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February 3, 2014

No Signal on Gold

Stocks delivered the downside continuation discussed in the weekend letter as the S&P 500 plunged about 40 handles today. Equities have also now encroached their timing band for a daily cycle low, opening the door to the formation of at least a near-term bottom. However, I would not count on a low arriving immediately. A couple of cyclical setups suggest this daily cycle will go yet lower ...


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