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Charts Predict: S&P to 1,050; Gold to $2,000 in a Year
CNBC
Wednesday, Dec 17, 2008
Enjoy the rally in the S&P 500 while you can, said Chris
Locke, managing director at Oystertrade.com Management, adding
that it could last weeks if not months. But trading in the index
will be "choppy," Locke said.
If the S&P hits the 918-920 level, which has been its most
recent high, the index could move closer 1,050, according to
Locke.
If this rally fails to beat the previous high, then the index
will continue on lower levels for some time, leading to sideways
trading for "many more months", he told CNBC.
(ARTICLE CONTINUES BELOW)
As the Federal Reserve cut rates close to zero and hinted at
boosting the money supply, gold has a strong argument for holding
through this particular course of economic conditions, he said.
Locke predicted that the precious metal will move higher, and
noted that if it breaks all-time highs, it is likely to continue
to "well over $1,040, up towards $2,000 level probably within
the next 12 months."
"We may do some more work going into the end of February,
early March. There may be some backing and filling. But overall
I would say the lows are in, and the next major level will be
taking out the old bull-market highs," he said.
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INFOWARS:
BECAUSE THERE'S A WAR ON FOR YOUR MIND
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