Two Head and Shoulder Patterns from Shaza

Below is a two headed Bear market snapshot. Both patterns have sloping necklines and both patterns so near each other are extremely bearish of course, esp if the compressed Head and Shoulder ( the second one) breaks its upward sloping neckline on high volume.  I do not buy that the second pattern is a bear flag as it has too much volatility within it to qualify. Edwards and Magee emphasise that the flag should not be more volatile then the pole. In either case, both are not good signs.....While Technical Analysis is not real easy in this headline market, it has kept me mostly sidelined and out of harms way.  Shaza

Gold, gold, gold: things that make me go “hum…..”

Everywhere I go today people want to know what I think of gold. My kids came home from their elementary school the other day saying that some kids in the play ground were running around telling people they should “buy gold, ’cause it only goes up.”
Just before I gave this interview in Toronto last week, I ran into my plumber who told me he was at the resource conference to do some research and networking as he was thinking of becoming a precious metals broker. “I’ve got my precious metals, and I am convinced they are going higher…I am not wavering from that. ” he said. HuMMMMMMMMM….