Ya I’m still “gone fishing” so to speak. I’m here but I’m not going to do shit with the market. I’ve got a weekend of fishing, drinking, camp fires and other unmentionables and god damn, it’s so fucked looking at how much cash I have in my accounts. I digress.
What’s “Da King” thinking!? Well, I’d like to REBUY Suncor (SU) @ $30-32 CDN, and ABX on the TSX @ ~$35. Both are in big trading ranges, flip side is both could BTFO at any given time should they exceed such said ranges. That said, statistically speaking they probably won’t. Many of you goat fuckers (myself included from time to time) buy on the break out thinking of great riches that will be bestowed upon you when it breaks out further. That’s a fucking chumps game, “All Hail the Asshole Dip Buyer“. Read it and live it.
You see when you buy near the top of a range you’re setting yourself up for a nice possible gain or MORE REALISTICALLY a shitty loss for a while as it goes through its’ “range again” only to hold for a few months to get back to the price that you bought it at. It’s a chumps game fellas, if you are buying top range have a mental stop.
Case in point? I bought GSS aka GSC.TO as I prefer to shop in my own currency thank you very much, @ $~2.50. Check this graph, I bought it on May 29th.
GSS – aka GSC.TO aka in new 52wk high territory, bitches.
You see, part of being the “bigger man then you” is exposing some of my good yet still lame trades for you to hopefully learn something from. Now, on May 29th look at the price, ~$2.40. I bought it when GOLD WAS BOOMING and played the role of one of the fine gentlemen I described above who buys on the breaking out hoping for the BTFO but then does not sell and holds through the entire range.
Had I been a wise patient man I would of taken a drag from my hand-rolled cigar, exhaled and said, this bitch looks like she wants to run. However she’s already ran some, considerably no doubt and the possibility of her having “more legs” isn’t so high right now. Then I would of gone golfing, or fishing or both and just “lived my life” for a few days, weeks whatever, look how that bitch tanked. I held it all the way through scratching my oversized melon. We all know GOLD has been in a large range say on GLD from ~$85 ~ $100 for quite some time. IF you buy near the top of the range expecting it to break out past $1000 an oz, you best be sure or ready to wait. The wise play is to say statistically speaking we’re not breaking out this time as we’re range bound. You buy near the bottom of the range or NOT AT ALL or once it has broken through the range and is in that new territory, on a tight leash no doubt.
Most of you fucks don’t realize that there are thousands of setups, opportunities, hymens looking to be broken at ANY GIVEN time. If the stocks, industry you’re most interested in isn’t at a great buying level, just fogettaboutit for a bit and “eat a sandwich” so to speak.
That’s my rant for today, as a result I’m looking to buy Suncor ~$30-$32 & ABX on the TSX ~$35. I it goes back there, awesome, if it breaks out “awesome” I will catch another ride elsewhere as there is always a train leaving the station if you have the $$$ to buy a ticket. You got that!?
Alright, last night I was doing some tinkering in The PPT and I found something that I found kinda interesting. This Oil & Gas Related stock had the LARGEST rise in daily hybrid score on The PPT of 96% – Fuck ya! Upgraded to SELL.
LNG – Cheniere Energy Inc
We live in a land of endless opportunity, you just have to go out and grab what’s rightfully yours.
Hahaha, I did the same thing with RBY and TIE. Now I just hate them both. Still like Jake, though! Should have listened on a few of his others and waited on the above two to see how they performed.
It’s important to have a plan going in. I don’t worry about the gold stocks too much, as long as they are not liars standing over a hole in the ground. But it does tie your money up if it is not meant for a long term hold and add on the dips. These are things I’m just now getting through my thick skull.
Good post, Dubz.
Thanks chanci, that kinda shit happens. It’s why it’s imperative to average into positions and make the whole thing a process, not so much an event.
I thought “if it goes up I want to be loaded up”. I did the same thing with EGO but on the TSX (ELD.TO). I bought a full position @ $10.70 then watched it go higher and ultimately WAY WAY lower for a while. It’s paid off now but had I averaged in my ACB would be way lower.
You live, you learn right?
Another interesting thing to note. Next time you get on the highway, notice all the different driving styles to ultimately get to the same destination at ~ the same time. It’s quite similar to the market really, I will write on that later.
You given me a lot to think about.
I feel that it’s very important to not get too attached to any stock. You will miss opportunity if you base your buying and selling on an emotional attachment.
Right on the money! Two enthusiastic thumbs way up!
Take a look at the chart for GLD. See that spike on 20 Feb up there at 98.99? I didn’t buy that, but I did buy on the same fucking day. Then to really make things right with the market Gods I decided to “cut my losses” and sell at 87ish a couple of months later. Have not touched an ETF since then.
Buy high, sell low bishes… that’s how I rolled last winter / spring.