Eric King:  “Jeffrey, so far your call for a peak in these markets in late July has turned out to be very accurate in terms of the general timing.  What are your thoughts at this point?”

Saut:  “I think we are still involved in a correction.  I don’t think it’s over with yet.  The internal market data continues to be positive, but I still think we have further to go on the downside....

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“The correction should be around 10%, but I think it will be followed by new highs for the equity markets.

Eric King:  “Oil has had a nice move here as it trades near the $110 level.  The chart was quite bullish at $106, and sure enough it moved higher.  What about oil?”

Saut:  “Oil did break out.  It broke out of what a technical analyst would call a ‘flag formation’ three days ago.  If it pulls back to the top of that flag, which now becomes support, somewhere between $107 and $108 a barrel, it should find support.

We are currently near $108 right now.  Obviously, if we don’t have an excursion into Syria, the price of crude oil is probably going to come down.  There is a premium built into crude oil at this point which would come out of it pretty quickly if there is not a Syrian attack.

But if this trend in crude oil continues, we should see a measured move up into the $120+ area.  I still think that to a large degree it depends on what happens in Syria over the next few days.”

Eric King:  “You had sent KWN a fascinating gold chart over a month ago. I know that chart had been in a ‘sell’ signal for some time.  We’ve now had this rally in gold.  Can you talk about that chart and what you expect from gold in the future?”

Saut:  “The chart is still showing ‘red,’ but the lines are getting closer, and it looks to me like it is getting ready to flip to a ‘buy.’  In fact, I just looked at the chart before we started this interview and it looks to me like it’s very close to moving to a ‘buy’ (or green) signal (see chart below).  I promised you that I would send KWN the chart as soon as it flashed a buy signal.  Well, as you can see we are getting very close now.”

Eric King:  “Assuming that chart flips to a ‘buy’ signal, it has been fantastic at keeping investors on the right side of the trends in gold -- from 2008 to 2011, and also very recently on the downside as well.  But if we do get this trend change in gold (the buy signal), I’m assuming this up-move could go on for quite some time.”

Saut:  “Yes.  It does look to me like it could run into some overhead supply at around the $1,600 level on gold.  But the buy signal should allow for gold to have the momentum to eventually take out the resistance at the $1,600 area and head higher.”

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