Regarding the Sinclair thing yesterday, I got the following note (reproduced w/ permission) from subscriber Dan. He basically sums up what the blog and the newsletter service are all about. The blog is a place for Gary the human to express thoughts as a human, not as a pipe smoking genius sitting in a stately office trimmed with dark wood, walls stuffed with books and a proprietary Marketron 2000 analytical gizmo that outputs all the answers.
The newsletter is for hard analysis that is dead serious about nothing other than keeping the ship on the right course through some damn rough seas.
I note that there are a lot of popularity contests going on out in the blog-o-sphere. Here, we will just go our way and tune it all out. A special interest of sorts, with the special interest in being right; nothing more, nothing less. We will use psychology and we will use charts. Anyone interested in anything else should not be here.
I love what you said about Jim Sinclair. It needs to be said. I have been reading his web site for about 5 years now. I love the guy like a father. He does care for us. But – he is very wrong in many respects. It is not a war. If it is we can’t win. We must simply trade as best we can with as little emotion as possible. He encourages emotion where he should be discouraging it. He means well and in the long term he will probably be generally correct.
Similarly, Bob Hoye is a superb guide. But – he is always early, is emotional about Obama and about global warming. Emotion is our downfall in trading – as you well know.
Your analysis and guidance are much appreciated by me and, I suspect, by many others. No one has the answers or a window to the future. Your discipline and respect for the truth communicated only by charts is invaluable for those of us who struggle every day with emotion.
Bob & Jim have an excellent grasp of the probable mid to long term future outcome of past market excesses. You have an excellent ability to interpret where we are on their path on a day to day and week to week basis. We all have our strengths and weaknesses. Their sense of fundamental directions combined with your astute reading of chart trends is a valuable combination that none of us can reproduce individually.
Please continue on the path that you are on. Please respect what Jim and Bob have to offer but don’t hesitate to critique them as you think best. Trust your judgment on this. Many of your readers need to be told about avoiding overly emotional interpretations of the markets – especially in gold.
Bottom line – don’t hesitate to criticize. We need to hear this."