right now i am in the same camp as senor a deep wave 2. i look at the charts of some of the gold stocks and i dont think they are impulsing down but they have to start rallying here. next couple of days will tell the story i would say.
wave 2? bottoming
Started by
dharma
, Mar 26 2014 08:49 AM
115 replies to this topic
#11
gannman
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Posted 26 March 2014 - 10:41 PM
feeling mellow with the yellow metal
#12
senorBS
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Posted 27 March 2014 - 08:27 AM
right now i am in the same camp as senor a deep wave 2. i look at the charts of some of the gold stocks and i dont think they are impulsing down but they have to start rallying here. next couple of days will tell the story i would say.
si, it is Elvis and now or never time
Senor
#13
senorBS
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Posted 27 March 2014 - 08:51 AM
bot fairly aggressive "trading" position this mornin, tight stops
Senor
#14
dharma
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Posted 27 March 2014 - 09:16 AM
nice trading senor.
the indian election is april 7th, sometimes it takes time to sort out their elections , coalitions form etc
imo, if modi wins, then we see sweeping change in india. gold dealers will finally be allowed to buy gold. the mobsters will be shut down and the 60/20 rule goes out the window. as i stated i think the future of the gold bull lies in the almost 3billion people in india/china . it is in both of their traditions to own and buy gold. they buy in terms of tonnes.
well the golden cross cheer leaders are now wondering if the rally was more bear market action.
i am in the camp w/senor and gannman. this is a wave 2 . the lows for the bear market have been seen. no hedging there. well dharma, you could be wrong . yes, i could . it has happened before. it was too classic a bottom, and a double bottom @that . the market puked up gold stocks. they lost 75% of their value. sentiment was lopsided. valuations got to where miners were valued the same as they were @800 gold. that is why the volume came in. blood was running in the miners streets
i believe we are not going to see an immediate parabolic. but a stair step higher. which takes time. mention gold to a non investor . watch their reaction. @ the top there will be a frenzy. not now. now is building a base and confidence. the super crises is not going away it is getting worse. a couple of weeks ago i pointed to 1280 -too obvious. well maybe, but it maybe where we are headed. where are the stops?????
russ i agree, i think silver is setting up to lead. sugar broke out of its wedge. dont fight the fed , they want a little inflation!
we are oversold now on the daily charts.
dharma
#15
senorBS
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Posted 27 March 2014 - 10:02 AM
nice trading senor.
the indian election is april 7th, sometimes it takes time to sort out their elections , coalitions form etc
imo, if modi wins, then we see sweeping change in india. gold dealers will finally be allowed to buy gold. the mobsters will be shut down and the 60/20 rule goes out the window. as i stated i think the future of the gold bull lies in the almost 3billion people in india/china . it is in both of their traditions to own and buy gold. they buy in terms of tonnes.
well the golden cross cheer leaders are now wondering if the rally was more bear market action.
i am in the camp w/senor and gannman. this is a wave 2 . the lows for the bear market have been seen. no hedging there. well dharma, you could be wrong . yes, i could . it has happened before. it was too classic a bottom, and a double bottom @that . the market puked up gold stocks. they lost 75% of their value. sentiment was lopsided. valuations got to where miners were valued the same as they were @800 gold. that is why the volume came in. blood was running in the miners streets
i believe we are not going to see an immediate parabolic. but a stair step higher. which takes time. mention gold to a non investor . watch their reaction. @ the top there will be a frenzy. not now. now is building a base and confidence. the super crises is not going away it is getting worse. a couple of weeks ago i pointed to 1280 -too obvious. well maybe, but it maybe where we are headed. where are the stops?????
russ i agree, i think silver is setting up to lead. sugar broke out of its wedge. dont fight the fed , they want a little inflation!
we are oversold now on the daily charts.
dharma
my trading has not been that good lately and I have a tight stop here. Note that today's XAU low was at 90.29, the XAU's .618 retracement of the entire rally is 90.29! So I like being long against this "area", however any decisive decline below there and I am gone. Dharma the single day silver DSI was 14% Bulls yesterday, 5-day now at 23%, single day gold at 35%, 5-day at 43%, this is a grande importante juncture
Senor
#16
dharma
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Posted 27 March 2014 - 10:23 AM
it seems to me that what worked over 30+ years of trading is different. today. i dont agree w/all turk points out, but in this piece there is some interesting things to ponder. http://kingworldnews...Casualties.htmlnice trading senor.
the indian election is april 7th, sometimes it takes time to sort out their elections , coalitions form etc
imo, if modi wins, then we see sweeping change in india. gold dealers will finally be allowed to buy gold. the mobsters will be shut down and the 60/20 rule goes out the window. as i stated i think the future of the gold bull lies in the almost 3billion people in india/china . it is in both of their traditions to own and buy gold. they buy in terms of tonnes.
well the golden cross cheer leaders are now wondering if the rally was more bear market action.
i am in the camp w/senor and gannman. this is a wave 2 . the lows for the bear market have been seen. no hedging there. well dharma, you could be wrong . yes, i could . it has happened before. it was too classic a bottom, and a double bottom @that . the market puked up gold stocks. they lost 75% of their value. sentiment was lopsided. valuations got to where miners were valued the same as they were @800 gold. that is why the volume came in. blood was running in the miners streets
i believe we are not going to see an immediate parabolic. but a stair step higher. which takes time. mention gold to a non investor . watch their reaction. @ the top there will be a frenzy. not now. now is building a base and confidence. the super crises is not going away it is getting worse. a couple of weeks ago i pointed to 1280 -too obvious. well maybe, but it maybe where we are headed. where are the stops?????
russ i agree, i think silver is setting up to lead. sugar broke out of its wedge. dont fight the fed , they want a little inflation!
we are oversold now on the daily charts.
dharma
my trading has not been that good lately and I have a tight stop here. Note that today's XAU low was at 90.29, the XAU's .618 retracement of the entire rally is 90.29! So I like being long against this "area", however any decisive decline below there and I am gone. Dharma the single day silver DSI was 14% Bulls yesterday, 5-day now at 23%, single day gold at 35%, 5-day at 43%, this is a grande importante juncture
Senor
yesterday, it was all too apparent w/3000 puts @1300 and 2000 calls @1300 , when the options expired gold was @1300 -magic. and someone said thank you very much. either one joins their strategies or they are put out of biz.
tudor jones has been around for decades and was a stellar performer. the market , what s left of it has changed. @some point an exchange somewhere else will be the leader and comex will be a shell of itself
its not my nature to be a buy and holder, though its what i chose to do for the gold bull. it has been a tough ride. i started as a commodity trader my long term horizons were maybe 3 days. for a swing
dharma
#17
dharma
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Posted 27 March 2014 - 11:19 AM
the golden cross. http://www.zerohedge...lden-crossroads
last time it produced some huge upward mojo
dharma
last time it produced some huge upward mojo
dharma
#19
dougie
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#20
crossd
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Posted 27 March 2014 - 12:14 PM
so, now the options are expiring, and magically the price is @1300 so the large #of puts and calls expire worthless.
wash, rinse, repeat. guess who wins. there are certain sectors of the market its best not to compete in. options, imo is one of them.
dharma
...perhaps a la Armstrong the low in gold is yet to come..charts will take a long time to look bullish..bullish seasonal is
behind us..don't see a V bottom here..
donc
