Tuesday and The Doctor Is In
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JJ, I just short the conventional markets since the technicals are currently so directive. As far as the dollar is concerned, it’ll still do okay but it will not get away from us with sudden huge moves any longer.
Doc those same technicals your watching regarding the conventional markets have been screaming off the chart several times these past 3 years in the pm’s sector , why ignore them?
You have a good point—-I don’t do that much shorting and when I do there are certain features I watch to increase the odds for me. The conventional markets are getting ready for more volatility which should give me an in and out quite rapidly when the volatility picks up again. Like I said; I don’t short that often and only when a chart shows me some technicals that increase my odds.
Good luck!
Doc,
I don’t know why you spend a breath of air on this bozo who is in bed with marty armsrtong and comes on here attacking every poster and panel members. He has anger management problems with himself. He is a tool.
glen, I’m sorry was I talking to you, no
Its a question anyone who can read a chart should be asking as Doc is the one who many follow for trading advice based on what he see’s off his charts which he has never, ever shown us 1 chart.
So glen sorry you didn’t think to ask how anyone not just Doc can suggest shorting a bull market while never ever shorting a bear market that being the obvious gold, silver and the miners why I’m I the bad guy because I’m the only one making money trading long and short, I thought this was all about making money, no?
Look at james the lesser crying everyday that he didn’t sell his fortune in bullion, yet he has been here for years, why, what has he learned from all here like you who post your opinions and those experts that Al has on everyday, I’d say nothing and why is that, because this is a goldbug site, nothing more, so he is a deer in the headlights
sorry glen but you obviously take yourself too serious as you think I care what you think about anything, I don’t
yah I’m a real tool making money trading instead of crying about manipulation and sorry I suggest investors follow the guy who’s been right for 3 years and although he doesn’t come out and suggests long positions while gold pops anyone who can read a chart will cut from short to long as gold has rallies like Dec and June, I don’t need Armstrong to show me how to read a chart, just give me big capital flow direction and that he has
Be nice guys.
Glen – jj asked a question to Doc and he was nice enough to answer it because Doc stands behind his calls and was trying to explain to jj why he saud what he did. I think Doc explained himself perfectly and now we will see. The markets were flat for the most part today so let’s see what tomorrow brings.
jj – I can assure you Doc dives deep into his charts and has been very generous to walk me through what he looks at. In our newsletter we will be sure to post some of the charts that Doc looks at. He’s a great guy!
Cory,
Im done..It’s not what jj says but how he says it! Read between the lines the guy is a jerk. That’s the last thing I will say as I don’t want to be drawn into a heated exchange of words. I will be away getting a fresh breath of air. I will return soon to let ya’ll know when I dive back in trading wise. Until then be “Patient” guys that has been my mojo since a few months back. The patience will reward you. I believe like most of my calls I put out before hand, that tomorrow the hui/xau/miners/gold will open down hard. I maybe wrong but I put it out there.
cheers
cory
I agree with the patience comment. Unless you are a trader then these day to day and week to week swings are only temporary. It’s unfortunate for those who bought in at the top 3 years ago but if you were buying at any date before 2010 you are still doing okay. No doubt that the sector is getting hammered but I have faith it will come back and not just die.
I personally think you should stay with us Glen and ignore those who bother you. There are a lot of smart people that we can all learn a lot from.
As I stated last night we opened down hard.
Looking good and timely. The stars are aligning. Extremely close. I will let all you know when I go in. Will be away today because of volatility.
Glenda why don’t you sell 1 oz of gold and go by yourself some balls…using that go buy a position in DUST and JDST and while your at it instead of telling everyone how great your oil targets are why not make some money with your new balls and buy a 3X Oil Bear etf and they you can use them again come back here and thank me for all the money you’ve made…good luck!…that’s what making money is all about, not talk, action!
Thanks; jj, by the way—-always appreciate your input.
Get a neck-brace on as Thurs ECB and Fri US NFP data that could again sling-shot the markets in either direction….I’m a goldbug, I just want confirmation the bull has returned before I never short again and I’ve been waiting just over 2 years now…ugh
Doc,
you sure handle him like a pro. You come from a good breed 🙂
Doc – Thanks always for your comments and segments. What price range are you looking for in GDX/GDXJ to hit? At this point with stocks so low should you get in or wait for a lower enty that may not come?
Regards
Alan; the interesting thing about GDX/GDXJ right now is that they’re sitting on the lower bollinger bands on the monthly charts—-that’s pretty huge since based on the trajectory of the bollinger bands, it would be very unusual for them to drop through the trapdoor like they did recently. In fact, the odds are for a bounce. However, the momentum indicators and strength indicators are still looking for further downside. If they would drop at this point through the “trapdoor” I would be a buyer—-the technicals are right at an inflection point for these 2 ETFs—–the strength indicators for GDX are saying we could bottom at 12–15. If that happens, the GDXJ would probably bottom at the same time. If the momentum indicators start to turn next week then we’re probably setting up for a bounce.
Alan, the next best technical point to purchase GDX would be in the 15-16 range. If we close lower tomorrow, we’ll probably see that price point very soon. I’ll probably purchase then for a bounce. GDX is currently on a technical basis running out of steam to the downside. Even if we get a bounce, longer term we could go a little lower. Time will tell.
You said oil to 75 over the next 3 weeks…rick sees it at 56 without giving a time horizon…thoughts?
$60-$50 oil would be a big drag on the tar sands producers who like so many pm’s miners the margins are shrinking, ouch!
I see it at 35/40 sometime soon or next year. It will hit that target range. And no it’s not computer generated lol.
That would be amazing, wouldn’t it? Stranger things have happened.
Proud; I would have to look at it if it hits 75 to see if I agree with Rick. I understand his pivot point method and how he defines it—if my TA is lining up with his method then I would be comfortable at that point to agree with him.
Boy mining shares are looking real heavy again this afternoon, going to set up another plunge for the bullion as the miners lead, just as they failed to get their butts going when gold hit its 50dma a few weeks ago…ECB, NFP going to be the trigger?
Ya but I will make 10 grand in 3 weeks on 300 invested in 4 xle puts 🙂 …the cure to low oil prices is low oil prices…then prices rise as demand is not met
and that’s what its all about making money, who cares if oil goes to $200 or $20 just make money trading it, period!…good luck
Proud; I’m curious—–what price level did you purchase your puts?
4 $82 nov 22 puts in xle yesterday at .65…closed at 1.16 today also in gdxj for 5 $25 puts 2 @ 1.55 3 @ 1.04 if oil goes to 56 im looking at $2000-3000 for each xle put
That would be a nice return Proud.
What many fail to comprehend is that miners lead down and will lead back up. And that is not computer generated. It is common sense.
I believe that’ll happen again. That’s why we should be on the lookout for gold continuing to move down and stocks stabilizing. If that happens it will be sending a huge message since we’re so close to the bottom in a lot of the PM stocks and should keep the PMs from moving appreciably lower.
Keeping with the comparison to 1998, we had the same global concerns (remember Asia, Russia and Argentina, not to mention LTCM?), the same talk of disinflation, and volatility actually moved up quite significantly through 1998 and 1999 and early 2000. People looking for a top (yours truly) were very wrong. It was one monster of a short squeeze. So I think calling a significant top here is very tricky.
Nice comparison Ryan. Calling a top in a market like this can be a losing man’s proposition. I think it is better to wait for what looks like a turn then jump in. These markets are so elevated that it won’t matter if you miss the first 5%. That said last month would have tricked a lot of traders.
Good to here that. I am a long term holder and if I am this close to the bottom a few more bucks won’t matter. As long as I am near the bullseye we can’t alway be dead center. Thanks again Doc!
The world is a different place then it was fifty years ago when silver was used in a lot of our currency but today most countries only want gold, and the price of silver in relation to gold is being set by this demand. Silver has a lot of great industrial applications but the trouble here is it depends on the economy and within that economy changes for demand of a product can be greatly affected even when times are good. There is only a demand for an industrial product until something better comes along but gold is money and will always be priced accordingly.
You don’t start looking to short until the first week of January, even a trading peon knows that.
Gold has gapped down with the Japanese YEN yet again. Japanese yen bear market = gold bear market as with the last 3 years and especially the last two, since Sept 2012. Dollar index will have resistance at 88-90 but maybe it will go to 100 based on the past 44 years of charts. So everything is bearish for gold as it has failed to hold 1180. New trading range look like 1180 on the top and 1000 or 900 on the bottom.
The 61.8% correction of the entire bull market is looking more likely to $890 though we might get away with a 50% correction to $1087. 3 figure gold is certainly possible and on the strength of the past few years it will probably spend about 2 years in this range.
But who knows/ Things look worst at the bottom and they look bad right now!
Paper prices are likely to keep falling for the metals because the paper is just paper and since mining companies are expected to sell at the paper price the stocks are not going to be worth much if any thing. This is a financial hate crime in progress. Governments and banks hate the metals and those that own and product them. The BRICS countries may be the exception.
Doc, 2 weeks ago you said the gold stocks would be bottoming right about now.
Today you say in another three weeks from now.
If you check your comments back in May of this year you were also calling for the ultimate bottom in these stocks just as you are today.
I understand things change but you have been calling for the bottom in these gold stocks for the past 6 months. I bet you’ll be right one of these days!!!!!
Good Luck!
Peter
I just don’t get it Doc, you’ll short a bull market that being the US equities yet you don’t short a bear market which has been running for 3 years the pm’s sector.
Makes zero sense to me?????????????????????????????????????????????????????????????????
Why would the $ turn down as the BOJ is in full devaluation mode and the ECB will have no choice but to devalue the Euro as their economic data stinks!