Pailin's Trading Corner

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Thu, Jul 28, 2011 - 7:56am
Violent Rhetoric
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Thanks for the chart

Thanks for the chart explanation Joe

I actually LOL'd when I read this part of the story you posted.

He says the present deadlock may come to be seen as the historic turning point at which the U.S. started on the track of long-term reform of its public finances.

Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded — here and there, now and then — are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty. This is known as “bad luck.” ~ Robert Heinlein
Thu, Jul 28, 2011 - 8:12am
CK
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charts for traders

Everything's looking for direction. Jobless claims soon to kick it off.

We're not trading against the market, we're trading against ourselves.

Thu, Jul 28, 2011 - 9:27am
pailin
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398k

Hey less than 400k people began unemployment last week, let's buy stocks while they're still cheap! Quick..hurry...the barn door is open and the mustangs are running!!

Meanwhile, in precious metals all signs seem to indicate that both gold and silver will either go up or down today. Stay tuned :)

To the intelligent man or woman, life appears infinitely mysterious, but the stupid have an answer for everything. -Edward Abbey
Thu, Jul 28, 2011 - 9:34am
JoeKa
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@pailin

"all signs seem to indicate that both gold and silver will either go up or down today"

Such brilliant analysis the likes of which i thought only i was capable of...

Thu, Jul 28, 2011 - 9:35am
Violent Rhetoric
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US Treasuries rally on

US Treasuries rally on growing expectations of a downgrade and growing talk by Democrats for the use of the 14th amendment.

Nice.

Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded — here and there, now and then — are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty. This is known as “bad luck.” ~ Robert Heinlein
Thu, Jul 28, 2011 - 9:36am
SSK
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The right call last night.

Gold up. S&P up. Miners down.

End of discussion.

Thu, Jul 28, 2011 - 9:37am
BlackHawk
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Shorted the S&P yesterday for the first time - WooHOO

And it went down 2%.

Thanks to atlee, JoeKa, Pining and anybody I forgot to mention about how to advise Mom and Pop investors in the coming days.

1. Get out of equities

2. Buy physical PM's - not paper

3. Keep cash position huge if facing tax penalties in early withdrawal scenario

Alex Jones two hour video, "The Obama Deception" will scare the bejesus out of anybody, but will it call them to action?: https://geraldcelente.proboards.com/index.cgi?board=jones&action=display&thread=28

Thu, Jul 28, 2011 - 9:41am BlackHawk
JoeKa
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@Hawk

sorry to hear abt that buggered S&P short

Thu, Jul 28, 2011 - 9:49am pailin
pailin
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pailin wrote: Hey less than

pailin wrote:

Hey less than 400k people began unemployment last week, let's buy stocks while they're still cheap! Quick..hurry...the barn door is open and the mustangs are running!!

Wha-what??! Stock indices all red already? But the news was less bad bad news :)

In this double-speak world we live in that's supposed to be bullish.

And yes, I'm now quoting myself which means I likely have JoeKa-itis.

Cripes.

To the intelligent man or woman, life appears infinitely mysterious, but the stupid have an answer for everything. -Edward Abbey
Thu, Jul 28, 2011 - 9:51am
Vypuero
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Massive Raid

Silver just got knocked back .50

Thu, Jul 28, 2011 - 9:51am pailin
JoeKa
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joeka-itis

you make that sound like a bad thing. =P

and hello long red.

Thu, Jul 28, 2011 - 9:51am
BlackHawk
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CK's Charts

Wow thanks CK, but I've got a summer cold and my eyes are watering. I can't seem to match up the timeframes on the different charts. Without that, all those hills and valleys look the same. Wish I had a bigger font on the x-axis...

Thu, Jul 28, 2011 - 9:52am
SSK
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oversold?

10am, I nibble.

AGQ first.

For miners, NGD, NG, EGO and AUY look strongest.

Thu, Jul 28, 2011 - 9:52am
pailin
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hulk smash

Wow, impressive metal selling right now. I eagerly await better buying. Seeing as how we just blew right through 39.80, I'm still thinking about next targets. On the 4hr we could be looking at 39.25 and possibly 38.25 (doubtful, unless there's a deal announcement).

To the intelligent man or woman, life appears infinitely mysterious, but the stupid have an answer for everything. -Edward Abbey
Thu, Jul 28, 2011 - 9:52am BlackHawk
bmovers
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GDX just got kicked down to

GDX just got kicked down to 57.50.

thinking its a buy here

Thu, Jul 28, 2011 - 9:53am JoeKa
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JoeKa wrote: you make that

JoeKa wrote:

you make that sound like a bad thing. =P

The biggest truth on this whole board may be that we need only ONE JoeKa :)

To the intelligent man or woman, life appears infinitely mysterious, but the stupid have an answer for everything. -Edward Abbey
Thu, Jul 28, 2011 - 9:55am bmovers
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lol wow GDX moves

lol wow GDX moves fast.

bought 57.50

sold 57.80 not even 2 minutes later

Thu, Jul 28, 2011 - 10:02am Rico
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Rico wrote: Pailin, was it

Rico wrote:

Pailin, was it you that uses the 5 minute chart, and the RSI as an indicator?

Yes, but my use of it was to trade very short term intervals several times a day. I'd buy RSI 30, double or triple down on RSI 20 (if the move looked like it was nearing exhaustion) and then sell back into RSI 50/60. In a waterfall scenario followed by a strong FUBM, this could be all accomplished before the first side of Van Halen's self-titled debut ran out of grooves. Miss those days...

Not sure how well 5min RSI works for longer term strategies, probably not well except as confirmation of other larger timeframe RSIs also being low along with other indicators (DMAs, MACD, Stochastics, etc).

To the intelligent man or woman, life appears infinitely mysterious, but the stupid have an answer for everything. -Edward Abbey
Thu, Jul 28, 2011 - 10:03am Vypuero
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Vypuero wrote: Silver just

Vypuero wrote:

Silver just got knocked back .50

Not to quibble, but massive is more like $2-3 knocked off. Remember atlee's words, never buy the first waterfall, there's always a dead cat to draw suckers in, then they pull their bids out from under and the second leg down begins. Sometimes there's a third too. Be careful on leverage.

To the intelligent man or woman, life appears infinitely mysterious, but the stupid have an answer for everything. -Edward Abbey
Thu, Jul 28, 2011 - 10:04am pailin
JoeKa
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ONE

well good mornin to you too! LOL

ok is there gonna be more elmo today or what!?

see some urge for another leg down.

just read an article on fox abt all obama needing to do on the debt debate was to keep his mouth shut (rather than give his white house speech the other day).

you guys just lurve your prez doncha? :)

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