well the only 2 who posted buys going into 70 of gold weakness was stu and i. now, for me the question is what do i do w/these buys. do i trade em , and turn a quick buck into the fibs, or do i shove em in the core. deliberations!!!!
i have 2% cash and i bought juniors which have some gidyap. when i look@the structure of the correction, it looks like it was 3 waves down. and when i take a step back, the highs for gold were on the 14th. not much time has elapsed and this is substandard for normal gold corrections. however, the move up was @a steep angle of ascent. and this may be part of the other 12 corrections or so that have taken place since the july lows. deliberations. i will give this more time and then decide.
the drill for bulls is simple. you want to be long and you want to buy weakness. and if you can get weakness , which gets oversold and diverges, then you are in biz, @least for me
volatility is picking up. its a time to be really disciplined. we are dealing w/a very jealous lover here. and if you come in tired or emotionally upset , you will lose your way. take care of yourself. if this is your biz. then be professional about it. i saw this piece on espn w/chris carter. now carter is the 2nd all time in catches and yards gained, behind the great jerry rice. and carter was lecturing a bunch of rookies. and he told em . go out partying saturday night and i will be waiting for you on sunday. its like that w/the market. i have made a commitment to this bull. and so be it
dharma
all the chatter on qe2 is just that. they have put bernake in there to institute the printing of money. the professor has determined that he is not going to make the same mistake as his predecessor of 32. the question to my mind is , is qe2 in the price of gold already? and to what extant. my guess is its not, he is going to have to do more than tarp. much more . the patient requires a greater electro shock to get his legs under him.
if not now, then soon, 1460 calls the market!!!
That's the Sagittarius in Bernanke!..yes, he must save face here...Dharma, do you have any thoughts that gold diverges from the equities in the near future?....and goes up while equities go down?...I've been accumulating HL..Hecla Mining on these pullbacks and gld...but I"m thinking maybe QE 2 is priced in the markets but not gold...if the $ collapses..I mean really collapses, confidence will be shattered and the only place to be would be in gold imo...just thinking outloud..despite the rally in equities today...gold and silver are not really participating to heavily today coming off their highs so far....and .there are underlying sell signals on some of these indexes..like MACD crossovers and other indicators..but I know Bernanke trumps all TA right now..
and I'm mainly now watching the NYSE Bullish Percent..as it has crossed barely above 70 into overbot..once it crosses down..supply takes over it will be a sell too..and that one I feel weighs a lot more using point and figure for any correction...last week I got an alert on the NYSE weekly and GLD weekly momentum turning from positive to negative...it can flip back but that's a first time sell since it's been on a buy since early Sept for NYSE and first time since August's run for gld...The market feels tired to me..and so do I ..LOL!..
Thanks for your thoughts..keep them coming
TM