate any news from Mr. Sinclair.

Rick Santelli's grade for yesterday's treasury auction- D. The government will soon have to face the inevitable, as they are incapable of prevention, only prolongment.

As a note on tomorrow's possible action, hourly RSI on Crude oil is at the highest its been for as far back as the hourly chart allows me to see... a whopping 73.5... needless to say, overbought, and where oil goes, gold will follow.

Other than that, today's market action is far from surprising for me so i have nothing else to report. (WTF is up with the market? DJIA at 9200, S&P gearing up for a possible crack of 1000 today and Nasdaq already touching 2000? They do know that a weaker dollar is generally BAD for stocks right?)

Signing off my friends.

-J

P.S if you've never seen it before, take a look at my new debt clock at the bottom of the page. you can click it to go to the site and get more info. 61 trillion and counting. 1 million every 3 sec.

"Couple billion hear, couple billion there, after a while were talking about real money."