Matt, so far looks like I might
have made a costly mistake buying DGP today. In at $18.40 . Noticed
quite a few on the blog bought yesterday, and it dropped a bunch
more today. thought that 420 level on the metal was a good risk
reward entry today. stocks are another story. Still have some dry
powder left, will wait and see what happens.
May add some more on another big
pullback in the metal. tough call here, but I believe that double
long fund, and my huge position in auy will be lookin good in
time.
I'm open to opinions here, but watchin close. GG
in the mid to low 20's looks good to me too. Just random thoughts,
any others are appreciated :-)
thanks for the feedback guys.
yea, the strong dollar, election yr, etc worry me a bit too.
believe Both the metal and stocks are at a critical point here,
both are oversold for sure.will probably be able to get out
with a small loss if I need to, will watch close and try to
keep my shirt. thanks for the feedback. I have no doubt Matt will
go over this on the update, I think it will all work out,
I would watch $ 790 area on Gold. If that Area doesn't
hold then I would get worried on your entry cost position.
Remember IMHO Matt's call of trying the trade at 65MA on weekly was
more than 2 day trade.
Posted by treid4dou on 12th of Aug 2008 at 12:12 am
Probably will get some capitulation 2morrow on Goldstocks and
related metal stocks....SWC, PAL. Seen URRE made a 52 wk
low..!!! under 2.00. GSS, CDE...at bargain
prices...and many others
Margin calls on highly leveraged long gold/short $, are the
reason for this sell off. Open Interest must be falling by 20K
contracts per day...at this stage....Over 85K from last COTs
report...for sure....till today....
Market may be recognizing the lack of financing in the mining
sector in the future, putting another pressure on the sector.
Hui 280 good target.....SLV 14.00/13.50.... The ride up will not
be easy or fast, after the initial oversold bounce....
Looking at Live 24hr Gold Chart. (12:15AM EST) It
appears heavy selling during first 45mins of Asia Hong Kong
open. Do you think since NY close down so sharply that stops
on Hong Kong market hit therefore making a "False" sell
off?
Hong Kong market just traded $ 807.90 which is $ 5 bucks above
Hong Kong intraday low
Matt, Gold in Asia traded down
HUI 5 wave anyone??
Posted by cspirit on 11th of Aug 2008 at 11:34 pm
Matt,
Gold in Asia traded down from NY close. Gold in Asia is currently trading aroun $805.
Matt, so far
Posted by Jim on 12th of Aug 2008 at 12:06 am
Matt, so far looks like I might have made a costly mistake buying DGP today. In at $18.40 . Noticed quite a few on the blog bought yesterday, and it dropped a bunch more today. thought that 420 level on the metal was a good risk reward entry today. stocks are another story. Still have some dry powder left, will wait and see what happens.
May add some more on another big pullback in the metal. tough call here, but I believe that double long fund, and my huge position in auy will be lookin good in time.
I'm open to opinions here, but watchin close. GG in the mid to low 20's looks good to me too. Just random thoughts, any others are appreciated :-)
Jim :-)
gold
Posted by maggi3322 on 12th of Aug 2008 at 12:22 am
I would be careful about jumping into gold stocks. While Elliot Wave has stated a support level around 800 their long term target for gold is 600.
FYI
thanks for the
Posted by Jim on 12th of Aug 2008 at 12:41 am
thanks for the feedback guys. yea, the strong dollar, election yr, etc worry me a bit too. believe Both the metal and stocks are at a critical point here, both are oversold for sure.will probably be able to get out with a small loss if I need to, will watch close and try to keep my shirt. thanks for the feedback. I have no doubt Matt will go over this on the update, I think it will all work out,
good trading to all........
Jim
I would watch $ 790
Posted by cspirit on 12th of Aug 2008 at 12:12 am
I would watch $ 790 area on Gold. If that Area doesn't hold then I would get worried on your entry cost position. Remember IMHO Matt's call of trying the trade at 65MA on weekly was more than 2 day trade.
That's what I said below,
Posted by matt on 11th of Aug 2008 at 11:49 pm
That's what I said below, that it was down after hrs
If gold gaps down tomorrow, that could potentially put in some kind of bottom
Probably will get some capitulation
Posted by treid4dou on 12th of Aug 2008 at 12:12 am
Probably will get some capitulation 2morrow on Goldstocks and related metal stocks....SWC, PAL. Seen URRE made a 52 wk low..!!! under 2.00. GSS, CDE...at bargain prices...and many others
Margin calls on highly leveraged long gold/short $, are the reason for this sell off. Open Interest must be falling by 20K contracts per day...at this stage....Over 85K from last COTs report...for sure....till today....
Market may be recognizing the lack of financing in the mining sector in the future, putting another pressure on the sector.
Hui 280 good target.....SLV 14.00/13.50.... The ride up will not be easy or fast, after the initial oversold bounce....
it may be smart not
Posted by dylan398 on 12th of Aug 2008 at 08:51 am
it may be smart not to buy gold or related stocks early and wait for a rally after the 2:30PM time frame
Matt, Looking at Live 24hr Gold
Posted by cspirit on 12th of Aug 2008 at 12:09 am
Matt,
Looking at Live 24hr Gold Chart. (12:15AM EST) It appears heavy selling during first 45mins of Asia Hong Kong open. Do you think since NY close down so sharply that stops on Hong Kong market hit therefore making a "False" sell off?
Hong Kong market just traded $ 807.90 which is $ 5 bucks above Hong Kong intraday low
Look forward to your comment
Chris
If we gap down with
Posted by cwa82675 on 11th of Aug 2008 at 11:57 pm
If we gap down with gold down 15+ points I will buy the heck out of gold stocks if we stabilize in the first half hour.