Oy, that’s hot!
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Yes, Yes, BAC is rallying, but I’m not trusting this.
Rather, I think the FAZtards are about to have their sup o’ gluttony, here, as the weeklies try to reclaim the 13 and 34 week EMA’s they’ve already pierced.
I’ve found this is a fruitful place from which to grab some SKIFFLES, or in these more modern day, FAZ-mobile vouchers for a ride home.
I expect we’ll get turned at some point in the range between the $46.75 and $47.50 mark. That’s when the Citi Parti will experience the first pang of hangover, and then, le deluge.
And gold is overbought even as the dollar surges back, same with silver. I will stay with my hedges there, and perhaps add a GDX hedge as well tomorrow.
It can’t be sunny every day. Keep your chevrons up.
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Jake
It looks like ~78ish would be the 38.2 retracement .. is that your first target on dxy?
You are looking at the long term fibs from the April-May lows of 2008? Yes, I get $78.23 as the fib for that one, which would be a sensible retrace for the dollar.
One thing I’ve noted, however, is that sometimes we retrace farther than you’d expect on the dollar. For example, if you take the most recent (near-term) dollar trough in mid-November of 2009 to the most recent peak in mid-June, the first retrace line is about $79.70.
As painful as it might be, I would actually prefer we get there (or even to $80) to scare some of the loose hands out of this market.
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I am looking at 8/24/10 (83.44) to 10/15/10(76.31) on the daily chart .. the 20sma would seemingly coincide with the 32.8% retracement at 78 or 78.23 ??
(I could be doing this wrong, I’m new to TA) lol
You know what, I was doing it wrong.. it’s the 23.6% retracement that sits at 78 .. the 38.2% is at 79
The 50 at 80 and the 61.8 at 80.75 with the 50sma
all on the daily
We’re at 78 now ..
I won’t be surprised to see 89 on DXY.
All hell is about to break out (not literally though, that’s next year).
A guy I know reckon’s Gold will hold up ok, but silver is headed back to $7 (next year).
I don’t know, but I feel a market crash is dead ahead. Dollar would soar.
You probably say that because the dollar is considered a safe haven and because of what happened in ’08 .. but look at the recent news regarding this down trend…the dollar is losing its status as a safe haven and is looking like it wants to trace back to its lows of all time, where a down market could coincide with a down dollar
dip buying today or waiting for more shake out? XRA is looking pretty tasty.
You might want to toe in, but I suspect there will be more. At least a 10% pullback..
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Jake are you still waiting for that pullback in REE?
Yes, ridiculous, no?
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Have watched for a while, I hate to chase here. Would like to see a pullback for a safer entry.
You’d think today of all days… but no, it’s gotta go up. Annoying.
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OK Mr. Gint,
Tell me why GDX, which should outperform GLD by at least 2:1, has frossly underperformed GLD?
GDX is either the most undervalued investment there is or the market is saying there’s something I am not getting.
http://finance.yahoo.com/echarts?s=GLD+Interactive#chart2:symbol=gld;range=my;compare=gdx;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined
I hold a small amount of HL and CDE that I bought when silver was at $7 and I am still on the red with them ocksuckers when silver is ~$24…What gives? I also hold small amounts (wish it was larger) of GG and AEM which have done OK.
Are silver stocks about to explode if silver stays at these prices. Would you buy shitload of leaps on any silver producers?
TIA
You bought the shittiest of the silver miners and you are complaining to me?
You should stick around and listen to good advice, obviously, you got some bad stuff.
SLW, PAAS, EXK, MVG, and eventually, AGQ should be your avenues on silver. SSRI in a pinch.
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I bought CDE and HL because CDE has been the largest producer of silver fro a very long time and because bith their mines are within 300 miles of where we live so I thought I could make couple of $ in their accounts and show them the value of investing in ‘something they know about” Joke is on me I guess.
Why though, has GDX underperformed GLD? Zum beispiel, NEM is barely above where it was trading when gold was at $700! What gives. GDX at $54…with gold prices where they are, shouldn’t GDX be at $90 at least?
It’s a math problem. GDX is more volatile than GLD, so it suffered in the fourth quarter of 2008 more than GLD did.
Now, if you had swapped GLD for GDX in December of 2008, you’d be whistling a different tune.
I bought SLW for under $3 in that period, btw.
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Jake,
All of my PMs stopped out for a nice gain. Should I start stepping back in yet with partial positions or wait a little longer? I had meant to keep a core holding, but evidently stops were too high.
$ is hitting Fib. and going into Jake’s 78.23 to 79.70 range. Let’s see if it starts to turn around.
This is why I sell calls instead of selling stock, but that’s just me.
I would give it a day or two… these things aren’t usually done in one storm.
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Kudos, Mr Gint, on your impeccable calls of late.
Grazie.
Still hate to see my miners go down, no matter if I’ve hedged them or not, though. Nice to have a kitty with which to grab some more, however.
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ENTR is probably a buy tomorrow morning.
Pabst Blue Ribbon as well.
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