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Current signals and positionsJack Chan After a week of heavy selling, many public readers have asked if this is now a good buying opportunity. There will be opportunities this week for short term scalpers, as the metals are deeply oversold and should see a relief bounce. But for position traders, our current signals suggest being in cash or short are the only viable positions.  GLD - sell signal on 2/27 ended the buy signal of January.  SLV - also on a sell signal ending the buy signal of January.  GDX - sell signal on 2/28 ended the buy signal of January.  XGD.TO - Cdn traders also had a sell signal on 2/27 ending the buy signal of January. Summary The gold sector is on a sell signal and traders should be in cash or short. For our subscribers, we moved into 50% bonds and 50% cash during the week of 2/04 and have been there since.  End of update. Mar 4, 2007 321gold |
