Helpless Feeb Trading, FTW! (Or Not)
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I don’t usually go for the whole gloating thing, as it’s unkind, and generally karmically challenging.
I’ll make an exception this one time, however. Call it karmic recognition if you will. Much to the cognitively challenged’s chagrin, [[SLV]] is triumphant once again, after many weeks of representing second place to Canadians and other luge and curling aficionados.
The dollar index, [[DXY]] , is back below $80.00, currently trading at $79.86. It’s proxy [[UUP]] is below a significant (61.8%) intermediate term Fibonacci line ($23.52), and looks to be heading towards $23.13, it’s next support.
Many of my compatriots are short or heavily in cash. Small traders have one of the lowest call positions recorded since last March’s lows. People cannot believe this market can go up. In short– It’s a basket weaver’s market, and I’ve just finished a fine set of cane-rush patio chairs.
I’d like [[AGQ]] to stay above $55.02, and [[EXK]] to stay above $3.36 first, and then $3.61 second. Near term target is $3.76, but I’m holding for the long term. [[SVM]] is approaching a very important 61.8% fib line at $6.99, and if it should break it (I don’t think it will on first try, frankly) then it should run right to it’s recent highs at $8.00. Last, [[PAAS]] is good to go over $22.35, and it’s next stop should be in the $26.50 recent high area.
My favourite, Silver Wheaton Corp. (USA) [[SLW]] is labouring (sic) on low volume here, and needs to get above $15.95 in order to “release” to the recent highs of $17.80. It bears watching, while bears are watching.
Here’s what’s giving me hope for a bullish continuation even amidst the ursinity of my peers… The Russell (I use RUT or [[IWM]] to track it) is breaking out ahead of the [[SPY]] . If the [[DJT]] and it’s representative United Parcel Service, Inc. [[UPS]] can continue north and break above recent highs, then I will have further comfort.
Until then, please be sure to purchase plenty of technical trading books. Those authors need to eat, too, you know.
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UPDATE — looks like MON is going to hold that “high $69’s” support line again, as it seems to be rocketing once more.
One of the best Jacksonians to play the “quick calls” game with, btw.
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http://ibankcoin.com/jakegint/2010/03/02/always-be-kind-to-your-elderly/#comment-13417
You forgot my fav …. MVG
Put it on a two year chart next to SLW.
No comparison.
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Two year action doesn’t apply to “Stock of the Year” or the recent move since the 2/5 consolidation. Is it possible that all the good news (growth wise) is baked in and only the POS will get it going again?
Not busting, serious question as I need another silver and the options are SVM, SLW or PAAS.
Aside from stock I may have to consider getting a detector for my trip to the Treasure Coast after finding this story from Britain.
“Rise up O Lord, and may thy enemies be dispersed and those who hate thee be driven from thy face.”
http://news.bbc.co.uk/2/hi/uk_news/england/staffordshire/8272058.stm
http://news.bbc.co.uk/2/hi/uk_news/8272370.stm
Mea culpa: I was wrong on the Euro trade. Right on the greece debacle being bullshit, but I thought it would be a cause for selling the PMs.
Oh no!
TIM says GDX has produced the dreaded diamond top formation!
Mayhap that will sell some books?
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The second edition of his book should be out soon.
He really needs the money, been so sad lately.
“Until then, please be sure to purchase plenty of technical trading books. Those authors need to eat, too, you know.”
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Any good recommendations? I’m in seriously need of some learnin’.
That was a thinly veiled jape, but if you are serious, Chart Addict has a slew of good recs on his site.
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Don’t forget about CREE, you nailed that sucker.
Appreciate that, but CREE is an idiot’s passbook play. Just look at the weekly, for goodness sakes.
It’s egregious.
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I honestly dont think those other sites you mention actually trade real cash. If you read the comments sections closely, then you find that its just a bunch of guys at work paper trading just like some guys playing fantasy football.
I think you have Tim all wrong. Its just a group of paper traders having fun during a stressful day at the office or some guys who are unemployed needing a diversion at home. Dont take it personally, just look at the audience.
They aint playing real football, just fantasy…
Well, I don’t actually mention particular sites, but you may be right.
Then again, there may be a lot of easily led folks getting poleaxed in the pocketbook by fatassed diffident amateur traders with a full time “I’m smarter than the market” bias, as well.
Not everyone sold a software program back in the bad old days and can afford to jerk around the internets full time losing money in big gasping lorrie-loads.
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