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Remember Yesterday - Mike Swanson (10/26/06)

Submitted by Mike Swanson on Thu, 2006-10-26 08:07.

I want you to remember yesterday. I want you to remember the headline sitting on CNNFN.COM before the market opened titled "Days of Big Oil Are Over." Well, right after CNNFN.COM posted that oil traded up $1.50 and by the end of the day had broken out of its downtrend to turn up:


And of course gold stocks broke out of their reverse head-and-shoulders bottom formation and are trending up too! The XAU and HUI are on track for a 10% gain over the next few weeks.

It's amazing how nothing changes. The masses are always wrong at the key turning points, and so is Wall Street. Sentiment for commodities has been awful the past few weeks. When I went to the Toronoto Gold Conference just a few weeks ago no one was really interested in buying new stocks. And CNBC has been calling for a new bear market in oil for weeks too. The CNNFN.COM was just the most blatant negative headline, and it came at the silliest time to call for an end to commodities.

But when everyone is negative that is when you buy and that is exactly what we have been doing the past few weeks. If you've been scared and sitting on the sidelines you need to get out of your chair and do something. Don't be one of those people that sit and watch and buy months later at the top. I'm adding a new mining stock to the Top 10 List today:

WSW Power Investor New Top 10 Stock

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Hello. My name is Mike Swanson. I’m the best-selling author of the book Strategic Stock Trading. In a former life I used to run a hedge fund from 2003 to 2006 that generated a return of over 78% during that time frame. In fact it was ranked in the top 35 out of 5,000 hedge funds in 2005.

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