Gold has exceeded 1663 and therefore bullish. Silver is lagging and needs to take out 32.43 to support a bullish picture. Ivars is suggesting a decoupling of the two for the next month or so, so we may be seeing a trend for a while.
Pailin's Trading Corner
@redwood, I think you called this trend change yesterday. Nice job. Silver hit 32.43 then bounced off on my charts. Still up 2.37% for the day (compared to gold's .88%). That may be the top of it for a while.
GDX dangerously close to entering the April 3rd gap. There is a dollar to fill. Doubt we'll move that strongly, but you never know.
Pailin makes a damn good point on R3 days. Congrats by the way. Your system has worked perfectly for this market.
Thanks DrG. But honestly I a more happy for your little girl than your gold.
If you don't mind me asking pailin, what type of vehicles are you trading? slv/agq? calls/puts? futures, options?
Do you buy in tranches ... fixed shares at certain pivot or s levels ... percentages of your total trading money?
I'm trying to learn from the more experienced silver traders and am interested in the type of strategies there are if you don't mind sharing.
I don't know about anybody else but I can't read Richard Russell anymore. He sounds like he has lost his moorings. His post at KWN today is a complete rant. I have seen this fellow very often call for the collapse of the stock market right before major price explosions upward.
He definitely has a certain appeal. Guys living in their mother's basements eating Captain Crunch in their P.J.s while watching reruns of "The Day After" and then cashing in their lunch allowance for Andie MacGuire's trading program no doubt enjoy Russell.
Guy is getting just a tad ahead of himself predicting major immigration into the U.S. as a result of worldwide economic implosion...as if Amerika is going to be the place to seek refuge? I think he should be mothballed but it sounds instead like he is going to go down swinging. Any true-believing subscriber is probably holed up in a shack in the Rockies and mainlining Leviticus on a steady diet of baked beans and Campbell's Big and Chunky.
Your writing is so great SW, that the content after a while is a secondary pleasure.
Don't trade, but sometimes pop in here to catch gems. Agree with Redwood, SW that was a gem.
the ONLY good thing about that KWN piece is the opening picture.
I'm not qualified to contribute anything useful to this board but just want to say this is the best forum to follow and learn. Thank you guys.
Dollar starting to move up, so I'm expecting miners to come down. Also those algo driven spikes the day before never leave me comfortable. Look at what happened Tues. Silver down approx. 5o cents between 10 and 1130 am, then back up to same in an hour.
I'll second Redwood on the literary flair of SW!
Pailin its a great trading system in this enviroment which going forward is what I see for a good while yet. Hysterical spasms of price up and down off media filters and criminal racketeering. Strip-pole moves either way due to sudden shifts in 'perception'.
It won't work so well when we enter the parabolic stage but that is a long way off I think and I seriously doubt the Cartel will allow any steady 45 degree buying since that would attract Sheeple and the last thing they want is the public pouring into this sector.
Thompson and Hubbart use the same attitude of buying on weakness. The inherent problems of their system are that they hold cores which are brutalized in every down cycle and they also buy down into radioactive waste like UNG and junior miner IEDs. Therefore their system is ultimately self-flagellating and self-defeating. It begs to be simplified IMO. Hubbart probably soiled 5 pairs of underwear daily over the last 2 weeks waiting for a turn in the miners. His mantra that 'GDX is going dramatically higher and to triple digits within 12 months minimum' is not unlike Hitler summoning ghost armies to defend Berlin in 45'.
GDX now fully into April 4th gap. 48.82 ought to close it/prove resistance. Who knows if we'll get there.
JAG finally making some headway. Like no other miner I've traded, this one operates in the shadows. It's like the Dick Cheney of stocks, full of intrigue and rumor and pain if you cross it. God knows, I 've felt enough JAG pain the last few months.
It's almost like jag is your dominatrix and when she doesn't whip you your like oh thats nice. Its rather entertaining!
I would like to silver hit 32.8 to 33 today. I don't think it will happen, but I can wish, can't I? Silver still has some catching up to do in terms of Gold.
Regardless - I will be going flat by 3:00PM. I will also be taking some money out of my trading account. I find that if I don't, it quickly disappears - my dumb luck usually runs out.
Glad to be of service. If you think JAG has my number, you should have seen me in the HL years!
Just sold some NGD into strength.