DJIA at megabear A-3 / 7950 piviot close last nite. If it doesnt hold staring next at B-2 / 7400 - A-5 / 7200 target. Major supports below til 6600, 5500 and the GORM megabase 3600.
POG is decoupling from AUD and EUR and linked to rising USDX in next phase IMO .... golden days for the goldstox about to start IMO. Spot AUDPOG now 1321 (abt 100 bucks up from coupla nites ago) and a 1400+ close confirm shld IMO see 1800 soon after. AUDUSD on track for its next leg down toward 0.47 tech target for mine to keep Oz mining industry alive as majors announce another 3000 job cuts with more mines under C+M.
This is PERFECT scenario for GT/HNC achieving their aims of 50% as more will not want to play poker and instead eagerly accept the apparent lifeline.
DJIA megabear C-5 capitulation wave looks like in play now ....UNLESS IT BOUNCES NEXT FROM THIS MAJOR PIVOT and gives us one more decent leg up ..... possible .... next few days will show.
What we have to realise is the US has is now about to turn up the printing presses to hyperdive and throw away the speed key as Obamarama ushers in the New Age (sounds like New Deal?) and "hard decisions" (sounds like "stimulatory" war with Iran in 2012 ... thats an important year in both Mayan and eastern orthodox calendars).
But C-5 to complete megabear C sould be swift and sharp and short term with ensuing paper burn setting up the Kondratieff third primary in resources ... based the paper burn about to start.
So all looks on track for the GORM and its a matter of who survives 2009 to reap the rewards thru to 2012 (IMO). emerging GOLD emerging dividend payers should give greatest upside leverage during megabear D paper burn / resources rally wave ahead ..... and post the perfect storm of USDX/USBond market collapse .... later , first the USDX rally.
Thats the broad personal vision and remains unchanged from original GORM ....... with its index targets in play.
CMR can be a LEADER during megabear D but first it must survive. Hence more will be supporting the only apparant survival option seemingly available viz in the absence of another counter bid from the dissidents or the vultures, GT/HNCs offer.
Thats not my personal choice in normal times ... but C-5 promises to be one helluva ride on the downleg.
I continue to pick the eyes outa the oversold gold and uraniums as AUDUSD heads IMO toward sub 50c US.
Breakingnews .... BHP to shed 6000 jobs actually ......
IMBOOC
CMR Price at posting:
18.5¢ Sentiment: None Disclosure: Held
