Just some thoughts about where the markets are...... Dow -- has managed to stay above 17250 four times in January. This area appears to be strong support. If this indeed proves to be the case then the Dow could challenge new highs very shortly. A break of this support would mean a likely drop to the 200dma and then we'll have to see if this holds.
Dollar -- the usd's meteoric rise has been stunning to say the least. But perhaps now it will take a bit of a breather and correct to the 50dma, where there is coincidentally a little up gap that could be filled.
Gold -- on the surface today's rise was quite impressive but we actually had a lower low and lower high. The hui, xau and gdxj are lagging to gold so I could see the gold indices advancing while gold possibly corrects in the st to maybe as low as $1260. I expect gold to reach strong resistance in the $1306 area.
Then to throw a monkey wrench into everything, tomorrow we have the latest Fed musings just after 2p.m. et. It'll be fun to see how the market reacts.
As for mgp, the sp is just taking a bit of a rest. Remember, all gold stox don't rise at the same time. Usually the majors are first, followed by the intermediates and then the juniors (that's us). This quality gold stox has strong bid support. You know the old adage "buy low", well imo this is the time to buy, buy more or just hold what you already own. It's funny, every ta indicator I follow on mgp may appear bleak to the novice, but in actual fact it's the exact opposite. Jmvho.
goldopportunity