enjoy guys, going to bahamas to kick it for a week or so. may still trade if bored. prob minimal. hope by the time i get back something interesting will happen. i'll prob buy some GS puts again before my flight, farthest out dead money sept put strike
i don't think spy is cheap from earnings perspective if u use CAPE. also see the following market valuations
it is not cheap. why buy the market until it is cheap? i don't mean for trading, that's a different story. but to go in any more than 25% assets into equity...seems like there must be a better thing to do with ur money for now
I think we can call that a robust GDX bounce.
Sorry, meant SLW at 35. It's running now. You don't even need TA with SLW. Just buy the takedown at the whole number.
Enjoy your vacation!!
Thanks for the link.
Loving these gold shorts. Long CHK & EEM as of end of day yesterday. Definitely not long term.
Hoping this is the trend for the next week or 2.
We're not trading against the market, we're trading against ourselves.
I'm waiting for the headlines... "Gold down on profit taking, bargain hunting on equities" ...
If we could see the newspaper days/weeks/months in advance, we'd all be very rich :)
To those looking for value UNG is getting jumpy today as it heads into its good season.
Who knows, just thought I would mention it.It also can trade sympathetically with USO and that is quite oversold.
CHK is roaring back. Hope you got in in the 27's-28's. I'm all smiles with it. LNG too. I actually plan to hold CHK for a bit. Long term, it's one you want in the portfolio.
Thx atlee Now I've been thinking about it. If everyone thinks that qe3 is sure thing for end of august then equities will have to begin discounting it. I'd don't watch tv or mainstream news except handful of sites. Anyone able to gauge the qe3 sentiment. Do the participants feel high likelihood or low chance? If it is the first thr will be a rally with legs, if not, then I think dead cat bounce
SSK, agree with you on CHK long term. Best way to play natural gas and natty was/is super cheappppp.
CHK is a GREAT company.
1 month chart on Gold told me, "the sellers are going to have a party with this, you're invited"
Granny is beginning to see some value reappearing. Thru the day she may be buying GTU, some USO, and DIA and QQQ. She needs a thick magnifying glass to even read the chart and is not very good at that but a sale is a sale. Would love to see more selling in gold to clear the grocery store out. Right now all the Bedoin men are outside milling around and arguing violently about 'price', the best bottoms on their favorite camels, reading horse dung for secret signs and generally getting irritable and more and more unfriendly. This leaves GRanny alone in the store which she likes, some peace and quiet.
And that Holmes boy who some say used to be a big movie star is not around today. What a relief! Having been chased around the store all yesterday and then out around the block and a torn skirt and ripped blouse, Granny can catch her breath today and relax. She finally ending up selling most all her paper gold to Johnny Wad yesterday because he demanded to buy at premium and was evidently very excited about it. Oh well....
Granny might like it if Portugal and/or Spain sell their gold eh? :)
I'm a big fan of Granny. She has had a great philosophical influence on me. She knits her quilts slowly but surely and always remains calm.
I got word from Granny that after she used her magnifying glass on HG, she had to grab some windex and paper towel to clean the screen and make sure what she was seeing was right. She spotted what may be a short term bottom on copper.
I have her telling me whenever there's a sale at the local SlaveMart.
Granny's wisdom is priceless.
Going long the market? Wait for the going out of business sale on the financial sector. Once the big European banks show that they have no assets, are completely leveraged and Germany can't save the PIIGS plus new piglets, the contagion has to hit the US banks. After that slide happens, there will be sales. I remember how low GE and F were in 2008? Patience is a virtue.
sp001 wrote: Anyone able to gauge the qe3 sentiment. Do the participants feel high likelihood or low chance?
What do you all make of silver? It seems to track with gold much of the time, but then at other times it starts tracking the stock market (like yesterday). Is gold suckering in the last few longs before plunging on the margin hikes? You know there are tons of insiders underwater on their short positions and we know what happened to silver when they were getting crushed there.
After buying the sale on SVM,EXK and GDX this morning and SGG and FXI, Granny has sold the first bounce and counting her pennies.
It is excellent beyond excellent that GDX is now trading on its own and showing relative strength. This could be a big development. Granny will probably rebuy GTU sometime tommorrow if it gives her weakness again in the morning going into the weekend.
Same goes for GDX and its proxy, SLW. Always rebalancing and looking for biscuits,cheerios,Nescafe and girdles on sale.
Meanwhile the Bedoin men are still outside the store arguing before they plop down big money either direction for the 'weekend trade'. Some are betting now that the Camel bottoms will head North. Others say South. Granny is so confused. But a sale is a sale right? And now with her winnings she can grease down the ole German 88' she bought down at the Army Navy surplus last week and do a little target practice on the crow population that seems to be festering in her neck of the woods this weekend.
For anyone interested and I doubt there are many, Granny likes DBA and USO and BAL since they have been marked down on red and purple tags. Apparently just yesterday the World decided it would not eat anymore or cloth itself or fill up its gas tanks. This is unfortunate if I am to believe the trusted and honorable men on the t.v. financial reports.
I cannot tell people how bullish the action in GDX and GDXJ is and I am very serious. Of course this could mark a bounce and be a trick but what I say is a sea change in how they are regarded. The real test will come when Dow pulls down. Will they correlate or no.
Right now GDX is getting a bid when either Gold or Dow is going up. This is unusal to say the least. Are hedgies beginning to finally and quietly remove their shorts in this area and get out of Dodge City before the real shooting starts? If so this will be the trade of the next year, the GDX and GDXJ.
Who knows but I am watching with great curiosity.
...I completely agree. We are far from being out of the woods!!
There we go. Got the money flowing out of the bonds into the oversold market. It's beautiful. Been a long time coming. New Trend.
For those shopping value you may note a nice big white candle today off a big bottom in UNG as it heads into its best seasonal buy period. Granny sold the first thrust up off a discount buy yesterday but she may just reload both barrels and let the dobermans out the back door soon then turn on the tornado alarm and all radar-jamming devices.
I think silver is going to lead gold for the rest of the day, as soon as we get out of COMEX selloff (presently in progress). Looks like this is going to be a sweet setup for QE3 silver to the moon. But we're going to have to wait for it and silver needs to get out from under 40. Sounds silly that I'm bullish silver right now, eh? I really like that it just bounced of 39 a little bit ago. It's moving with equities today vs. gold. I think money is quietly moving into silver stealth style. Yes, it dropped from 42 to as low as 36.90 but that weakness is actually pretty normal for silver to range in. Give those downdrafts to the broader markets and everybody freaks out and begs for free Fed printing. Don't count silver out just yet. Next thing to watch is while it's moving up w/stocks, if when the reversal occurs will it move up with gold. Confirmation for me is that it will.