1010 replies to this topic

[senorBS]

Here's an interesting fact to point out just how hammered the miners have been on this correction, with gold closing Friday at 1488 - only 4.5% below the recent rally high, the Gold/GDXJ ratio at Fridays close had retraced almost 61% of its gains from the impt May/June bottom - ya think the miners may have a little "compression" in them?

 

Senor

[dougie]

compression as in ' Boing, boing" ?

[risk_management]

I am going to talk my book but this is how I see gold/miners at the moment.  I held until early Sept based on similar run in 2007 and ultimately sold based on few technical factors (Demark 13, sentiment, relative value vs dollar and most importantly trend conclusion based on CCI). 

I am looking for not only correction but possibly big liquidity driven event soon that would crush this sector.  Basically sometime into late Oct to mid Nov.  Since I am speculating and I have no idea what future brings, I am only shorting via verticals in relatively small size.  If we do get an event, it's probably generational buy opportunity.  Either way, I am ready for any scenario.  I just won't fire on the long side until I see this downtrend loses it's steam.

 

As far as this oil related bounce, I think it's one or two day affair but nobody knows.  I expected a bounce and will let it play out.  The plan is to buy some put verticals tomorrow or Tue but let's see...

[opinionated]

Opinionated: are you still long those calls , (as syou say you closed them out)?

 

NOOooooo  I did not close them out,   I purchased them Thursday on the down slide in the shiny stuff I saw it had firm support @ 17.00 Bought @.44 have a target out of 1.50 might just turn that into a stop as it flys by.  I see many reasons for at minimum a st cycle low in gold friday.  As I said my cycle work actually calls for a double top this week then down next week to 1455... Then onward to 1650.  But one step at a time.

[Russ]

The dreaded H&S pattern...    

[senorBS]

Wesdome (WDOF or WDO.TO) will be interesting to watch today given the pounding it has taken (down almost 25% from highs), now added to S&P/TSX index, no news yet on drilling results, I believe is also presenting (today?) at Denver gold conference

[opinionated]

The Action in Barrick Gold is disturbing....  Gold is concerning looking like the beginning of the slide Friday, The only difference is Silver is not acting the same.  I also have my eye on the H&S pattern Russ posted.

 

I'm on the fence here....  

[hhh]

I'm not sure about the H&S. The RH shoulder looked a little malformed and the volume was a little iffy. Of course, that doesn't preclude it from going down from here.

[opinionated]

Everytime I watch, trust that formation it burns me so (I'm Trying) to ignore it.  I am inspired at the strength in Silver as Gold sold off. I have (In My Work) a major pivot at 1511.00 on a closing basis that will signal longs should be safe and the ST Trend.  Maybe I was just expecting to much.

 

If we get some sabre rattling that will help of course...   Where's the Tweet Master when we need him!

[opinionated]

Since my main position is Barrick $Gold it does concern me that it is down... With gold up... And the last week analist have been crawling over themselfs to upgrade and raise targets.

 

Hoping it's one big bear trap,