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Message:: [QUOTE="doug444, post: 1482722, member: 38849"]Your theory of fundamentals might have been valid two decades ago, but now with computerized trading coupled with the ability to use complex algorithms to move "in and out" in thirty seconds, it is a casino, and there's no going back.  In the PM ETFs, GLD and SLV, the fact that a few trading days see 100% of a year's production change hands suggest ultra-high volatility and many transactions based strictly on ratios, exchange rates, and financial rumors. I have read many commentators with the view that "buy and hold" is gone forever. The coal industry is a good example.  Energy is the linchpin of growth and prosperity, but many coal companies have recently made new lows, notably Walter (WLT) this past week.  But a year ago, you would have heard a radically different view about coal; fundamentals do not support this kind of random sector rotation.[/QUOTE]