179 replies to this topic

[dougie]

meanwhile the miners go nowhere

[dougie]

HUI failed at 50% retrace of ? first leg down and the backtest of the UT line: not positive
had thought we would see a rally with metals into the mid june time frame BUT the overall market is dragging miners down. if and when the overall market commences a real sell off, miners will get smacked imo
http://stockcharts.com/h-sc/ui?s=$HUI...amp;a=189137191

[dharma]

1549 resistance was hit yesterday, i was a seller. today 1531 support has fallen. the market still has more time and its acting quite normally. i am a seller into strength. i still think new highs are a possibility. my forecasts are based on my work, i respond to what the market gives. eg. yesterday it gave 1549 resistance- i didnt think we get through there on the 1st shot. so, i sold. i want to be raising cash 20% is my target. i am nowhere near that yet. dharma

[senorBS]

1549 resistance was hit yesterday, i was a seller. today 1531 support has fallen. the market still has more time and its acting quite normally. i am a seller into strength. i still think new highs are a possibility. my forecasts are based on my work, i respond to what the market gives. eg. yesterday it gave 1549 resistance- i didnt think we get through there on the 1st shot. so, i sold. i want to be raising cash 20% is my target. i am nowhere near that yet.
dharma

HUI and GDX headed south of May lows for at least cinco down from highs, mucho lower to go over the summer in Senor's opinion.

BSing away

Senor

[dougie]

think you are right senor, only not quite yet

[stubaby]

IMHO - quick 2-day shakeout ending now - this was the 1st pullback of the move up off of the bottoming formation - Now we should see an impulsive wave up (3 or C). I will be doing some modest selling combined with raising of stop-losses, if this strength materializes. (GDX 61-63 / HUI 575-590) stubaby

[Psycho]

IMHO - quick 2-day shakeout ending now - this was the 1st pullback of the move up off of the bottoming formation - Now we should see an impulsive wave up (3 or C). I will be doing some modest selling combined with raising of stop-losses, if this strength materializes. (GDX 61-63 / HUI 575-590)

stubaby

I hope your right Stubaby. I want to lighten up a little on the miners and a bounce from here would be great. With all this debt talk over the summer I think some major market moves are coming, just hoping gold is up when the dust settles.

[dharma]

IMHO - quick 2-day shakeout ending now - this was the 1st pullback of the move up off of the bottoming formation - Now we should see an impulsive wave up (3 or C). I will be doing some modest selling combined with raising of stop-losses, if this strength materializes. (GDX 61-63 / HUI 575-590)

stubaby

yes, on the same page. oversold on the hourlies :gdxj, xau,hui,gld, slv etc
dharma
tomorrow or soon , we should resume our assault to the highs

Edited by dharma, 02 June 2011 - 12:30 PM.

[dharma]

what a surprise, a bad jobs report. what abe said! we all know the economy is sllllllllllllow @best. taking qe off the table will not be possible w/o qe , we would be down the rabbit hole now! raising the debt ceiling will come down to the bottom of the 9th. their delay is not pro business. anyway, nothing has changed for my assessment of the metals. paper or gold dharma

[dharma]

gold taking out and then backtesting 1549 tells me gold will attempt new highs. but it seems apparent that the miners and silver will not join gold @new highs. its not a time to fall in love w/your position. but more a time for caution. i will be scaling back soon, raising cash. a correction is coming. this week should be ok and maybe part of next week, after that it can still go higher , but it gets iffy. caution is the buzz word . sure there will be individual issues that may fare well, but in down trends , most will go down. i dont like those odds. the question for me is how much cash do i raise? dharma