Wasn’t it just last week I thought the market was finished? Well, never mind, as the rally resumed, making anyone uber-bearish regret their stance.
I don’t think we’re quite out of the woods yet – I’m permanently fearful! -- but for now the market is on firm ground.
I’ve noticed more and more commentators talking about gold lately, both for and against. I’ve never been a fan, but respect its great run. That run looks over, although the goldbug community sees this as a great buying opportunity.
If I saw support anywhere, I might agree. Instead, it looks like a lot of downside still to come.
You can’t talk about gold without also talking about the dollar. There, the future looks brighter. However, I’d wait for a close above that resistance before jumping in.
Gary B. Smith joined FOX News Channel in 1999 and is currently a regular commentator on "Bulls & Bears," including his own segment called, "The Chartman."