Gold continued its rebound overnight, trading in London all the way up to $748 for immediate delivery -- a brand-spanking-new 27-year high. Only one other time in history has gold been this expensive. Also, as we noted last week, never has gold been able to sustain this high of a range for this long…
A good sign?
But the mkt sells off at the late trading today because a major Wall Street bank lowered its sales expectations for Chinese Internet company Baidu.com. Recently this company, together with other technical stocks, shows a strong yet extended rally with about 70% gain in past month. The pull back caused the sell off in the tech sector which also lead to big market pullback. However, tech sector just rebounce from their low on August, we view opportunity for the correction in this sector.
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