Both GDX mechanical systems seem to be long now. I didn't see any alerts posted on it though. Should we wait for a pullback to get in since it is overbought?

I would think 1426 is pretty strong resistance at the previous high. If we break above that we will probably see a pretty quick rise as shorts cover.

Why Zach06? Do you think we have 1 more down move?

What do you guys think of AIG as a short setup. H&S top on daily. Don't know how to post chart.

Is that a high tight flag on GDX 60 min? Would you buy a breakout or wait for some kind of retracement?

Do you need to wait until the end of the day to enter on the system, or could we get in now?

What would be your target Matt?

I only got 18min of sound with the newsletter. It stopped right on the VIX analysis. Anyone else having this problem.

Whata about GDX, would you wait for a pull back or clean break out of channel?

What do you guys think of GDX now. The buy volume seems to be picking up.

Do you guys see a bull pennant on GDX 5 min. Think it is worth trading if it breaks out?

Do you guys think GDX may be a good overnight trade here?

Is anybody else having trouble with stockcharts? All my charts just quit working a few minutes ago. 

Does that indicate market will go up or down?

http://www.zerohedge.com/news/imf-package-denial-sends-es-and-eurusd-tumbling

Things that make you go hmm 

http://www.youtube.com/watch?v=nEdVFTSF7to

Here is some of the discussion on this from LATOC. I hope this helps. It's from one of the bloggers that has been monitoring (Scurvydog):

Yes, it's quite definite we have been and are looking at Macondo "A".
The "B" site is quite close & often seen by ROV's (theres no wellhead there or spewing HC's btw).

Macondo "A" was restarted at the SAME wellhead then sidetracked to get past the stuck DP from the first attempt.

The "rat" is people doing clips like this without bothering to find out the facts.

Also there is a typo in the official document they quote in the captions - the "B" well Northing is shown as 10434194.00 but should read 10431494.00 - thats about 3000 feet different.
Surprising these experts didnt see that.

If they cared to read the drilling permits (not the exploration plan they are referring to ) they would quickly find that there are only three permits for the BP's Macondo lease - MC252 "A" and the two relief wells. MC252 "B" doesnt have a permit because it's never been started. Macondo "A" was restarted at the SAME wellhead then sidetracked to get past the stuck DP from the first attempt.
Profit is important to BP - they are not going to abandon a perfectly good wellhead setup just because they got some pipe stuck in a hole, the sidetrack was a routine industry solution to get redrilling in the same hole.

If they werent so lazy or whatever their motivation is they would also see what I have shown below, that except for the odd spurious coordinate reading (which happens regularly) the ROV's have been and continue to be definately and consistently at the location of Macondo "A".

In short the ROV coordinates are not terribly accurate or consistent.

Co-ordinate drift occurs on the ROVs often and sometimes a lot even while ROVs are stationary.

The ROV's always disagree on co-ordinates - even the same pair of ROV's and even the same ROV will
vary considerable on the day and further day to day.

Note how Q4000's coordinates are way out (after conversion from metres)

The ROV's dont need these coordinates - you will see some ROV's don't even have coords on their overlays.
They use sonar and the compatt system to get around.

Note in the random selection of captures I got the co-ord data from not one ROV gets even close to the Macondo "B" location.

I could have posted hundreds of coordinates over the entire time the feeds have been available that will repeat the pattern below. I.e. they are at MC252 "A".

Anyone can look back through the posts right here and see that the Macondo "B" conspiracy is lame just based on that, let alone the real life facts.





Well "A" Location in Lambert.      10431617.00   1202803.88
Well "B" Location in Lambert.      10431494.00   1202514.00  (incorreclty stated as 10434194.00)


Sample Locations from May 2010

OIntervention   - 20' from BOP   10431631.71   1202792.24   (26th May)
                                - 35' from bop      10431633.54   1202793.49  (27th May 17:35)
      - 30' from BOP      10431830.57   1203021.68  (27th May 17:37)

Sample locations from June 2010.

VP       - At BOP      10431638.43   1202810.67   (13/06/2010)
Skandi (Herc14)    - At BOP      10431640.46   1202672.90   (13/06/2010)

Skandi (Herc6)    - On LMRP Cap   10431620.16   1202812.02   (15/06/2010 23:38:43)
Skandi (Herc6)    - On LMRP Cap   10431620.25   1202795.56   (15/06/2010 23:39:05) (less than a minute to drift quite a lot)



Locations July 2010
Skandi Herc14   - at flange      10431358.76   1201872.89   (06/07/2010 06:16:36) - (see how far off Skandi was that day)
Skandi Herc6   - at flexjoint       10431625.28   1202781.59   (18/07/2010 23:59:06)
Skandi Herc6   - base of BOP   10431612.95   1202795.51   (18/07/2010 11:38:04)

Locations August 2010

Skandi Herc14    - at Flexjoint   10431621.07   1202759.05   (4/8/2010 08:14:54)
Skandi Herc14   - < 30' from BOP   10431623.05   1202744.59   (7/8/2010 06:21:06)
Q4000 R1(metres)       - at BOP      10428924      1202520.16   (7/8/2010 07:36:00) (Q4000 is always way out compared to the others)
OceanInt       - at BOP      10431640.xx   1202783.67   (2/8/2010 xxxxx)



Over the three months (inc through Bonnie) it's quite clear that none of the ROV's captured at the BOP are anywhere but at MC252 A well location

They had trouble with well A, so they plugged the troubled spot and then drilled in a different direction on the same well. Well B was never started. If you look at the dates he shows, well B was suppossed to be started on 4-10-10, but well A was running behind because of the problems. There is no way they would have gotten that deep in 10 days for it to blow out on 4-20-10.

So everything that we have seen is on well A which matches the coordinates on the ROV's as that video shows.

This was discussed extensively in a forum I read (Life after the Oil Crash). I can try to find some more info if you want, but the blog on the oil gusher is almost 500 pages now.

There is no well B. It was never drilled. BP had trouble with well A, but all they did was continue on the same well in a new direction.

As to the oil, as far as we are allowed to know it is stopped (no independents have checked so who knows).

As to Matt Simmons death, the timing is sure convenient for BP. Tin hat off.