Do you think Gold will break the Resistance and rise above
$1000, once it does that i dont think it will go under; or are the
chances good to pull back to $ 850. What wave is it for gold?
I am not a professional trader, here on trial membership, but i
learn a lot. great work guys!
Thank you for the heads up. A friend and I were discussing Gold
& Silver, and the markets, we read some different people.
Prechter is new to me, so is his track record like -
shitty?
Any suggestions and insight is appreciated. I am trying to get
the best read on things, to get properly positioned. I probably
read to much, it's been maybe half have been saying go short, and
half not saying a whole lot.
I hate to be down on people, but there are a lot of charlatans
in this business. Many 'prominent' "experts" are just people who
excel at self-marketing - they know
nothingabout how
to invest. That is why real pros never risk any money on what these
guys say, including Kudlow, Cramer and other talking heads on TV.
Almost everyone you see on CNBC is wrong, but in this business
these guys hardly ever have to atone for their mistakes - unless
they make the mistake of being bearish. Bears are summarily shot.
Unfortunately, human nature being what it is, it is very difficult
for most people to change hats from bullish to bearish, or vice
versa. So we get perma bulls and perma bears.
In a bull market no one needs analysts - in a bear market no one
needs to be long stocks. So the key thing is to determine what the
trends are, short, intermediate and long term. Then operate
according to the time frame that suits you, but make sure you are
in harmony with the trend.
Prechter is a smart guy - as an investor, being smart is
not as important as being flexible. My morning mantra is "I want
what the market wants".
Unfortunately, Prechter is now finally right about stocks
and his conclusions in ''Conquer the Crash" are also probably
right. This isnt a normal recession because it is coming after the
pop of the credit bubble and because baby boomers (the main source
of economic expansion for decades) are now heading into
retirement.
Save your money, don't buy these newsletters but instead do your
own research and pay attention to the better traders on this
website, as well as Matt and Steve's excellent analysis. There is
no shortcut to learning, so be patient. My 2 cents.
I like Prechter. He's certainly not in the class of Cramer
and the other guys on CNBC. The monthly EWI reports are
entertaining and usually pretty prescient regarding the larger
socio-economic view of things.
Prechter said strongly to go fully levereged short in April
2007 and finally issued a notice to cover just last week,
along with several other prominent bears. That's not a bad
call for the last eighteen months. Just following that call
and having the patience to stay with it would have made WAY more
money than most people made trading in and out over that time
period.
I never said Prechter was in the same class as permabulls like
Cramer. Prechter was actually unfairly attacked by Rukeyser when
Prechter was in his heyday, which made him basically unwelcome
on these 'market' shows (and I would bet he was shy about
repeating that experience again anyway). He is a perma bear though,
no question. He was bearish all the way from about 1988. Definitely
was bearish continually off the 2003 low, calling every minor top
as THE Top. I think you have to count that as part of his record.
You can't just pick what he said from 2007. Also, he is one
of those guys who almost never mentions his mistakes. That is a
quick way to lose an audience because everyone makes mistakes in
this game, it's how you deal with it that identifies your
character.
PA -- I didn't think you were classing him with Cramer,
etc. But your points are well taken. I haven't been
following him that long. And of course you're right about
doing your own work, not relying on what these guys, or anyone,
says. I hope gold falls to 650, would be great, but I'm not
betting on it yet.
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Nice pullback in gold again
Posted by matt on 3rd of Mar 2009 at 11:25 am
Nice pullback in gold again today! the 38% retrace is 881. I'm happy to see gold pullback, will set up buying opportunities in the future.
regarding GDX, it's nearing its first price target of the 38% Fib at 29.44
GDX chart
gold
Posted by PA on 3rd of Mar 2009 at 01:30 pm
I am getting oversold signals that suggest a $30 -40 pop in gold soon, to be followed by another corrrection that could set up a divergent low
PA - we have some
Posted by dodgerdog on 3rd of Mar 2009 at 02:44 pm
PA - we have some potential timing for a low coming in on Gold Bullion so let's see if symmetry can change to positive and get a bounce
gold
Posted by mamaduck on 3rd of Mar 2009 at 01:39 pm
What time frame are you looking at?
Do you think Gold will
Posted by arton on 6th of Mar 2009 at 03:33 pm
Do you think Gold will break the Resistance and rise above $1000, once it does that i dont think it will go under; or are the chances good to pull back to $ 850. What wave is it for gold?
I am not a professional trader, here on trial membership, but i learn a lot. great work guys!
Gold
Posted by jessica on 6th of Mar 2009 at 03:50 pm
Prechter -Elliot Waves and others figure a pull back to under $700.00 spot.
Prechter was shorting gold at
Posted by PA on 6th of Mar 2009 at 03:58 pm
Prechter was shorting gold at $280 - he has never been right on it for more than a few days, since late 2000
Prechter
Posted by jessica on 6th of Mar 2009 at 11:31 pm
Thank you for the heads up. A friend and I were discussing Gold & Silver, and the markets, we read some different people. Prechter is new to me, so is his track record like - shitty?
Any suggestions and insight is appreciated. I am trying to get the best read on things, to get properly positioned. I probably read to much, it's been maybe half have been saying go short, and half not saying a whole lot.
The guys here at BPT seem to be in the zone.
Thanks
I hate to be down
Posted by PA on 7th of Mar 2009 at 01:25 pm
I hate to be down on people, but there are a lot of charlatans in this business. Many 'prominent' "experts" are just people who excel at self-marketing - they know nothingabout how to invest. That is why real pros never risk any money on what these guys say, including Kudlow, Cramer and other talking heads on TV. Almost everyone you see on CNBC is wrong, but in this business these guys hardly ever have to atone for their mistakes - unless they make the mistake of being bearish. Bears are summarily shot. Unfortunately, human nature being what it is, it is very difficult for most people to change hats from bullish to bearish, or vice versa. So we get perma bulls and perma bears.
In a bull market no one needs analysts - in a bear market no one needs to be long stocks. So the key thing is to determine what the trends are, short, intermediate and long term. Then operate according to the time frame that suits you, but make sure you are in harmony with the trend.
Prechter is a smart guy - as an investor, being smart is not as important as being flexible. My morning mantra is "I want what the market wants".
Unfortunately, Prechter is now finally right about stocks and his conclusions in ''Conquer the Crash" are also probably right. This isnt a normal recession because it is coming after the pop of the credit bubble and because baby boomers (the main source of economic expansion for decades) are now heading into retirement.
Save your money, don't buy these newsletters but instead do your own research and pay attention to the better traders on this website, as well as Matt and Steve's excellent analysis. There is no shortcut to learning, so be patient. My 2 cents.
Prechter
Posted by Michael on 7th of Mar 2009 at 02:27 pm
I like Prechter. He's certainly not in the class of Cramer and the other guys on CNBC. The monthly EWI reports are entertaining and usually pretty prescient regarding the larger socio-economic view of things.
Prechter said strongly to go fully levereged short in April 2007 and finally issued a notice to cover just last week, along with several other prominent bears. That's not a bad call for the last eighteen months. Just following that call and having the patience to stay with it would have made WAY more money than most people made trading in and out over that time period.
I never said Prechter was
Posted by PA on 7th of Mar 2009 at 04:46 pm
I never said Prechter was in the same class as permabulls like Cramer. Prechter was actually unfairly attacked by Rukeyser when Prechter was in his heyday, which made him basically unwelcome on these 'market' shows (and I would bet he was shy about repeating that experience again anyway). He is a perma bear though, no question. He was bearish all the way from about 1988. Definitely was bearish continually off the 2003 low, calling every minor top as THE Top. I think you have to count that as part of his record. You can't just pick what he said from 2007. Also, he is one of those guys who almost never mentions his mistakes. That is a quick way to lose an audience because everyone makes mistakes in this game, it's how you deal with it that identifies your character.
PA -- I didn't think
Posted by Michael on 7th of Mar 2009 at 07:16 pm
PA -- I didn't think you were classing him with Cramer, etc. But your points are well taken. I haven't been following him that long. And of course you're right about doing your own work, not relying on what these guys, or anyone, says. I hope gold falls to 650, would be great, but I'm not betting on it yet.