not sure what you see to make you think they acting so bad...any help would be gladly received
Initial Long Position
Started by
Woody
, Oct 20 2009 01:02 PM
14 replies to this topic
#12
senorBS
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Posted 26 October 2009 - 08:22 AM
[quote name='dougie' date='Oct 26 2009, 02:27 AM' post='489038']
not sure what you see to make you think they acting so bad...any help would be gladly received
[/quote
IMO mining stocks should be strong and leading if bullish (intermediate term). they have lagged badly and have not made new highs, currently 15-20% below (XAU) the 2008 highs. There are no guarantees amigo but the long gold traded is about as crowded as this hombre has seen it a long while, Senor thinks an importante top is being made FWIW.
NO BS
Senor
not sure what you see to make you think they acting so bad...any help would be gladly received
[/quote
IMO mining stocks should be strong and leading if bullish (intermediate term). they have lagged badly and have not made new highs, currently 15-20% below (XAU) the 2008 highs. There are no guarantees amigo but the long gold traded is about as crowded as this hombre has seen it a long while, Senor thinks an importante top is being made FWIW.
NO BS
Senor
#13
IndexTrader
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Posted 26 October 2009 - 09:19 AM
IMO mining stocks should be strong and leading if bullish (intermediate term). they have lagged badly and have not made new highs, currently 15-20% below (XAU) the 2008 highs. There are no guarantees amigo but the long gold traded is about as crowded as this hombre has seen it a long while, Senor thinks an importante top is being made FWIW.
NO BS
Senor
There's alot of things that are "crowded" Senor. The dollar, gold, the stock market, oil, etc etc. It all revolves around the Fed and the massive liquidity injections. Do you see an end to that? Meanwhile, what I see is alot of people caught on the wrong side of that liquidity injection. Short sellers in the stock market. Mining companies hedging their gold holdings. Bottom pickers in the dollar. And frankly, for such a crowded trade I don't see many here who are long gold at all. This board in fact has slowed to a crawl.
To me this price action in the metal doesn't look like a top...it looks like a consolidation period. A move to new highs ought to tell us more regarding this topic. I can see why a some gold mining companies are lagging, to the extent they have hedged their gold production.
IT
#14
senorBS
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Posted 26 October 2009 - 10:55 AM
another failed XAU rally and new lows since Oct 7, seems like distribution to Senor as the masses are bulled up. It may be quiet here but listen to CNBC and all the gold hype, the TV ads etc etc. Senor has even had friends ask him about gold the past several weeks when they never have before and they know he has been a long time gold bull. Senor say no thanks.
PURE BS
Senor
#15
dougie
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Posted 27 October 2009 - 12:22 AM
thanks Senor and nice call
