12/19/03
The Dow has exceeded my target of 10,200. The next stop would be 10,600, then 11,000. I just don't see the Dow reaching 10,600, but the power of this move is unmistakable. The talking heads are all bullish. This is not a good sign. Clearly we are topping, the question is where the top will be.

Gold is around $411 per ounce. The Gold stocks are falling on new multi-year highs. This normally indicates that the metal will start to correct. Usually the stock action leads the Gold bullion price. Again time will tell. And with Gold any major world event could change Gold's direction. As a positive short term, the capture of Saddam Hussein did not - by days end - keep Gold prices down.

As the economy is concerned, so far Christmas has not been good for retailers. We will readdress this issue later after Christmas final sales are released.

-- As always: For all of you who are passing Arnold's Ramblings on to friends, family members, enemies - whoever, now you can provide them a fresh copy, direct from the source! Ask them to go to http://www.arnoldsramblings.com/NavLinks/Subscribe.html.

Copyright 2003 Arnold's Ramblings Inc., All Rights Reserved.
- posted by Arnold @ Friday, December 19, 2003