Everyone is cockiest at the top of the range. Men in bowed ties are feeling their oats and pikers across Wall St. think they’re Gordon Gekko, minus the visit to Rape-Me University for 8 years.
As I’ve stated numerous times before, the month of May has been unforgiving to bulls over the past 3 years. Have a look at the data for the Q’s (nasdaq).
If the nasdaq drops by 7% in May, what will happen to your high beta dice roll? Will it drop by 15%, 20%, maybe 30%?
If I’m right about May, this is the last trading week until the month of dastardly corrections is set to begin. You should all humble yourselves, take a few steps back, and dial it down.
Recently, I blew a few fingers off playing the “silver roulette” wheel, coming out the other end a fantastic loser. Some of you bought my liquidation, ironically, and will make some coin from it. But don’t confuse luck with skill. The silver miners have been in an unrelenting bear market for over a year. If you should happen to make some coin in them, praise the gods and take profits, for they will be short lived.
If May is to be down then this is the week to sell.
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Shorting MCD is a good bet.
A few days ago I bucked the Fly. As he exited from his “playing a bounce”
position in silver stock AG, I went long the 3X silver ETF AGQ at 24.50.
The bounce in AGQ has been feeble, but I got a 3% upmove in silver
today, giving me the luxury of assuring a profit but still playing for
a bigger bounce. I put in a stop sell on AGQ at 24.73, giving me a 1%
profit if I am stopped out, which I fully expect to be.
But if silver goes up another buck in the next few days without my
stop being hit, I will move the stop up $1 and look for bigger things.
If I am stopped out, I will not re-enter silver on the long side unless it breaks below $20.
It’s going to be funny when AGQ closes at 24.74 then gaps down by 10% the following day.
I got stopped out at 24.73.
Oh well. I could have taken a $15 grand profit at the opening, but I’ll have to settle for the $5000.
Sometimes when you go after a big walleye, you have to settle for a 10-ounce perch. But that’s enough for a fish sandwich for lunch.
Glad someone made some money off silver.
It’s nothing more than a dice roll.
If silver breaks this bear flag I see a target of 19 bucks.
Silver may be a gamble down here, but what isn’t a gamble right now in this market? lol
Yep
Beware the May call my good Fly; I don’t necessarily disagree, however, Ben (and others) is distorting this market into sometimes unrecognisable shapes.
Heard a lady on CNBC radio saying miners tend to move in 7 year cycles. Our 1 year bear for EXK et al has only 6 years to go with that thesis. Humbug.
TSLA ripping tits off the shorts.
(if you go with the premise that gold & silver ‘sorta move together)…………
Forget last week’s sell-off in gold. Jim Rogers says it’s going higher. How high?
“If the U.S. dollar becomes confetti, any number you want to make up. They’re printing U.S. dollars fast enough to turn them into confetti. Who knows how high gold will go as long as we have a mad man running the central bank,” says Rogers.
http://jimrogers1.blogspot.com/
Relying on him for any kind of short-term or medium-term trade is suicidal.
Buy the triple Gold ETF for each and every bounce. I am slowly buying silver eagles now weekly @ $4-6 over what the phony comex lists silver for an ounce. Shortages of silver eagles all over the place.