Dear Readers, GOLD seems to be rising strong this morning. I must assume that this is a last ditch effort to get the BOZOS in, or it could be something stronger than that. Tops and Bottoms are not easy to catch. While , I have some of my core GOLD positions hedged, I do not think that it is worth trying to catch the TOP. The only method I would recommend would be options. Ok , lost a little money that is it. otherwise if GOLD jumps here 30-40 Dollars, it would signals a blow off phase, that will be hard to stop until, at least , Feb 2008. Our Oscillator is suggesting the top is near, time wise, but price is a different issue. Even smarter way to play the GOLD, in case the 30-50 dollar moves come along is to straddle. Cause, once the moves like this come along either we go to 1121(remember our high projections 794 and 1121?) area or we go 650 very fast(within a month or so). Please see the updates of Asset positions by going to the right at GROUPTATION ( Ivan thanks for updates)
Please note that 1/8/2008 is a pivotal date for GOLD either we top +- 2 trading days from here or the top is getting delayed till FEB 2008, or even MAY(less likely). It could definitely stretch into early next week as well, like 14 Jan.
Please note that 1/8/2008 is a pivotal date for GOLD either we top +- 2 trading days from here or the top is getting delayed till FEB 2008, or even MAY(less likely). It could definitely stretch into early next week as well, like 14 Jan.
8 comments:
Hi Boris,
what is your view for the gold?
I believe we will see $950, and then a correction to $860.
Friend of mine, who is gold trader too, think we will see $800 correction again, and then $950.
What is your oppinion?
Dear Nmmm.nu
Our opinion is as stated in this post... IF we get a volatile breakout here we could go much higher by FEB 1121 or so.
IF not GOLD IS DONE here and now ,till 2009... and headed below 700. Timing is this week or the early FEB for high.
Good Trading
Dear Boris and friends,
Gold is really skyrocketing lately... I have been to 'chicken' to get in at what seems like something close to the top, so have been watching from sidelines.
Looks like liquidity is flowing out of equities and into commodities, especially gold.
I just worry about how quickly Gold can fall as we have seen in the past. I've been through those drops of near vertical declines in an instant... nevertheless, might be worth to play some Gold with some tight stops.
Here's an interesting post:
Link
The Banking Index has approached a multi-year support... chances are, it won't break through the support unless something drastic occurs.
The sucker's rally we have been waiting for is fast approaching. Holding on to my long positions with stops just in case of mini-crash. We shall see if today is the turnaround or not.
Cheers!
Dear Sang,
That was exactly my suggestion. I got people in below 800 and said trail it...
Does it matter how much does one know after that? not too much.
Trading is lot less than about knowledge, than execution...
Thanks for the link
Yes, the "suckers rally"
Good Trading
That was my fear yesterday,,,that we would get one of those verticle drops in Gold, and my stops would not fill where set,,,I feared that my stops would fill a few below and I'd see some of my gains evaporate.
I just got worked up and sold a day early,,not the first time I have done that
Anyway,,,seems that happens often,,LOL
Suckers Rally,,,would not surprise me at all,,then again,,,we could easily touch 950 too.
I should have just listened to Boris and left the stops alone.
Dear Tim,
Join the club.
I am not sure which famous investor is attributed this statment, but when asked about his method he replied.
"I allways sold early"
Good Trading
Dear Boris and Friends,
Existing home sales plunge 20% in November. That is horrible.
Interestingly, this may boost the markets because it give that much more certainty that the Fed will have to come to the rescue and cut rates. Perhaps even before their meeting at the end of this month.
Markets may formulate this kind of reasoning to bounce higher today.
Cheers!
Dear Sang,
Thanks for the info.
Good Trading
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