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Prelude to a upswing


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#11 SemiBizz

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Posted 25 January 2012 - 12:37 PM

There's your sign of strength.
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#12 johngeorge

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Posted 25 January 2012 - 12:56 PM

Looks like some short covering in the PM's with huge spikes up. Gold Spot
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#13 diogenes227

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Posted 25 January 2012 - 03:50 PM

There's your sign of strength.

And on the eighth day... :)

So do we follow through or will this another of the bull miseries of November and December?

http://stockcharts.c...9033&r=9826.png
"If you've heard this story before, don't stop me because I'd like to hear it again," Groucho Marx.

I spent half my money on gambling, alcohol and wild women. The other half I wasted, W.C. Fields.

#14 diogenes227

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Posted 25 January 2012 - 04:08 PM

XAU was down on lighter volume yesterday... Hence, an "oversold on light volume" bounce kicked in

I have a short term target and a longer term target. We'll see how it goes.

If XAU can get back above those August Lows, it is probably in business for another try to break the highs.

Just added the XAU to the long list of indices, commodities and currency crosses we track every day.

Along with the RUT Cash Index, we have been covering the RUT Futures for some time now.


Oops, I see you've already answered the question...

Thanks for your perspective.

Good luck and good trading.

http://stockcharts.com/c-sc/sc?s=$XAU&p=D&yr=0&mn=8&dy=0&i=p50512799029&a=255069536&r=764.png
"If you've heard this story before, don't stop me because I'd like to hear it again," Groucho Marx.

I spent half my money on gambling, alcohol and wild women. The other half I wasted, W.C. Fields.

#15 diogenes227

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Posted 30 January 2012 - 04:38 PM

Granted, that's an ugly chart for a gold bull at the moment but...

Under the heading of "it's Las Vegas but they let you count the cards," or maybe just "buy low, sell high", NEM is down seven days in a row (assuming it stays down for the day). That's only happened 5 times in the past 10 years. With the exception of October, 2008, on each previous occasion that was the prelude to a pop to the upside (even 2008 popped for a day), and most often it has led to a swing to the upside (in this case maybe a run to top of the range...just a maybe...).

I'm might be hexing it here but unless NEM is going out of business and forgot to mention it to anyone or the Fed can figure out a way to crush the entire metals complex tomorrow, it's likely going to to happen again.

Okay, where's the stop? How about some percentage (two to five percent below today's close, depending on a trader's risk tolerance)? Or how about if it's not making money by Thursday...

Good luck and good trading. :)

http://stockcharts.c...68765&r=463.png


Took profits to end this swing. NEM, up nearly 6.5 percent in four trading days, ABX up 8 percent, GDX 9 percent.

NUGT, up 26 percent in four trading days, would have been a truly a golden moment, but didn't have that ( :cry: )... Will, however, keep it in mind for next time ( :) ).

Good luck and good trading.
"If you've heard this story before, don't stop me because I'd like to hear it again," Groucho Marx.

I spent half my money on gambling, alcohol and wild women. The other half I wasted, W.C. Fields.

#16 tria

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Posted 30 January 2012 - 07:00 PM

Granted, that's an ugly chart for a gold bull at the moment but...

Under the heading of "it's Las Vegas but they let you count the cards," or maybe just "buy low, sell high", NEM is down seven days in a row (assuming it stays down for the day). That's only happened 5 times in the past 10 years. With the exception of October, 2008, on each previous occasion that was the prelude to a pop to the upside (even 2008 popped for a day), and most often it has led to a swing to the upside (in this case maybe a run to top of the range...just a maybe...).

I'm might be hexing it here but unless NEM is going out of business and forgot to mention it to anyone or the Fed can figure out a way to crush the entire metals complex tomorrow, it's likely going to to happen again.

Okay, where's the stop? How about some percentage (two to five percent below today's close, depending on a trader's risk tolerance)? Or how about if it's not making money by Thursday...

Good luck and good trading. :)



http://stockcharts.c...68765&r=463.png


Took profits to end this swing. NEM, up nearly 6.5 percent in four trading days, ABX up 8 percent, GDX 9 percent.

NUGT, up 26 percent in four trading days, would have been a truly a golden moment, but didn't have that ( :cry: )... Will, however, keep it in mind for next time ( :) ).

Good luck and good trading.


I took a 22% profit from USLV bought early Wednesday and sold on Thursday and still have GDX and GDXJ bought on the same day. Your observation, which you kindly shared, put one more weight in my mental balancing process, to buy or not to buy. Thank you Diogenis.

-tria :D
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#17 diogenes227

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Posted 30 January 2012 - 07:52 PM

tria, Congrats on the USLV, and the GDX, GDXJ too. Thanks for the heads up on USLV. Haven't see that fund before and will watch it going forward. Good luck and good trading.
"If you've heard this story before, don't stop me because I'd like to hear it again," Groucho Marx.

I spent half my money on gambling, alcohol and wild women. The other half I wasted, W.C. Fields.