108 replies to this topic

[stubaby]

silver new highs , gold not
slv new highs, gld not
gdxj new highs, gdx/hui/xau not
so this picture is saying the most speculative sectors of this complex are frothy. the rest not so much
i am watching and waiting.
go ahead venture a guess.
ok we correct in here till mid month or so.
then blast off . buy the cats and dogs here and watch them run
that game will end shortly
dharma

dharma:



I agree totally - correct 'til mid-month - sideways to down - then blast off - accumulating some of the majors here and on weakness - earnings power is building!




stubaby

[inamosa]

Just IMHO: I still think as long as we don't have a bearish bar cutting $1315, the correction should be considered over.

Now, if it does break as stu and dharma think it will, then we should go lower but I think the downside is limited (probably to say ~$1285-95), including time wise.

All that to say the move off the late July low doesn't in any way look over.

This caught my this evening, as well on the silver chart...

[tradermama]

gonna ride w/what i got for now.
dharma

We have a point and figure breakout buy on the Euro yesterday ..I got an alert from Dorsey's point and figure....showing demand taking over supply now and showing a new trend in the euro from negative to positive...yesterday seemed to be a fake out taking out stops...and gold/silver wasn't reacting to the Euro gains..which made me wonder..then today you wake up to rise in gold..this correction could be over if it is still following the Euro especially with a new buy signal...we'll see
TM

[JGUITARSLIM]

This caught my this evening, as well on the silver chart...

Good observation. Looking back there was barely any trading in silver between $25 and $33.
$32 is also 62% retracement.

Edited by JGUITARSLIM, 04 November 2010 - 07:39 AM.

[dharma]

i am 95% long and i am going to ride w/what i got
we are going alot higher than most think .
jimmys # will prove to be conservative-1650
i am looking for 1900-2100 by feb
bernake felt to write a piece in the washington post, sort of defending his actions
well worth the read
http://www.washingto...0110307372.html
after the fed announcement sinclair had this to say on king world news
http://kingworldnews...aded_to_56.html
ride em
dharma

[JGUITARSLIM]

Ballistic Volume in GDXJ first hour of trading. At this rate, should be a record day.

[dharma]

silver new highs , gold not
slv new highs, gld not
gdxj new highs, gdx/hui/xau not
so this picture is saying the most speculative sectors of this complex are frothy. the rest not so much
i am watching and waiting.
go ahead venture a guess.
ok we correct in here till mid month or so.
then blast off . buy the cats and dogs here and watch them run
that game will end shortly
dharma

dharma:



I agree totally - correct 'til mid-month - sideways to down - then blast off - accumulating some of the majors here and on weakness - earnings power is building!




stubaby

the whole pattern since 1980, and this is a very very large valid pattern is a large cup, more like a bowl. w/25the top of the cup. and there is not much in the way of price resistance between here and 52 high

aly-points out the the cup and handle in the short term chart

now we see if the other cbs get into matching the fed, if they do, then we can see gold fly
dharma

[dharma]

interesting that other feds scheduled meetings after the usa fed. its competitive devaluations. a race to zero dharma

[dharma]

bank of england left interest rates unch. and they are talking about buying more bonds, but are waiting. hey its a party they will have no choice but to join in. 1292 resistance we will spend alittle time here. 1400 and 1409 next. 1460 beckons soon the public will be joining the fray. look @a monthly gold chart. we are in a parabolic here and now. as the action becomes more and more volatile i will do less and less. good traders i know are sitting @the station, hoping the train returns. it might , watch the fib retracements for clues. from july lows to october highs there were over a dozen corrections. it will be more of the same on this leg, w/the kickoff(yesterday)indicating more volatility. only the few who understand bull markets. who have really studied will remain seated . the rest will be shaken off. study charts of past bulls . its a good indicator. and every time it corrects folks will have lower #s that it will come to, it wont go there. corrections will be short in duration. maintaining that steep channel on the monthly chart. the game has shifted . think accordingly. there will be a large correction after the jan/feb high which last for months. but, it will come from higher #S. joe is chomping @the bit to come to the party and he will. only to be taken behind the woodshed. dharma

[tradermama]

bank of england left interest rates unch. and they are talking about buying more bonds, but are waiting. hey its a party they will have no choice but to join in.
1292 resistance we will spend alittle time here. 1400 and 1409 next. 1460 beckons
soon the public will be joining the fray.
look @a monthly gold chart. we are in a parabolic here and now.
as the action becomes more and more volatile i will do less and less. good traders i know are sitting @the station, hoping the train returns.
it might , watch the fib retracements for clues. from july lows to october highs there were over a dozen corrections. it will be more of the same on this leg, w/the kickoff(yesterday)indicating more volatility. only the few who understand bull markets. who have really studied will remain seated . the rest will be shaken off. study charts of past bulls . its a good indicator. and every time it corrects folks will have lower #s that it will come to, it wont go there. corrections will be short in duration. maintaining that steep channel on the monthly chart. the game has shifted . think accordingly. there will be a large correction after the jan/feb high which last for months. but, it will come from higher #S. joe is chomping @the bit to come to the party and he will. only to be taken behind the woodshed.
dharma

Thank Dharma. Do you still think Venus going direct will be a low?..perhaps chop around from 1350-1399 till then?...then another blast off..that is sort of my thought...Dec 8-9 plus/minus 3 days is the last turn date of Merriman for 2010...that HL i mentioned a couple of days ago blasted off from yesterday 7 to today's hi of 8.20..strong buying still coming in...but very overbot..it shoud continue up imo..point and figure targets $9 but can easily get another buy signal there..today's it has a nice hammer so far despite being overbot..


TM