32 replies to this topic

[beta]

I like the odds here on goldstocks, too, senor -- Bot NTO, TGB, GG, GSS this morning. Stops at LOD. Think silver stocks have a ways to go.

[senorBS]

Senor, You didn't say one word about this stock market. What is your take?

Senor has been consistent in that is thinks the stock market is a tough hombre and that he prefers to focus on the gold stocks. To Senor it does look like the stock market is topping but he has no interest and little confidence. Senor prefers to focus on where the secular bull market is - GOLD amigo!

NO BS

Senor

[SilentOne]

Senor, Several weeks back, I thought this would be about where the XAU (ie gap fill at 129-130) and HUI (290 holding the lows) would bottom. Looking at it today, I am not sure. I can't tell from the wave structure and with gold having made a good test of its uptrend channel from last summer, you'd think this is where it bottoms. Like I said, tough call as I don't find myself buying it here just yet. May work as a trade though. cheers, john

[calmcookie]

Gold trading in the specific ONE I watch is looking fine today ... good patterns. Clear support is holding like a rock. Patience for longs will be rewarded. C.C.

Edited by calmcookie, 07 March 2006 - 01:42 PM.

[dharma]

i have been buying weakness, too early, and i also think that a bottom is forming. it seems that we are very close. dharma

[beta]

... FWIW, also buying CCJ (35.5) and AKS (13.13) here, for 10% upside swings. Conversely, bought puts on OIH. Lots of broken energy charts -- think the group is cooked for now (10% lower).

Edited by beta, 07 March 2006 - 02:48 PM.

[greenie]

Never saw so many people picking bottom at the same time

[beta]

Never saw so many people picking bottom at the same time

You must have a narrow frame of reference.

BTW, I thought this was a TA board, not a "funda-bear-clown/OT" board ...

Edited by beta, 07 March 2006 - 02:55 PM.

[greenie]

Please excuse my naivette. I am just learning in the TT boards. When I joined, someone taught me that it is very hard to pick the tops and bottoms and even expert traders cannot do it. Then I come to this thread and see so many people doing it so effortlessly. It just surprises me.

[Jnavin]

It's a "best guess" kind of thing, greenie. You don't often get a clearer E-wave count. I don't use e-wave except when I see it clearly and distinctly. At those rare times, it trumps "support" and "resistance" as an indicator. It's probably significant, too, that XAU finally filled the 129/130 gap leftover from the very end of last year. Basically, you've got a good cluster of indicators here: 132 support (broken, but XAU tends to go overboard on sell-offs), a classic e-wave count of 5 waves off the top and a gap-fill like icing on the cake. Looking at senor's excellent record on this board and of dharma's, I'd give them the benefit of the doubt here. Could be wrong.

Edited by Jnavin, 07 March 2006 - 04:21 PM.