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.
Newsletter
Subscribe to our email list for regular free market updates
as well as a chance to get coupons!
Matt, so far
HUI 5 wave anyone??
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.