At the close, the DJIA (-55.19), S&P 500 (-14.52), and Nasdaq Composite (-43.81) closed lower.

Citigroup (C), JP Morgan Chase (JPM) and Bank of America (BAC) reported some of the details of a $100 billion superfund intended to ease pressures in the credit markets.

On the deal front, IBM (IBM) announced a cash purchase of Cognos for $58/share.

On the earnings front, Tyson Foods (TSN) swung to a fiscal 4Q gain on net income of $32 million vs year earlier loss of $56 million. They negatively forecasted 2008 results, however.

The US Treasury market was closed for Veterans Day.

The Commodities $CRB Index dropped -1.42 pct to 349.51.

Crude Oil dropped -1.75 pct due to speculation from the US Admin that OPEC will have to raise production. The oil price closed near $94.62/bbl.

In forex trading, the Yen hit a 1 1/2 year high against the USD, probably showing the unwinding of the Carry Trade as traders are reducing portfolio risk associated with high-yield securities. The Cdn Loonie dropped -2.5 pct on the day to 103.67, which is a far cry from the 110.17 of four days ago.

Gold and silver prices fell hard as the Euro weakened against the USD. $GOLD dropped -40.65 (-4.87 pct).

This morning, European equity markets are marginally negative, and Asia-Pacific markets were mostly marginally positive. Shanghai and Tokyo dropped about -0.5 pct each, but the Bombay Sensex was up +1.6 pct.

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Comments & Outlook

In four sessions, the Daily RSI-7 >70<30 figure has dropped from a well-balanced 16:15 to 1:50. That is a serious short-term over-sold condition that must lead to a rally or rally attempt today or else the sell-off will escalate.

The US econ data today is not heavy. For the rest of the week, however, there are three important reports on inflation plus two tomorrow (retail sales and business inventories) that will address business conditions in the US.

The bottom line to the upcoming econ data is that if inflation is up and business conditions favorable, traders will think that the Fed will not raise lower rates at the next meeting. That will lead to strengthening of the USD and weakening of the gold price. There should be minimal impact on equity price trend, which today is mostly focused on the state of health of financial institutions that will shortly have to come clean about the quality of their Level 2 and 3 assets. The write-downs of securitized investment vehicles could amount to more than the equity behind some of these financial companies.

Solvency, then remains the key focus for the market going forward.

The $CRB index is looking toppy here. Be careful. The $WTIC crude oil futures are looking negative after falling to 92.66, and look like they could quickly fall to 88.

$GOLD futures dropped -40.65 (-4.87 pct) to 794.05 after I warned this weekend. Prices could ratchet down through 770, 755, 725, and possibly as low as 690 before finding a bottom in the next few months. The shares of the goldminers will then receive downgrades from analysts (based on reserve valuations), and there will be margin calls as all equities fall in price and traders (and their brokers) look to sell anything with a bid.

I have been trying to alert you to this possibility while the charlatans of Wall St and Bay St looked you in the eye over the past two weeks and told you gold would soon be over $1,000/0z and these mining company shares would go into orbit.

Now you will see why I think (actually I know) the Talking Heads and Newsletter writers are full of B.S. All of it is noise that traders have to filter out. Stick to quality, and watch prices. Hold assets without debt, and only those assets that you feel comfortable holding. The rest will take care of itself.

The spot price of gold at 8:20am ET is 804.60, after reaching an early morning high of 809.00. I think you will be looking at prices in the 700’s soon, probably in a few hours. There is a temporary floor at about 801, but that will fold like an unstable tent in the breeze.

Spot silver is 14.67, but that too will fall to test 14.30, before falling into the 13’s. The next major fight for the silver bugs will be to hold the line at 13.25-13.30.

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Links & Charts

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International Economics Review

US Economic Calendar.

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Cara 100 Daily RSI-7 Charts

RSI > 70 (1)

RSI < 30 (12 of 50)

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International Equity Markets Review

Europe

Here is the latest session data for the bourses of Europe.

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Here is the latest session data for the London stock exchange FTSE.

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Here is the latest session data for the German DAX.

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Here is the latest session data for the French CAC 40.

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Here is the latest session data for the Milan Italy stock exchange MIBTEL.

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Here is the latest session data for the Swiss market index.

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Asia-Pacific

Here is the latest session data for the Asia-Pacific stock exchanges.

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Here is the latest chart for the Japanese Nikkei 225 index.

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Here is the latest chart for the Singapore index .

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Here is the latest chart for the Shanghai Composite index .

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Here is the latest chart for the Hong Kong Hang Seng index .

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Here is the latest chart for the India BSE 30 index .

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Here is the latest chart for the Australian All Ordinaries index .

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US Equity Markets Review

DJIA (interactive) chart

NASDAQ Composite (interactive) chart

Table: Dow 30 List

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
JNJ	66.31	1.15	1.76%	2.82%	2.05%	1.01%	-0.14%	8.44%	6.49%	0.03%
PG	70.77	0.35	0.50%	0.84%	-1.48%	-0.32%	9.65%	8.23%	14.79%	11.10%
MO	72.47	-0.24	-0.33%	0.15%	-0.69%	2.98%	11.63%	7.54%	5.66%	19.31%
MRK	55.99	0.09	0.16%	0.11%	-3.08%	5.07%	27.19%	10.04%	7.67%	29.85%
KO	59.86	-0.97	-1.59%	-0.80%	-3.20%	3.85%	23.22%	8.88%	13.61%	28.81%
JPM	42.39	0.08	0.19%	-0.89%	-9.17%	-8.39%	-11.82%	-4.20%	-18.72%	-10.96%
WMT	43.32	0.42	0.98%	-1.61%	-3.75%	-6.74%	-8.90%	-5.97%	-9.33%	-6.78%
DD	46.81	0.02	0.04%	-1.85%	-4.49%	-5.19%	-4.55%	-3.66%	-7.16%	-1.04%
MCD	58.54	0.23	0.39%	-1.89%	-1.08%	4.18%	33.44%	18.48%	15.58%	39.48%
VZ	42.80	0.03	0.07%	-2.33%	-6.94%	-4.10%	13.17%	3.56%	3.51%	20.26%
PFE	23.02	0.19	0.83%	-2.75%	-6.08%	-7.92%	-12.44%	-4.04%	-14.87%	-10.46%
UTX	73.93	0.42	0.57%	-2.86%	-2.44%	-7.44%	17.70%	1.16%	8.10%	13.63%
T	38.65	-0.55	-1.40%	-3.47%	-7.40%	-8.39%	10.59%	-0.57%	-2.37%	16.94%
XOM	84.54	-2.31	-2.66%	-3.56%	-9.69%	-10.84%	14.07%	0.04%	4.07%	13.60%
AXP	56.09	-0.40	-0.71%	-3.58%	-7.30%	-9.24%	-7.07%	-7.72%	-10.93%	-4.71%
HD	28.46	0.41	1.46%	-4.50%	-9.36%	-13.78%	-30.70%	-20.77%	-26.76%	-22.33%
AIG	56.78	-0.28	-0.49%	-4.62%	-10.16%	-14.99%	-21.30%	-12.20%	-21.77%	-18.45%
HON	57.13	-0.63	-1.09%	-4.64%	-4.32%	-6.91%	26.67%	2.00%	-1.14%	34.30%
GE	38.25	-0.13	-0.34%	-4.85%	-5.70%	-6.30%	0.74%	0.05%	3.46%	8.76%
BA	92.86	-1.35	-1.43%	-5.22%	-4.26%	-2.08%	4.14%	-5.67%	-0.58%	8.46%
CAT	69.60	-0.81	-1.15%	-5.31%	-5.82%	-11.72%	13.80%	-10.25%	-7.05%	16.78%
AA	35.87	-1.22	-3.29%	-5.36%	-11.28%	-6.12%	22.30%	3.40%	-5.68%	25.82%
DIS	32.02	-0.72	-2.20%	-5.49%	-7.67%	-8.88%	-6.37%	-3.44%	-11.23%	-1.17%
INTC	25.29	0.14	0.56%	-5.77%	-3.69%	-1.79%	24.28%	5.46%	13.51%	22.89%
C	33.57	0.47	1.42%	-6.49%	-21.36%	-27.40%	-39.24%	-28.57%	-36.79%	-33.70%
MMM	79.22	-0.29	-0.36%	-6.85%	-7.85%	-16.07%	1.23%	-7.85%	-7.40%	0.04%
MSFT	33.38	-0.35	-1.04%	-9.12%	-3.44%	11.12%	11.79%	16.27%	8.06%	14.16%
HPQ	47.54	-0.85	-1.76%	-9.52%	-8.17%	-7.22%	14.22%	0.70%	5.08%	18.88%
IBM	101.45	1.20	1.20%	-10.54%	-11.63%	-14.05%	4.30%	-9.93%	-4.27%	10.56%
GM	30.79	-0.49	-1.57%	-14.47%	-18.89%	-25.10%	4.55%	-9.04%	4.51%	-11.19%

You can do this table yourself by entering the following string into the Summaries window at www.billcara2.com and then clicking on the link for Performance.

AA AIG AXP BA C CAT DD DIS GE GM HD HON HPQ IBM INTC JNJ JPM KO MCD MMM MO MRK MSFT PFE PG T UTX VZ WMT XOM

Here are the links to interactive Dow charts from Billcara2.com that I broke into groups of ten, which you can add technical indicators for as well. (list one) (list two) (list three)

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The Americas

Here is the latest session data for the exchanges of the Americas.

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Here is the latest chart for the Brazilian Bovespa stock exchange in Sao Paulo.

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Here is the latest session data for the Toronto Stock Exchange composite index.

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Sector ETF Summary for the US equity market

The tables I show in this section 2007_11_12 are for ten (GICS) Sector Index Funds (ETF’s) only, but they cover the full spectrum of the US equity market.

Table 1: Cara ETF List is sorted by price performance Week over Week (W/W), i.e. 1W%N.

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
XLP	27.90	0.02	0.07%	-0.61%	-1.59%	-0.85%	6.16%	3.83%	2.57%	9.20%
IYH	69.93	0.20	0.29%	-0.91%	-2.17%	-2.60%	5.22%	3.72%	-2.39%	8.42%
XLU	41.20	-0.73	-1.74%	-2.78%	-1.69%	0.51%	11.90%	5.61%	-2.37%	14.73%
XLF	30.25	0.11	0.36%	-3.26%	-10.50%	-13.12%	-18.07%	-9.16%	-19.87%	-15.29%
XLY	33.96	0.05	0.15%	-3.58%	-7.34%	-8.76%	-11.84%	-6.60%	-13.59%	-9.03%
XLI	38.50	-0.42	-1.08%	-3.87%	-5.08%	-6.10%	9.28%	-0.21%	0.81%	11.59%
SMH	32.62	-0.32	-0.97%	-4.20%	-4.48%	-10.14%	-2.83%	-13.47%	-14.11%	-2.92%
XLB	39.87	-1.66	-4.00%	-5.57%	-8.89%	-7.49%	15.20%	3.00%	0.15%	18.27%
XLE	70.85	-3.60	-4.84%	-5.83%	-8.37%	-8.93%	25.22%	4.62%	8.65%	23.32%
IYZ	28.99	-0.29	-0.99%	-7.20%	-11.02%	-13.33%	-2.26%	-9.91%	-12.07%	2.47%

You can do this table yourself by entering the following string into the Summary window at Billcara2.com and then clicking on the link for Performance. XLE XLB XLI XLY XLP IYH XLF SMH IYZ XLU . You can also add more ETF’s – up to 30 in total.

For a list of components to any ETF, go to the AMEX.com web site, and click on ETF’s.

10 (energy: XLE)

15 (basic materials: XLB)

20 (industrial: XLI)

25 (consumer discretionary: XLY)

30 (consumer staples: XLP)

35 (healthcare: IYH)

40 (financial: XLF)

45 (technology, semiconductor: SMH)

50 (telecom: IYZ)

55 (utilities: XLU)

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International Equity Market USD-denominated ETF Review

Table 13: International equities via the USD-denominated ETF perspective

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
IEV	117.00	-1.90	-1.60%	-3.23%	-5.42%	-3.69%	10.80%	5.68%	1.12%	14.02%
EWJ	13.41	0.01	0.07%	-3.53%	-6.42%	-6.55%	-5.56%	-3.66%	-7.77%	-0.22%
SPY	143.70	-1.44	-0.99%	-4.23%	-6.77%	-7.30%	1.65%	-0.74%	-4.75%	3.95%
EWU	24.98	-0.53	-2.08%	-4.51%	-7.62%	-5.52%	6.07%	4.56%	-0.87%	7.07%
TRF	66.58	-2.55	-3.69%	-5.96%	-10.15%	-5.79%	-24.81%	3.22%	-2.66%	-7.39%
EWZ	76.05	-7.21	-8.66%	-6.63%	-9.94%	-3.49%	62.85%	28.03%	36.58%	76.16%
EWC	32.67	-1.57	-4.59%	-8.36%	-7.06%	-3.14%	32.27%	11.24%	13.32%	29.85%
QQQQ	48.73	-1.27	-2.54%	-9.88%	-10.03%	-8.26%	12.70%	3.07%	4.17%	13.25%
IFN	54.64	-0.18	-0.33%	-10.12%	-12.44%	-7.70%	20.51%	20.91%	32.30%	14.43%
FXI	169.50	-12.50	-6.87%	-10.70%	-21.27%	-16.48%	45.62%	30.63%	47.39%	88.96%

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Japanese equity market ETF: EWJ

Here is the Japanese (EWJ) equity market ETF Daily data charts:

Interactive EWJ Daily data:

Interactive EWJ Weekly data:

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U.K. equity market ETF

Here is the United Kingdom (EWU) equity market ETF Daily data charts:

Interactive EWU Daily data:

EWU Daily data:

Interactive EWU Weekly data:

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Canada’s equity market

Here is the Canadian (EWC) equity market ETF Daily data charts:

Interactive EWC Daily data:

Interactive EWC Weekly data:

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Bonds & Yields Review

Table 10: US Treasury Yields

US Treasury Bonds

Maturity	Yield	Yesterday	Last Week	Last Month
3 Month	3.13	3.28	3.45	3.90
6 Month	3.49	3.54	3.61	4.08
2 Year	3.40	3.46	3.68	4.14
3 Year	3.36	3.41	3.65	4.16
5 Year	3.75	3.81	3.95	4.36
10 Year	4.22	4.28	4.32	4.65
30 Year	4.60	4.66	4.61	4.86

Municipal Bonds

Maturity	Yield	Yesterday	Last Week	Last Month
2yr AA	3.32	3.33	3.29	3.46
2yr AAA	3.31	3.32	3.30	3.45
2yr A	3.42	3.34	3.32	3.45
5yr AAA	3.43	3.46	3.42	3.53
5yr AA	3.39	3.45	3.42	3.52
5yr A	3.53	3.57	3.53	3.76
10yr AAA	3.85	3.88	3.79	3.81
10yr AA	3.89	3.91	3.69	3.74
10yr A	4.08	4.11	4.02	3.94
20yr AAA	4.47	4.46	4.39	4.44
20yr AA	4.67	4.66	4.58	4.64
20yr A	5.07	4.47	4.39	4.45

Corporate Bonds

Maturity	Yield	Yesterday	Last Week	Last Month
2yr AA	4.33	4.43	4.54	4.82
2yr A	4.49	4.64	4.71	4.96
5yr AAA	4.57	4.67	4.72	4.81
5yr AA	4.99	5.11	5.01	5.17
5yr A	4.90	5.00	5.00	5.29
10yr AAA	5.27	5.26	5.17	5.45
10yr AA	5.73	5.70	5.60	5.65
10yr A	5.79	5.88	5.79	5.75
20yr AAA	5.63	5.66	5.02	5.80
20yr AA	5.89	5.95	5.86	6.03
20yr A	6.05	6.12	6.05	6.13

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Here is the $USB 30-year Treasury Bond chart.

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US Bond Funds -- Interactive Daily Data Charts

SHY Daily data series chart:

IEF Daily data series chart:

TLT Daily data series chart:

AGG Daily data series chart:

LQD Daily data series chart:

TIP Daily data series chart:

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Table 11: Interest-sensitive securities

Sorted by 1-Week Price Performance.

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
TIP	105.69	0.34	0.32%	1.58%	1.82%	4.75%	6.51%	6.35%	5.16%	5.10%
IEF	86.00	0.15	0.17%	1.19%	1.24%	3.45%	4.02%	4.79%	3.84%	3.49%
TLT	91.66	0.33	0.36%	0.73%	0.82%	4.58%	2.91%	6.57%	3.93%	2.00%
SHY	81.93	0.19	0.23%	0.65%	0.53%	1.37%	2.36%	1.85%	2.25%	2.26%
AGG	100.66	-0.14	-0.14%	0.20%	-0.10%	1.19%	0.75%	2.59%	0.75%	0.34%
FNM	47.06	-1.94	-3.96%	-9.50%	-18.04%	-27.49%	-21.38%	-29.19%	-24.81%	-22.06%
CFC	13.19	-0.64	-4.63%	-10.76%	-21.63%	-28.08%	-68.68%	-52.66%	-67.89%	-66.93%
FRE	40.00	-1.70	-4.08%	-15.50%	-22.71%	-32.20%	-41.08%	-35.43%	-40.05%	-42.43%

Consumer Finance -USA -- Interactive Daily Data Charts

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Commodities Review

$CRB Index

Open Futures Contracts

Interactive Chart of Daily CRB Commodities Index:

Interactive Chart of Weekly CRB Commodities Index:

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Oil Review

Here is the e-miNY Dec-07 Crude Oil chart.

Interactive Chart of Daily Crude Oil:

Interactive Chart of Weekly Crude Oil:

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Gold & Precious Metals Review

Spot gold chart for the week

Interactive Chart of Daily Gold EOD Continuous Contract Index:

Interactive Chart of Weekly Gold EOD Continuous Contract Index:

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Spot silver chart for the week

Interactive daily data

Interactive Chart of Daily Silver EOD Continuous Contract Index:

Interactive chart of the Silver Bullion index.

Interactive Chart of Weekly Silver EOD Continuous Contract Index:

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Spot platinum chart for the past three days

Interactive Chart of Daily Platinum EOD Continuous Contract Index:

Interactive Chart of Weekly Platinum EOD Continuous Contract Index:

Interactive chart of the Platinum metal index.

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Spot palladium chart for the week

Interactive Chart of Daily Palladium EOD Continuous Contract Index:

Interactive Chart of Weekly Palladium EOD Continuous Contract Index:

Interactive chart of the Palladium metal index.

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Interactive Chart of Weekly Copper EOD Continuous Contract Index:

Interactive Chart of Daily Copper EOD Continuous Contract Index:

Interactive chart of the Copper metal index.

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Table 12: Senior gold equities

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
GFI	17.74	-1.39	-7.27%	1.90%	-1.61%	-5.84%	-3.22%	17.17%	1.72%	-1.06%
NEM	49.86	-4.18	-7.74%	-4.74%	4.59%	4.68%	12.81%	18.97%	21.34%	8.94%
BVN	55.22	-4.82	-8.03%	-5.02%	-0.09%	0.97%	100.00%	43.88%	59.60%	102.79%
ABX	41.90	-3.54	-7.79%	-8.99%	-4.90%	-2.38%	40.46%	22.19%	39.34%	42.42%
GG	32.35	-2.41	-6.93%	-9.54%	-6.18%	-2.27%	18.32%	28.78%	33.40%	15.41%
MDG	35.00	-3.19	-8.35%	-13.60%	-14.07%	-8.54%	33.13%	28.44%	36.77%	27.27%
AEM	48.31	-4.88	-9.17%	-14.02%	-14.04%	-12.81%	24.13%	7.36%	34.76%	25.06%
KGC	17.40	-1.37	-7.30%	-14.29%	-9.33%	1.40%	52.36%	32.82%	28.89%	43.33%
AUY	12.62	-1.28	-9.21%	-14.67%	-15.87%	-9.73%	2.35%	12.18%	-9.79%	9.74%

To watch the moves in precious metal miners, you will have to monitor the individual stock charts, preferably in real-time, as follows:

NEM ABX AU GFI GG HMY AUY KGC BVN
Interactive Daily data
Interactive Weekly data

MDG LIHRY AEM BGO IAG EGO RGLD GOLD CDE GRS
Interactive Daily data
Interactive Weekly data

CBJ SSRI SIL NG KRY UXG GRZ TSE_HRG TSE_GUY TSE_AGI
Interactive Daily data
Interactive Weekly data

NXG GSS MNG DROOY MFN RNO RANGY MRB CLG
Interactive Daily data
Interactive Weekly data

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Here are the key Silver miners and the SLV ETF:

SLV SIL CDE HL PAAS SSRI SLW MGN

Interactive Daily data
Interactive Weekly data

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Here are the Weekly and Daily Data charts of the indexes:

Interactive Chart of Daily U.S. Goldminers Index:

Weekly U.S. Goldminers Index:

Interactive Chart of Weekly U.S. Goldminers Index:

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The U.S. goldminer share trust ETF trades under the ticker symbol GDX.

Here are the U.S. Goldminer ETF (GDX) index Weekly and Daily data charts:

GDX Daily data:

GDX Weekly data:

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The Toronto Exchange-listed goldminer iUnits S&P/TSX Capped Gold Index ETF trades under the ticker symbol TSE:XGD. Yes, just like GDX on the AMEX, you can trade XGD on Toronto.

Here are the Weekly and Daily data charts for the TSX Goldshares (XGD) index:

Interactive Chart of XGD Daily data:

Interactive Chart of XGD Weekly data:

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Forex Review

Here is the chart of the week’s trading in the $USD.

Interactive Chart of Daily U.S. Dollar Index:

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Interactive Chart of Daily Euro Dollar Index, priced in USD:

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Daily British Pound Index:

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Daily Japanese Yen Index:

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Daily Canadian Dollar Index:

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Wrap up:

Your willingness to share your time and your knowledge has been terrific.
In the past 48 hours, Chris, David and Joey spent over six hours on the phone to discuss the future of the Cara initiative. Later today, I will be meeting Joey and Aussieontop for a discussion of Jock’s project.

Rather than move toward a corporate model at this point, I decided, after receiving so many letters, to see how much support really does exist.

We agree, I think, that participating in this community holds a key to our individual trading success.

Have a great day, stay connected and hold that thought.

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