...is right here:
UPDATE: Reader T mails in with this (very slightly edited to brush up and a link added, but really as-is):
"I like the chart you just put up on IKN....nuff said! The hardcore technicians are still waiting for confirmation of the bull market in PM mining shares. I stopped reading Gary T(anashian of Notes From The Rabbit Hole) a few months back. I know everyone's situation is different but is he still underinvested and waiting for a sizable correction after the run up from Dec/Jan? He did help me keep my port mostly intact during the bear, but aren't the technicians going to be left in the dust during the bull phase, in your humble opinion?"
For what it's worth, here's what I wrote back to reader T:
These are difficult questions (name redacted). I'll say here that I have the greatest respect for Gary Tanashian and his work, he's one of the best in the business. I'll also say that I run my own portfolio and I don't have a clue how under/over he is right now. You'd have to ask him, but I do know he's first and foremost a risk manager rather than a speculator. Risk management keeps you away from the worst of the losses but also, by the nature of the beast, means you don't get to grab the best of the gains...risk is risk, upside or downside. QED.In short Gary T is "smart money", but one thing that invariably happens at turn points in a market is that the smart money becomes dumb money and vice versa, at least for a limited period in time at the most dynamic part of the market turn (what we've just been through). Dumb money by its own definition doesn't think much, has entrenched views, tends not to overanalyze or consider both sides to a story. When any market (not just gold/metals/miners) goes bull that's exactly what you need to make dem big bux, you need to be stupid and be one of those "Hey Ah Wuz Right! Look at me!" people who quickly forget their losses and never seem to learn from their mistakes (the ones that stop them from becoming true successes). It's unfair, even plain wrong, to criticize Gary for being prudent at this point, he's the type of person who helps makes you the big money in the long run. The stuff that counts.