As a quick update to a previous entry concerning GLD, the gold ETF, once the 68 resistance was taken out it was only a matter of time before the all-time high at 72.26 was history too. Point and Figure charting is saying: stay all in, even better things are on the way.On a totally different note, wasn't neat how the employment numbers came in weak a month ago perfectly on cue for the Fed to justify its electrifying 50 bp rate cut but then, wait, we learn today that it was all a big mistake, the numbers were actually just fine and the ones this month are great. Does that mean the Fed is going to take back its easing action? A 50 bp rate hike at the next meeting? More seriously, the Fed can now build a good case for leaving rates unchanged and not get too much grief from the market shrills.
On yet another subject, I'm reading The Black Swan, Taleb's second oeuvre and as expected it is teaming with ideas. As in:
we tend to underestimate the likelihood of black swans before they happen and overestimate that likelihood after they happen. More on this later.
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