I did a podcast call with Matt Frailey to talk about gold stocks and the broad market. To listen you can right click this link and download the mp3 file to your computer:

Podcast mp3 file - Matt Frailey and Mike Swanson talk about the broad market and gold stocks.

Last Wednesday morning I wrote an article titled "Gold Stocks are Near a Key Bottom." When I put the article together I was looking for a bottom in gold stocks to put my own money to use in.

I just did a recorded phone conversation with Andy Emerson with his technical analysis take on the market. Andy and I have been friends for years and have been trading the markets together for almost 10 years now.

We are at a critical point in the economic history of the United States. I know of no other way to put it. The events of last week were of a character that we've never seen before. On Friday mortgage lender IndyMac Bancorp became the second largest federally insured financial company to fail after it got hit by a bank run. The Federal Deposit Insurance Corporation took it over.

From its July intraday low to its October 9, 2007 intraday high the DOW has fallen 20.5%. A lot of commentators on television and the Internet are making note of the fact that the DOW is down 20% and saying that this is "bear market territory." Some are saying that this means it is the time to buy, while others are saying this is proof that we are now in a bear market.

While the broad market fell last week gold rallied hard. For the past few weeks we've seen gold and gold stocks held down as various US Federal Reserve officials have talked more hawkish about inflation and market analysts have predicted future rate hikes from the Fed later this year.

People are really getting emotional in this market. This morning the DOW gapped up over 30 points and the market rallied into the Fed meeting. At the same time gold fell 10 points on the open. I got three emails from people in gold scared that it was over for them and then about a dozen emails from people who thought the market had bottomed Monday and was about to begin another huge rally.

It has been almost ten full months now since the Fed first lowered interest rates. If you remember at first there was a lot excitement over the Fed cuts. The DOW and Nasdaq rallied to new 52-week highs a few weeks after the first rate cut in September.

I’m about to do something really radical with the WSW Power Investor subscription service. I’m planning on closing the doors for new subscribers to it this Thursday – June 19th. I’ve told a few other people in the financial newsletter industry about my plan and they think it’s crazy, but my whole goal is to separate my website from the stock market newsletter business.