Stay Cautious on ALL Commodity Stocks Until Further Notice….
April 20, 2008 5:09 PM
There could be at least a near term botton in the dollar here and that could really pressure commodity stocks near term, as I mentioned before the market opened on Friday. If you want to stay long the market, I believe extreme caution is in order here on all commodity stocks, especially gold and silver miners like AEM. There is a lot of talk overseas from foreign bankers about how to push up the dollar as it is hurting the Euro’s big time in exports, and leading to worldwide inflation as most everything is priced in dollars. Use caution here, on AEM, ABX, BRK, WLT, etc. AEM was a short in the high $70’s area anyhow and WLT and CHK are both an avoid in the area as well.
If you noticed, both AEM and ABX were actually down in a huge rally on Friday, as I said pre-open.
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