Najarian says gold is looking good so far but it's still locked in a range. Where others see resistance in the $1,325 area, Najarian is more optimistic. "It was $1,425 in June of this year. I think that's the next stopping point."Gold "Looking Good" So Why Wait?
Najarian says the trade here is to chill and wait for a pullback. If it gives up the ghost again and drops below $1,300 he's a buyer. If not he's happy to let others chase.
Najarian says "gold is looking good". He also thinks "$1,425 is the next stopping point".
But low and behold, Najarian wants another pullback to $1300 first. Good grief. Why does anyone think they can time anything to that degree?
I suggest it cannot be done. If you think $1,425 is the next stopping point, does it matter that much if you buy at $1300 vs $1325?
Here's the deal: I do not know what the "next stop" is for gold, nor does anyone else. What I do know is that micro-managing entry points, hoping for a $25 pullback when you believe the price is headed $100 or more higher is silly.
By the way, I also think "gold is looking good" here, but I am talking my book as well as my belief. That aside, I am pleased to see all these wimpy bulls. One of these breakouts is going to hold, and I will not be hoping for a pullback when it happens.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
