Editor's Note: Gary B. Smith's column runs exclusively on RealMoney.com; this is a special free look at his column. For a free trial subscription to RealMoney.com, click here. This article was published Feb. 7 on RealMoney.
OK, you want good news? Here it is: Everyone's excited about gold stocks!
Now, in my mind, that's at least one sign that stocks are near a bottom. I mean, gold stocks? Talk about one of the great contrarian signs. The last time they spiked was Sept. 21, 2001 -- exactly at the bottom.
Is it different this time? Something about supply, as
Aaron Task points out?
Yes, sure, maybe. But at this point, the gold chart below sure looks like some of those
wonders from yesteryear...
Today, a look at the Nasdaq,
J.P. Morgan Chase
Toys R Us
Philadelphia Stock Exchange Gold and Silver index
, or XAU,
iShares Russell 3000 Value
And that is the final word from the front seat of the Smith Taxicab, where my girls have introduced me to the music of Nelly Furtado. To her credit, it's the only CD I'll still play when my kids
in the car!
Gary B. Smith is a freelance writer who trades for his own account from his Maryland home using technical analysis. At time of publication, he held no positions in any securities mentioned in this column, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Smith writes a daily technical analysis column for RealMoney.com
and produces a daily premium product for TheStreet.com called
The Chartman's Top Stocks. While he cannot provide investment advice or recommendations, he invites you to send your feedback to
Gary B. Smith.