7 replies to this topic

[teki]

like a rock!

[PMILLY]

I don't know, but it seems G-span's discussion of dealing with higher interest rates in the future has spooked gold stocks and stocks in general. I'm out of NEM and BGO for one-day sizable losses. Don't know what the rest of you are doing, but won't sit through this crap. See ya. Pmilly

[TechSkeptic]

like a rock!

Yeah, I noticed that. I'm looking at a long-term exit from gold stocks based on technical action the last few months. I think I'm convinced now it's just too painful/risky to be a long-term buy and holder of PM's. But I don't want to join the crowd in panicking, I would prefer to wait for some sort of bounce. My broad market positions are hedged with shorts, but unfortunately I don't have any hedges for gold right now.

[teki]

I am hanging on to 1/4 of my position to evaluate tomarrow. The rest I am out with some losses. The xau and hui don't look finished delining yet, maybe that 87 target on xau will get hit after all. I was skeptical....

[stockbucks_coffee]

got stopped out an hour ago, the lost evens out the profit I had from last Wed. to Fri. IMO, I think the gold stocks are closer to a low/bottom than the broad market. I would think gold stocks could take ONE more hit down tomorrow and could hit a 'lot/bottom' and reverse from it. will see tomorrow. broke my prudent trading rule...this morning I should had changed my buy limit orders to buy STOP ORDERS so buy only if prices went up, instead of raising my limit order to simulate a 'market' order. lesson learned again. best SC.

[skott]

teki & stockbucks sorry sbout your losses. I have been out of gold stocks since I sold nem @44.85 premarket barely escaping the carnage last tuesday.. Did someone else mention xau hitting 87..... I posted that on the main board. Did someone post it here? thanks scott

[teki]

Thanks skott. I've seen the 87 target in a couple of places now, but I thought nah, too obvious. I paid the price. At least the day wasn't a complete wash, I made some money shorting smh. And it felt good at least watching TASR tank, as I exited the last of my position in it early yesterday. Kept watching the "potential" bullish divergences forming on the gold stocks hourly charts, but of course, it never came to fruition. I think something good that I can take from today is that I am actually more upset about the errors I made deviating from trading guidelines (trying to pick a bottom, not waiting for appropriate confirmation, etc.) than I am about the lost money. I know even with perfect execution and rules, there will be losses, but I think I could have traded this better. As long I can learn and stay in the game, that's what counts (for now anyway, but once I get better as this trading thing, its the hopefully steadily growing equity curve.)

[stockbucks_coffee]

thanks Scott, got out alive to trade another day. xau/hui gold stocks has been difficult for me since March as the narrow trading made it hard for trades over a week or two. my nasdaq s/t indicators have been signaling alittle better lately so may rebalance my trades soon to more tech stocks and less gold/silver stocks. But I do smell a potential M/T bottom for the xau/hui in the horizon. Or is that my socks I smell. I think it was Thunder who mentioned xau 87 (yes, b/c I posted there too this late afternoon in the Gold Board. nice chart too by Thunder.) yeah, could be support level since I too smell support.