Monday, August 12, 2013

Steven Hochberg and gold:

Hochberg is a gold bear, this is a clip from Yahoo finance August 9, 2013 “Gold Bear Market Is Not Over Yet: Elliott Wave’s Hochberg” and I quote, “It's been a great month, but a bad year that's about to get worse. That's the short version of the outlook from Elliott Wave International's chief market analyst Steve Hochberg, who thinks any bounce in gold will prove to be short-lived.

"The one thing we can say is that gold's bear market is not over yet," he says in the attached video, confidently predicting the precious metal's continued demise.” (and) "We're two years into (gold's) bear market," he explains. "I think gold is setting itself up for another leg down in this ongoing bear market to correct the prior rally we had from the 1999 low.”

Ok I don’t think the Hochberg bear call is correct. Now when I look at the GDXJ daily chart (thanks to I see a possible bullish juncture – if – the price can break above the pivot point at late July at “B”. The last pivot at late April at “A” was followed by a swing failure in early June. The recent jump in volume at the last higher low of August 7 is bullish. What is good for the GDXJ is good for bullion.

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