I wrote a piece around this time last year, trying to spark a contrarian approach to the great Gold Rush over the last several years. By far, I received more emails and comments defending Gold than I have on any other trade or topic I’ve posted. Aside from the klingon’s and mutants of the interwebs defending the Tim Knight bottom.
http://ibankcoin.com/option_addict/2013/08/07/my-sentiment-is-gold/
With all these local businesses around here wanting to buy my gold, it seems that lately, nobody wants to buy gold…
Gold is rapidly approaching a very fast zone to the downside. Which would usher in a panic move we’ve been talking about, and a move to my ultimate target, which was $900.
Dating back to the Mr. T Top, there is a pretty interesting sentiment correlation here. And this also happens to be an instrument that has more folks participating than most financial instruments.
My viewpoint has always been that I have relatives, friends, friends of friends, and neighbors in this instrument. Until they are removed, the path of least resistance is lower.
Look out below.
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Amateur-ass blogger I am. Who publishes an unfinished post on accident?
lol
I’m an amateur blogger reader. I followed the link then forgot I was back in 2013 and kept saying “ooh a new OA post… another one…. another… hey, wait a minute!”
In the words of Carlos Mencia…. “dee dee dee!”
The post following your link “market in need of prozac” was good though and worth another read.
Me too buddy, me too.
…who forgets to add their blog post content OR ..doesn’t get the the blog post as posted
YES! The gold post.
I think he is refering to the cliff gold is currently stepping off of…
Finally exited $AMBA Sept 30 here @ 9.50… ~550%. Still own Oct 40s and 43s.
Also in GOOGL 602.5 expiring tomorrow and negative on (0.83 entry);
NMBL Oct 30, VMW Oct 97.5, and a couple CYOU Oct 24s and 25s
NICE trade dude! that must have taken some guts to sit and hold thru monday’s carnage in AMBA.
…or stupidy! But thanks.
So, sell gold and buy bitcoin?
Haha, goldfuck.png. That’s a huge downside volume pocket.
Does it seem particularly quiet this morning? A lot of stuff is up a little bit, but nothing’s really moving. GOOGL looks like it wants to go, but will get around to it in its own sweet time.
Also, used the proceeds from yesterday’s $X sale to buy some $JDST on the dip.
Whoa. Just saw this on ZU – short interest:
http://www.nasdaq.com/symbol/zu/short-interest
That thing could pull an X type move.
: )
hi ho silver and AWAY….yet another nice call I missed
Like It .. But How long it takes for this to happen
WYNN finally catches a move with a squeeze – don’t think it gets to 198 before tomorrow, though
Might as well go long WYNN to hedge all the money I just sent them.
Took a YOLO $ZU: https://www.youtube.com/watch?v=mDcl75xZSaQ
ZU has been that nice and slow grind up all week. Everyone’s waiting for that spike upward…i think it’s vulnerable to game playing tomorrow.
Lunch time – come back in the afternoon for further action, or inaction, as it would seem
Every trader that I know is bearish on PM’s.
They weren’t prior to this landslide though…
Good Point.
As an aside, I’ve been looking at the charts of some of your best picks and I noticed that there are some common attributes:
-significantly off recent highs (in most cases)
-a tightening range of price
– a series of higher lows (at least 3)
It may just be wishful thinking on my part, but when I look at a few of these miners I see a similar pattern pattern EXK and ANV especially.
What makes these two miners charts different from some of your picks (Chart wise)?
Keep in mind that I know absolutely nothing about TA/Charts, this is an honest question. I am just beginning the learning process after witnessing some of your remarkable picks, so I know I’m likely being overly simplistic. Thanks for any input. Also, if anyone else has any input I’d appreciate it. Thanks.
You don’t happen to sub to AHWOA, do you? If so, I’d love to have a discussion on this. Easier to communicate talking through it with charts to annotate.
Yes, I do. I also subscribe to your TA site. Actually, I have been meaning to send you an email about your discount for subscribing to both.
Email me and we’ll get you discounted.
Let me know next time you are on and we’ll discuss this topic.
And then there is the beloved A-Team Drain Cleaning van.
http://static.neatorama.com/images/2011-11/a-team-plumber.jpg
Will do. Thanks Jeff.
Jeff,
I watched the AWHOA recording. Thanks for addressing my question.
I have a side question, what is a “sailboat” with regard to a chart? I’m assuming its the shape of a sail when price runs up and then partially sells back off? Thanks.