Monday, September 7, 2009

9 out of 10 Technicians Agree

I stopped by kitco.com this morning with the intent of checking the recent London Fix data. happened upon a commentary by Rick Ackerman, in which he says,

Head-and-shoulders patterns aside, just about every decent technician we know is looking for a breakout above $1000 right now.


and of course just about every crappy 'technician' is looking for a break above 1000 too, and has been for the last year and a half.

now I try not to be a knee-jerk contrarian, but it is really hard not to laugh at the notion of a consensus among technical analysts.

at any rate, I did get to the London Fix page after a bit. I notice that Friday's PM Fix came in at 989, which happened to be the high PM Fix in February as well. in a few hours we will find out whether today's Fix exceeds that number, but I wonder whether anyone out there is contemplating the prospect of a double top right now, basis PM Fix?