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the battle


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#11 JGUITARSLIM

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Posted 08 June 2010 - 12:37 PM

From Mike Paulenoff (MP Trader) today...

Posted Image

#12 stubaby

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Posted 08 June 2010 - 01:21 PM

From Mike Paulenoff (MP Trader) today...

Posted Image



JGUITARSLIM:

My GTU chart indicates the same compression pre-release pattern:

gtu.png

as do many of the 'majors':

abx.png


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#13 dougie

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Posted 08 June 2010 - 01:56 PM

targets on a breakout stu?

#14 stubaby

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Posted 08 June 2010 - 02:37 PM

targets on a breakout stu?



dougie:

no specific answer other than "higher" - I use PnF charts for s-t targets - GTU shows 72 and ABX 49 - the key here is if we do break "the pattern" we will have cleared a long consolidation phase and entered the next phase (especially for the miners) Watching and waiting. BTW - It would not surprise me to see one more quick shakeout first!

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#15 dougie

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Posted 08 June 2010 - 04:47 PM

i too favor something quick but painful

#16 dharma

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Posted 08 June 2010 - 06:35 PM

http://www.marketwat...dued-2010-06-08
According to the Hulbert Financial Digest, in fact, the average short-term gold market timer is currently allocating just 30.5% of his gold-oriented portfolio to gold -- keeping 69.5% in cash.
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#17 inamosa

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Posted 08 June 2010 - 08:42 PM

http://www.marketwat...dued-2010-06-08
According to the Hulbert Financial Digest, in fact, the average short-term gold market timer is currently allocating just 30.5% of his gold-oriented portfolio to gold -- keeping 69.5% in cash.
dharma


Thanks for the update.

Doesn't surprise me in the least. Lots of people get scared too quickly with their PM positions, IMHO.

In secular bull markets, buy and hold works best for most people.
"Our job is not to predict where the market will go, but to interpret daily price and volume action to ascertain the facts of the current environment and make decisions based on that interpretation."
-Scott O'Neil (son of William O'Neil), Portfolio Manager at O’Neil Data Systems, when asked where the Dow would go in the coming months

#18 dharma

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Posted 09 June 2010 - 11:21 AM

the battle for new highs begins. hit 180 degree resistance yesterday, and got sent on its butt normal reaction. by friday or monday, the challenge for new highs gets into gear riding the bull, giving it plenty of room dharma

#19 senorBS

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Posted 09 June 2010 - 12:21 PM

the battle for new highs begins. hit 180 degree resistance yesterday, and got sent on its butt
normal reaction. by friday or monday, the challenge for new highs gets into gear
riding the bull, giving it plenty of room
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FWIW I am not liking what I see.

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#20 dharma

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Posted 09 June 2010 - 02:01 PM

the battle for new highs begins. hit 180 degree resistance yesterday, and got sent on its butt
normal reaction. by friday or monday, the challenge for new highs gets into gear
riding the bull, giving it plenty of room
dharma




FWIW I am not liking what I see.

Senor

yes, the correction has retraced about 2/3rds of the advance. another assault will begin promptly.
the volatility is still quite normal for the price here. i expect volatility to ratchet up a couple of notches
it will not be for the faint hearted.
dharma