I'm holding on to some of my shares, hoping it is a bull flag.

just filled the gap from yesterday, and touching the 17 day uptrend support line.  sorry, I could not get my etrade chart to post here.

I bought a small position at 15.46.

Anyone think this is a buy?

10 EMA is around 15.28 on my daily chart, so still riding above this support.

Thanks for your thoughts.  I am in cash, waiting to see what SLV is going to do.  I am expecting more downside, and being cautious.

I am watching the possibility that this could be a major gold correction, as in 2008, which took gold down 34%.  That would fit nicely with a 50% retrace of the entire move up since 2009.   If this happened, many would be calling the end of the gold bull, but I think the bull is intact, and if we see gold near 1300, I am buying!

The market action is still interesting, and your comments very useful.  Personally, I prefer brief newsletters.  

rp, the QQQ filled that gap, and I covered.  

Probably too soon, but I can't argue with a 3% gain these days, and it was an obvious target, especially after you pointed it out!

thanks!

thanks, rp

You already gave us a good target, so anything more is just icing on the cake.  I'm not trading much either this time of year.

Hope you have a relaxing and wonderful vacation!

Nice chart, rp

It looks to me that QQQ has some more consolidation to take care of inside the triangle, so I went short this AM.  Things are really bouncing around, so I may cover after the first nice gain.  Let us know when you do.

Hey, rp

I have been watching the same channel, and waiting for the correction.  I am biased: I would love to see a larger correction in order to pick up some more physical gold, and silver, too.  Has Matt given up on the possibility of an larger ABC correction?  I have not had time for the newsletters this week.

GDX is another story.  Awful performance this year, just consolidating.  Valuations are at multi-year lows.  If we got a correction here, I would be a big buyer.  If we compare this consolidation to the one in 2004-5, chances are we near the end of the consolidation period.

More at The Daily Gold:   http://thedailygold.com/featured/why-gold-stocks-have-underperformed-and-what-lies-ahead/?p=12251/

I am also betting that gold goes higher from here.  Perhaps a short-lived move up if the dollar starts showing strength.

I bought some GDX, too.  opinions?

I think chart #9 from the newsletter shows this well, with resistance areas.  The measurement looks like 1237-1239

thanks zwyss, 

I like the last paragraph.  There are solutions to our problems, but is there the political will?  Not yet.  Our county will be ready for strong medicine only when the (economic) pain becomes unbearable.  I am trying to imagine how much pain that will be, and I am envisioning a great worldwide depression.

Thanks, peanut butter worked great :)

I bought a nice chunk of PSQ at 30.60  (1 X inverse QQQ)

Yes, mg, it sure looks like a bear flag.  And as you pointed out, the QQQ nicely filled its gap.  I am going to short it today.  Got to feed my dog lunch first...how did you get your dog to eat that key?

Kind of quiet, yes.

When the markets are this irrational, not much to say.

I'm going to add to my short position, but I'm choosing to short the Russell at the close today.

Good trading, everyone.

UUP is still inside the channel on chart #11 of the newsletter.

Such a drop today makes me uncomfortable, but I guess that is the job of the markets.  I'm mostly in cash, which is a position while I am uncertain.

FWIW, Sam Collins's newsletter today shows a daily QQQ chart with a slow stochastics sell signal.

http://www.investorplace.com/2011/10/daily-stock-market-news-the-time-to-short-is-now/?sid=HX4695&cp=OZDT&ct=20111020&cc=eletter&en=76199

Looks to me that if the markets are going to turn down, AAPL and QQQ will lead the way.  I like Matt and Steve's charts showing an ABC correction that could last a few more days.  Let's see what Thursday and Friday bring.  I bought a few shares of PSQ a few days ago, and am using the SPY system for signals, too.

on the internet, I think Tulving is the best.

Totally professional, take your order, lock in a price, wire them the money, and the gold is in your hands the same week.

No nonsense, no sales pitch.  However, if you are new at this and need someone to hold your hand, look elsewhere.

Best prices I have found anywhere, high minimums, however, for gold .

20 oz on gold coins.

short idea from rp

It fell below the 4.91 support this morning.  11% total gain so far.

I would like to add to my position if there is a small bounce.

I agree with you, desertrat.  

Matt's chart (#7 newsletter) looks textbook perfect.  Of course, timing is everything.  Are you going to play a bounce, or wait until it ends?