If we're seeing this sort of activity in the crude market, this sort of rapid rise higher predicated upon the problems in the Mideast ... it does make it more difficult to be bullish on stocks. It's probably time to be less bullish [on stocks]. It's probably time to be less involved. It's probably time to reduce one's exposure a bit. We have some problems here. We may well have an interim top of some sort. We've seen far too little leadership on the upside, far too much parabolic toppy-type action in the biochemicals, in the pharma's. That sort of activity bothers me greatly.
If everyone is quantitatively easing, if everybody is becoming monetarily expansive, if the monetary wind is behind you, silly you to fight that monetary wind. I'd rather have the wind at my back and the wind is at my back.
I think it's still a long-term bull market and corrections ought to have been bought. Yesterday I put out a very strong recommendation to be a buyer of equities on this weakness with focus on...Europe, focusing on France, Germany. I'm far more impressed by what is going on in Europe, with the continuation of the weak currency which is supportive of stronger stock prices -- at least for the moment. So my focus is over there and not over here (in the U.S.). In those markets [Japan and Europe], every high has been higher, every low has been higher and they are indeed bull markets. It's abundantly clear. https://au.finance.yahoo.com/news/why-im-not-interested-us-072413277.html
It was as if gold trading did not exist. In the past gold often dominated the discussions and if it did not dominate it was at least discussed at length. In the past, the questions were always of impending inflation; of the weak dollar; of the supposed or feared impending end of the dollar as the reserve currency and of gold’s inevitable strength.” This year, there were no discussions at all in these regards and that we find bullish of gold. The public is out of the gold market; it has no interest and that is when the wise traders have their greatest interest.