 Here's why Tom McClellan is bearish on gold:, "A lot lower, a lot faster until March." |
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 Dec 13 2011, 11:58 AM
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 Member  Group: TT Member* Posts: 20471 Joined: 13-January 04 From: T Town Member No.: 1054  |
Here's why Tom McClellan is bearish on gold:
http://www.mcoscillator.com/market_breadth_data/ watch the Bloomberg link. "A lot lower, a lot faster until March." QUOTE (Rogerdodger @ Dec 11 2011, 02:02 PM)  Will Gold become DUST? (Short term)
Jack Chan's:  I believe that Laundry is long term bullish in gold (to 2020) but short term concerned. Losing the blue ma would indicate more weakness where 140-145 could be support:  -------------------- |
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Dec 13 2011, 12:05 PM
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 Member Group: Traders-Talk User Posts: 2366 Joined: 22-April 10 Member No.: 9462 |
Good one, Roger. I see $GOLD has 200 DMA at 1612 which corresponds to 157 on your paper GLD. A bounce may come there, before going down to your target.
-------------------- You could be a billionaire or an industrial worker or a teacher or a moderator of a forum - Hold a good conscience because that is what matters.
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Dec 13 2011, 12:57 PM
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 Member Group: Traders-Talk User Posts: 6211 Joined: 22-August 03 From: Kahlifoania Member No.: 11 |
Good interview...check out that beard!!
 Fib -------------------- Better to ignore me than abhor me.
Wise men don't need advice. Fools won't take it. - Benjamin Franklin Technical Watch Technical Watch Twitter Page Technical Watch Facebook Page |
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Dec 13 2011, 03:37 PM
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#4
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 Member Group: Traders-Talk User Posts: 1029 Joined: 6-January 09 From: San Antonio, Texas Member No.: 8015 |
Yep. Was looking at gold a few weeks back.
I wrote this a bit back on Nov 19 2011, 11:20 PM http://www.traders-talk.com/mb2/index.php?...st&p=603632 "I was looking at some charts and studies all day, and I think gold is DONE. Like grains in 2008 done, and if not then cotton in early 2011 done. This whole run up after the selloff earlier this year is on such abysmal volume. Pull up the weekly and you will see what I mean. Would at a minimum expect that low from week of 9/30 @ 1535 to get tested, but this thing looks much lower to me. Seems like a good spot for a position trader to get short GLD. If it were me, I would look for one of the 2X bull ETF's like UGL. I looked at that 3X one UGLD, but its really too new and thinly traded. Do your own research for your instrument, but I am just saying if you were to hold for some weeks/months and let the decay and gyrations work for you. If it were me, try to get a bounce on UGL, a little bit over $100, and then slam it and walk away. I see this thing being 1/2 of what is now ($97) in 6 months. I was also very right about Silver when it crashed, and had AGQ shorted at $380 and it dropped under $250 in 4-5 trading days. I had a long term thesis but was not able to monetize the trade properly, in no doubt my biggest regret on 2011. But this is not like that trade, this is truly more slow money." -------------------- |
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Lo-Fi Version | Time is now: 25th May 2013 - 09:05 AM |