The geese are flying back north, the chickens are coming home to roost and the traders are feeling their oats and the pundits are saying buy buy buy and the chart is saying, what me worry? –or actually that was Alfred E. Bush. The chart is saying this is all a bunch of sideways stuff. To belabor the obvious all points after 4 (.1.2 etc) are between 3 (low) and 4. By definition a trading range with a bearish bent. Any more questions? Good.

The much to be expected downwave in the metals may (NOTE, MAY) have ended. The semi-aggressive trader might be putting out part of his line here.I.e. — putting on some longs.

Frankly we think the rush to call the subprime mess over may be a rush to do something stupid.

Silver and gold are now a barometer or a pressure meter, or a rebuke to the dollar and the Bush administration and to everybody else who thinks it is wise to spend $12 B (big ones) on Iraq every month.

We’d laugh if it didn’t hurt so much.

DBA we think is in the same position as the metals. Taken down a peg and perhaps a candidate for fresh capital.

Remember, don’t try this at home without a stop. About 5% down we’d say.

This is so far from a trend change that it might as well be in Iraq. Sometime back we said to look for $1000 gold. Doesn’t look over to us, and, never go near the water without a stop. The sharks will get you.

Dizzy enough yet? Feeling like a squirrel?That big buy signal could yet be a long (long) term buy signal, but you wouldn’t know it yet.

This is great trading territory, but maybe queasy making for the faint of stomach.

Still down until otherwise noted for the long term.