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December 4, 2013

Noise Machine

Gold and Equity Reversals Change Nothing

Both gold and the equity market produced impressive bullish reversals during today's action, but the impact on our framework of expectations delivered by these moves can be summarized in a single word: noise. Certainly, gold could ultimately prove today's low to be a daily cycle low, despite falling short of the normal timing band. Likewise, stocks could have marked their own DCL without declining enough to receive a statistical confirmation. However, neither chart sports confirmation of a cycle low, and until such confirmations are delivered, intraday action is ...

 

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