I used to watch Cramer, his general concepts are useful (don't
buy and hold, buy stocks on sale on big pullbacks, and look
for the downside as much or more than the upside), but his stock
picking stinks. One of the things I remember him saying
a few months ago is that AEM moves more than most gold stocks
because they're not hedged, so where a lot of mining
stocks are up 5% or so, AEM moved over 20% since
the lows of yesterday, was at 43 Thursday, now at
52. Thanks also for the chart of ABX Matt, I'll look for
resistance around the 32 area at the upper downtrend line,
and looks like the dollar is temporarily pulling
back and that's helping here for a day or 3.
Posted by dallahoo on 12th of Sep 2008 at 03:43 pm
that is very true about AEM, also, a lot of their assets are in
Canada, Finland, Mexico, and US, compared that to whateverstan, or
tin-pot-dictator-lands many gold miners mine, and no wonder AEM is
an institutional darling, on the flip side, when they
miss, they melt because every institution dumps.
I have been using it as a leading indicator for the group, now,
the trick is, to rotate some money out of AEM into laggards if this
move is has some legs left beyond opyion day next week
Cramer has bad timing. He recommended to pile onto stocks in
October last year. He recommended AEM close to the top in gold, and
was bearish on refiners just recently when they were forming
tradeable bottoms. But he still has a big following.
Posted by dallahoo on 12th of Sep 2008 at 03:54 pm
yes, I remember he said once gold were the only things that
worked, and GDX looked like an ending diagonal, it was a beautiful
short, but he was not alone, a more respected pundit, David Fry,
issued a buy to his clients on GDX right then, I guess some times
people misinterpret charts
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Gold...ABX
Posted by george2 on 12th of Sep 2008 at 03:07 pm
Matt, Steve, can you tell me what you see in the charts for gold (have ABX) at this time, and maybe for the near short term? Thanks.
george - here you go,
Posted by matt on 12th of Sep 2008 at 03:19 pm
george - here you go, ABX chart
nice channel with positive divergence, watch the trendline over the ratio as well
AEM, ABX
Posted by george2 on 12th of Sep 2008 at 03:37 pm
I used to watch Cramer, his general concepts are useful (don't buy and hold, buy stocks on sale on big pullbacks, and look for the downside as much or more than the upside), but his stock picking stinks. One of the things I remember him saying a few months ago is that AEM moves more than most gold stocks because they're not hedged, so where a lot of mining stocks are up 5% or so, AEM moved over 20% since the lows of yesterday, was at 43 Thursday, now at 52. Thanks also for the chart of ABX Matt, I'll look for resistance around the 32 area at the upper downtrend line, and looks like the dollar is temporarily pulling back and that's helping here for a day or 3.
that is very true about
Posted by dallahoo on 12th of Sep 2008 at 03:43 pm
that is very true about AEM, also, a lot of their assets are in Canada, Finland, Mexico, and US, compared that to whateverstan, or tin-pot-dictator-lands many gold miners mine, and no wonder AEM is an institutional darling, on the flip side, when they miss, they melt because every institution dumps.
I have been using it as a leading indicator for the group, now, the trick is, to rotate some money out of AEM into laggards if this move is has some legs left beyond opyion day next week
I don't watch Cramer, but
Posted by cw12 on 12th of Sep 2008 at 03:39 pm
I don't watch Cramer, but hear about him sometimes from
Cramer has bad timing. He
Posted by cw12 on 12th of Sep 2008 at 03:44 pm
Cramer has bad timing. He recommended to pile onto stocks in October last year. He recommended AEM close to the top in gold, and was bearish on refiners just recently when they were forming tradeable bottoms. But he still has a big following.
yes, I remember he said
Posted by dallahoo on 12th of Sep 2008 at 03:54 pm
yes, I remember he said once gold were the only things that worked, and GDX looked like an ending diagonal, it was a beautiful short, but he was not alone, a more respected pundit, David Fry, issued a buy to his clients on GDX right then, I guess some times people misinterpret charts