Gold

Gold had a pretty big move today on no real news. In the first Market Wizards book, Bruce Kovner said something to the effect of, "Breakouts on no real news are more interesting than a breakout associated with a Wall Street Journal article." (or something along those lines) I must admit, I thought gold was probably going to see downside before upside. But we have to look at what the market is doing and today gold took out last months high and acted well against just about every asset class out there and each currency. This is after it has pulled back, and consolidated for several months, against the S&P, CRB, and many currencies. If it starts trading below 974 tomorrow, or closes below there we may be able to call this a fake-out... otherwise, I think one has to trade it on the long side. Also, I doubt there will be much of a pull back if this thing is any good.