Oops Shaffers missed the reversal
A look to the sector graph shows buyers pounced on everything but the streetTRACKS Gold (GLD), Amex Gold Bugs Index (HUI) and iShares Treasury Bond (TLT). The "small" rallies were still near 2% and the "strong" groups were up more than 8%. Last night I said I was leaning toward just viewing the recent rally in gold stocks as an oversold bounce. Based on the reversal today, I guess I should have focused more the inverse relationship to the market that a safe-haven" group would have.
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