Official Short-term Investments Thread

[Dinan]

Originally posted by SilverRex
im going to try and hold hou until at least 6.50


did you buy any HGU ?? or still waiting...

[SilverRex]

typically oil moves before general market moves, so this breakout on oil (could) signal the market is ready to move abit higher :)

[Red@8]

Kinda wish my HOU order had filled yesterday :banghead:

Did manage to pickup some HGU today.

[SilverRex]

mind you this year so far, either than Feb, oil has manage to put in pretty strong rallies at the beginning of the month for Jan, March and April

would MAy be any different? 54+ oil come on ;)

[Dinan]

^^ holding it over the weekend?

[997TT]

Oil at $52.88 .... wow
almsot tempted to lock in some profits here ....but i thought that $0.30 ago.

[civic_rida]

im holding some shares of hou average around 5.70

[Dinan]

53.30 .... still holding..... :nut:


howmuch more can it go ???

[SilverRex]

53.50 could be a resistance, while I would wish for 54.50

[tylere]

Once again sold to early..... sold this morning at 5.98 thinking this would not happen :banghead: :banghead: :banghead: :banghead: :banghead:

[Dinan]

anyone sell yet?

[civic_rida]

i did :banghead:

6.30

[997TT]

Out at $6.19 ($53.13 OIL).

lost too much lately too not take a $0.50 gain off the table.

definately looking to rebuy ...

[Dinan]

yeah i got bit too greedy lol, but ended up sellinga t 6.15 . 50cents is good enough for me.....

[Red@8]

Anyone holding AEN.TO?

[SilverRex]

for those exited early

buy point if one is to present it self should be the previous resistance that in which should provide short term short support that is between 51-51.70 oil.

53.6 is a previous high beside the 54.75, a case could be made that it may turn around here to test the support. Or it may not, but none-the less I expect a pull back some where between 53.50-54.50 area

im tempted to sell oil and buy gold share lol

[Dinan]

^^ take it you still waiting for 6.50 hou :)

51.70 is a loong way from now, hope you get your 54 first then a pull back!



i got some more HGU, gold is moving up nicely ,

[SilverRex]

^^

I already sold my oil and bought more HGU instead not because I dont believe in 54 oil, but oil is closer to a short term top and gold share is near bottom with more upside.

[Dinan]

maybe the 2pm rally will help push oil to 54 :dunno:

[max_boost]

Out of HOU at $6.20. Another easy 10%. Thanks SR. This could work out really well. Just keeping buying the dips and sell at resistance lol

I wanted to buy RIM a couple days ago at $80 but didn't and now it's close to $87.

TSX close +200pts today?

So what now? For oil? For the markets?

[SilverRex]

^

well if all indexes closes above their important R/S example DOW 8190, S&P 875

then it could seriously open up some more upside next week.

and of course that bolds well for oil too

assuming we get a pull back around 53-54 area, the place I would attampt to rebuy is at around 51-51.7 that if things goes according to plan should make a seriously run above 55 and onto 58-60 oil.

im not sure this price projection will unfold perfectly, the break above 51.70 could been seen as the neckline of a reverse H&S, and if you take 51.5 high to the 45.5 low your looking at 6 dollar gain off 51.50 that brings us to about 57.50

Thus, in a perfect world, oil should bounce off 53-54 area, retest near 51.5, push above and consolidate around 53-55, break above, head to 57-58 to complete its price projected target that was based on 51.5, retest 54-55 area then repeat higher by consolidating between 57-58 then push higher to 60.

But if the market turns around completely. oil could collasp. The bank stress test next week could be the catalyst for higher or lower oil.

for risk takers you can try to short oil between 54-55.

update: it appears the market couldnt sustain the breakout and is 30 mins away from closing below what now is support. this would probablly bring oil down to our buy level, but puts equity bears back on the truck. And if oil does get to our buy point. Dont leave it running or it may burn you if market shits the bed.

[KleanCord]

I am starting to wonder if although the markets are still in traders mode, they have actually started to become logical. We obviously just went through a period of irrationality, but lately they are responding mostly the way they should.

Why should people invest in stocks right now?
- Banks are still unstable
- People are still being fired
- Economic conditions are still bad

At the same time why shouldn't they?
- Economic numbers are improving and suggestive of a bottom
- Q1 results did show that fears of a Great Depression were overblown
- Credit markets seem to be stabilizing

you get the idea. There are both reason to be in the market and reasons not to be in. We have come so far so fast and stocks are no longer at unreal deals that they were a month ago. But this is likely why we are stalling out here. There isn't much more incentive to buy at these levels and at the same time there is not much reason to be selling either.

Perhaps this sort of rational stability is the sort of thing that signals the end of one period and entering of another. Perhaps a bull market is right around the corner, but like I have said before I still think we have to see some better deals on most stocks before that happens.

[Dinan]

wow, look what happened in last 5 min, from red to GEEN.

[SilverRex]

quick snap of what to expect for oil, if it falls below the buy zone, then we must exit and let it unfold for the next pattern to emerge


the last 5 min surge is probablly the PPT going at work. closing above key number here is positive for the market and for oil of course

http://i278.photobucket.com/albums/kk118/genmaster/oil55.jpg

[Dinan]

^^ is that good for gold too, or not much?

[KleanCord]

Looks like I didn't ride out CCO.to enough. Does anyone think that Uranium stocks have shot up way too fast and will give a better entry point in the next couple of weeks?

[Canmorite]

What's with all the buying into the close? Big news this weekend? :dunno:

[Proyecto2000]

so I take it that today will be a good day for HOU holders?

NYMEX WTI Crude Oil $52.98 0.2200 -0.4135% $53.59 / $52.60 2009-05-04 07:57:12

[davidI]

Interesting bearish article on oil...



Floating Oil Lake Likely To Curb Future Oil Prices
London/New York (Reuters) - Oil companies are storing a record volume of oil at sea in giant tankers as world crude supply outstrips demand, and this floating oil lake is now so big that it is likely to keep a lid on prices for some time.

Shipping analysts say around 100 million bbls of crude and about 25 million bbls of refined products, such as gas oil, are held in fleets of Very Large Crude Carriers in Europe, West Africa, the U.S. Gulf and off Asian ports.

The volume of oil stored at sea has risen to record levels because the price of oil for use now is well below the value of oil for future delivery -- a market structure known as contango, typical of a bear market.

With tanker rental rates low and on-land oil stocks near record levels, it is cheap to store oil at sea, and using ships gives oil traders more flexibility than long-term storage tanks.

The last time floating oil stock levels were anywhere near these levels was in the early 1990s after the first Gulf war. Tanks were drained then into a rising market and traders and analysts say only a rise in demand will clear the stocks now.

But there is little chance of a quick recovery in oil use as the world faces its worst recession since World War Two, and the massive floating oil inventory is now haunting the market, an extra source of supply at a time when demand is extremely weak.

"Out of the market and off balance sheet, everyone knows about this oil but is trying not to think about it," said Simon Wardell, director of oil research at IHS Global Insight.

"It is deferred supply, an almost ethereal source of oil waiting offshore. As long as it is unused, it is effectively acting as a support for the market, but at some point it will reappear so it is acting as a ceiling on oil prices."

Analysts calculate that the total of around 125 million bbls of oil stored at sea is equivalent to about 2.85 days of forward demand for the 30 industrial countries of the Organisation for Economic Co-operation and Development.

The International Energy Agency estimated in its last monthly report that on-land stocks were equivalent to 61.6 days of forward OECD demand. Adding the floating storage pushes OECD stocks up to 64.45 days -- exceptionally high by any measure.

"Historically, the general rule has been that 50 days of forward cover is mega bullish for oil prices, 53 days is bullish, 57 days bearish and 60 days mega bearish," said David Hufton, managing director of brokers PVM Oil Associates.

"What we are effectively saying is that oil stocks are much, much higher than has been acknowledged and the implications are that at some point any rally will come to a halt."

Analysts say the huge quantity of oil floating offshore may explain why the oil market has been relatively strong over the last few months at a time when the big industrialized countries have seen a sharp decline in oil consumption.

Oil prices hit record highs of almost $150 a bbl last July before reaching lows around $35 in December as recession worsened but have recovered since then and benchmark crude futures have steadied around $50 in recent weeks.

"Arguably, while oil is held in storage, it is kept off the market, and that may provide some explanation as to why prices are sticking at current levels," said Harry Tchilinguirian, a senior oil analyst at BNP Paribas in London.

"But if storage accumulates further, be it onshore or at sea, and demand for crude remains depressed, either the prompt price will need to be discounted relative to the future to encourage off take, or the future delivery price needs to rise to cover for the cost storage of excess supply."

Of these two options, traders say the more likely outcome is the first, with oil prices for immediate delivery coming under increasing pressure as oil is sold out of storage.

"The oil cannot stay in floating storage for years, or even too many months," said David Wech, head of research at JBC Energy consultants in Vienna. "This situation indicates an increasingly bearish picture for oil prices."

[SilverRex]

^

well that is quite obvious considering how inventory keeps building for months.

but that is not to say oil price wont spike due to further market rally. But yes I believe oil could spike to 65-75 dollars dont pull back siginficantly. Let the chart do the talking :)

right now as posted last week, sell area 53.50-54.50 and buy area around 50.8-51.7, if price breaks below 50.5 (closing price) I would start to doubt the legitemcy of the recent break out. Otherwise the breakout last week technically suppose to target near 55, then breaking 55 onwards to 65 imo

or if your risk taker you could play the current level at 52.6 with a tight stop below 52.50 to see if you can catch a run back to 53-54.50

gold wise, it was nice to see 880 continue to hold last week.

and the outlook remains same. bearish below 880, bullish above 902 until then anything in between is either noise or consolidation.

[997TT]

Gold gone from $890 to $897 to now $904
i actually break even on HGU now .... sweet

[davidI]

Originally posted by SilverRex
^
well that is quite obvious considering how inventory keeps building for months.


Definitely, but the wild card with the floating storage is the higher costs...at what price point / time do companies flood it back on the market because the cost of storing the oil is higher than the forecast gains?

I definitely like your technical analysis for day / swing trades, but it will be interesting to see what happens in the long-term!

[Dinan]

wow, $16+ good thing i bought HGU on friday :)

[SilverRex]

^

yup anything below 10 HGU was a gift indeed, we were unluck to have got hit with a higher loonie otherwise HGU shouldnt even be this low

HUI index has crossed its recent peak at 312 ish, it should rally further imo

gold closing above 902 should be bullish enough to test 918, and breaking 918 will target 950 quite quickly

[Dinan]

^^ yeah the canadian dollar is higher.... but i hear not for long ...... so thats good for HGU


so closing above 902 on the 1 hour chart or on the day is bullish?

[SilverRex]

^

yup I think closing above 902 for the day is the sign that we will test 918, and breaking above 918 will accelerate the push quickly. I see chart is screaming at 950 quite soon here. Unless we can some sort of complete reversal but even then continue to look at 880 as your support and above 902 is bullish and above 918 is extreme bullish.

update: aftering looking at the daily chart, I Would revise closing today above 902.77 would be key. since that would mean today's action will take out the previous 3 days high and that is quite a reversal, MACD is opening up, both daily and weekly chart STO is over sold and ready to take off.

it does, appear we are ready for a good rally in the PM market at least up until mid june.

depending how it does around 902, its either 902 will become the base for 950 gold or we may get further consolidation between 880-902, that is why getting out of this range is important, the good thing is pattern the consolidation between 880-902 looks bullish to me.

[broken_legs]

For instance, per last Wednesday’s DOE report, total U.S. supplies of crude oil and petroleum products rose to the highest level, 1.796 billion (×109) barrels, since at least 1982, as far back as the DOE provides weekly data. On top of this, demand held near post 9/11 lows.


^ Still how I feel about oil. Eventually supply and demand meet at the market price.



Consumer insolvencies to skyrocket, TD says

Consumer insolvencies in Canada are set to soar over the next two years as rising unemployment takes its toll on heavily indebted households, according to a new forecast from Toronto-Dominion Bank.

Personal insolvencies are likely to rise to a record 150,000 or 160,000 this year and next, up from an already high 116,000 in 2008, TD economists say.
...


^ This is how I feel about the TSX and real estate in Calgary.

[Dinan]

Originally posted by SilverRex
^

yup I think closing above 902 for the day is the sign that we will test 918, and breaking above 918 will accelerate the push quickly. I see chart is screaming at 950 quite soon here. Unless we can some sort of complete reversal but even then continue to look at 880 as your support and above 902 is bullish and above 918 is extreme bullish.

update: aftering looking at the daily chart, I Would revise closing today above 902.77 would be key. since that would mean today's action will take out the previous 3 days high and that is quite a reversal, MACD is opening up, both daily and weekly chart STO is over sold and ready to take off.

it does, appear we are ready for a good rally in the PM market at least up until mid june.

depending how it does around 902, its either 902 will become the base for 950 gold or we may get further consolidation between 880-902, that is why getting out of this range is important, the good thing is pattern the consolidation between 880-902 looks bullish to me.

so above 902.77 hold HGU under sell.....

so far so good... lets go GOLD :)

[911fever]

this has been such a good day today, all my "investments" are up huge!
i bought 2000 shares of Suncor at 25 bucks friday afternoon, today its 28.07, I bought 2000 shares of MTZ friday at $12 and its $13.15 now. My HGG went up 5 alone today, I bought it $82 and now its at $92.75. The market is playing much better.

[SilverRex]

yeah the last 5 min closing above their important numbers on all indexes was bullish imo and for all we know the gov could be engineering the stress test to actually help the market, imagine when it comes out positive?

im just curious to why C and BAC would come out saying they dont need capital.

you would think if the market rallies further, thats bad for gold right? well no, if the market recovers and fast, so will gold since gold has been moving higher along side with the market didnt it? it all comes down to the US dollar and inflation.

Gold only performs well in extreme condition such as inflation and hyper inflation or extreme fear, anything in between it will move side ways

[SilverRex]

let see its price projection time again

the 865 low to 918 gives about 53 dollars. So basing off 880 if that is the low and this run up is real (require US dollar index to break below 83.73 which will accelerate to 83 min)

then gold is projected to hit AT LEAST 933-935.

Therefore hold on to your gold shares at least until gold reaches 930-950

even if you look at the chart and it looks like a little bit of a reverse H&S, then that would mean if it breaks above 910 neckline would target 950 based on closing price of 870 low and 910 high. Therefore it does look good we will see 930-950 gold quite soon here.

Based on current HUI index, and the way it traded in the last few months, you can expect it to climb from the current 317 to near 360 which is about 12% gain and 24% gain on the HGU. So that puts it around 12.50


http://i278.photobucket.com/albums/kk118/genmaster/gold40.jpg

[KleanCord]

So once again the story goes...

I bought Anvil Mining about 2 months ago. It went down as low as $.98 last week. It was doing well and then they announce an equity issuing. I had bought in at $1.22 and it was as high as $1.39 before the announcement.

Looking today it is one of the highest traded stocks on the TSX and it has taken off. I noticed that lot 79 was doing a lot of buying and selling, and I think that is CIBC.

I think I have just been the victim of some market manipulation. :banghead:

[911fever]

sorry if this question has been asked before, SilverRex, but what program do you use ?

[Nova316]

OPC did that as well KleanCord
They market manipulated to hit ~1.60 to trigger lots of stop losses then in the next days it went to 2.10 now its at 2.23

[SilverRex]

Originally posted by 911fever
sorry if this question has been asked before, SilverRex, but what program do you use ?

chart?

I use netdania chart station

[Dinan]

Originally posted by Nova316
OPC did that as well KleanCord
They market manipulated to hit ~1.60 to trigger lots of stop losses then in the next days it went to 2.10 now its at 2.23

few weeks back it hit 2.52,,,, then it came down under 2$ ... you still holding OPC?? have you heard anything about takeover ??



HGU over $10, glad didnt sell :)

[911fever]

Originally posted by SilverRex


chart?

I use netdania chart station

thanks, that's a cool chart app

[Dinan]

ahhh shit gold in under 902$ :facepalm:

[SilverRex]

Originally posted by Dinan
ahhh shit gold in under 902$ :facepalm:

dont get discouraged, it will take until 5-6pm for the closing price to make an impact, so we will have a better picture by tomorrow

while gold still needs to break above 918 for a true confirmation of trend

gold stocks has already broken out technically

the hui index looks like gold just broke out of a reverse H&S and target is at least until 340-350 which is near the 360 upper trend channel which so happens to be a precise perfect up leg along side gold moving back to 950 area.

hang on folks

[djayz]

WTF is up with the selling a stock after holding it for years and the next day it goes up?
This has happened to me so many times now it's depressing.

I held ROK for almost 15 months since last year and sold out at .34 after missing an opportunity to sell in January 09. I thought I might as well get out while I'm even so I sold out on Thursday and today the stocks up to .40.

I'm glad I didn't lose out but the fact that its up to 40 cents means I just missed out on almost 3k in profit :(

Edit: .425 and climbing :cry:

[Dinan]

Originally posted by SilverRex


dont get discouraged, it will take until 5-6pm for the closing price to make an impact, so we will have a better picture by tomorrow

true, maybe the bears are fighting back, lol


so you i take it you going to hold for the rest of the day? and see what happens tomorrow.

[SilverRex]

^ its up to you if you want to take profit off the table after all that is a win win situation, but gold and gold stocks have been depressed for quite some time. I rather go for the bigger fish

the US dollar index came within a hair to break the important low at 83.73 (got to 83.70) if we want higher equity, oil and gold, US dollar MUST break this area for a quick drop to 83.00

looking at gold so far its not rejecting above 900 gold price as strongly as it should, and it should be consolidating as we speak, once price sustains around 900, it will make another run higher so watch for it. price target of this mornings run would push gold to 915 area if 900 bottoms out

[Dinan]

^ i'll wait for the big fish too :)

so it's above 902 now, thats good.....i thought that gold doesn't move up with a equity rally/??


any thoughts on oil, it's up 1$, like you said, it would hit over 54$ and it did. you think there will be a pull back to 51.70 to get back in.

[Nova316]

Originally posted by Dinan


few weeks back it hit 2.52,,,, then it came down under 2$ ... you still holding OPC?? have you heard anything about takeover ??



HGU over $10, glad didnt sell :)

I sold off my last set of OPC (3000 shares) at 2.30 for a 106% gain.
Sold off my second set at 1.83$ to buy RBS at 9$ but now its 15$ so that was a nice move

Both LVS and RBS are moving quite nicely, makes me quite happy haha since I got into RBS at 9 and LVS at 2.50

[Dinan]

Originally posted by Nova316


I sold off my last set of OPC (3000 shares) at 2.30 for a 106% gain.
Sold off my second set at 1.83$ to buy RBS at 9$ but now its 15$ so that was a nice move

Both LVS and RBS are moving quite nicely, makes me quite happy haha since I got into RBS at 9 and LVS at 2.50

why did you sell OPC? you getting back in? no more takeover ?

[SilverRex]

Originally posted by Dinan
^ i'll wait for the big fish too :)

so it's above 902 now, thats good.....i thought that gold doesn't move up with a equity rally/??


any thoughts on oil, it's up 1$, like you said, it would hit over 54$ and it did. you think there will be a pull back to 51.70 to get back in.

well 54.50-54.75 should be quite the resistance at the moment, I dont expect it to break on 1st try.

It would be nice to buy back oil below 52 we will see if it gets there.

for gold, while i've been saying over and over again the importance of breaking 918 but for trend line followers, the key area is more like 908 after being rejected by 907 pretty darn close, it only further validates the important of this down trend line, starting from 1006, then 967, then 918, and now 908. some thing has got to give in the next few days. either this trend line will push gold down to the point that it breaks 880 and steep drop to 840 or the break above will open price target right to 950. its all setup technically to break it so I believe it will.

[Nova316]

Originally posted by Dinan


why did you sell OPC? you getting back in? no more takeover ?

Im getting back in once it drops again but it never seems to maintain anything above 2$ for very long.
Ill get back into it at ~2$ problem is that a take overs been in talks for a very long time now like since December

[Dinan]

yeah I'm with you on opc, can't hold above 2$,

I'm going to hold off selling hGu today too, you were right on oil SR, I'm sure you'll be right with gold too! :)

[max_boost]

Damn TCK.B! Keeps climbing ugh!

Anyway, good day. Markets up 300pts. Everyone made money right? Everyone is happy?

:D:clap:

[Euro_Trash]

Originally posted by max_boost
Damn TCK.B! Keeps climbing ugh!

Anyway, good day. Markets up 300pts. Everyone made money right? Everyone is happy?

:D:clap:

Yup :D

[Dinan]

^^ what are you guys holding?


wow, market is up almost 350.... what happend? any big news? :dunno:

[sputnik]

Wow. Nice buying frenzy to close the day off.

TSX at 10,000 tomorrow?

Will the S&P 500 hold 900?

[slick2404]

Originally posted by max_boost
Damn TCK.B! Keeps climbing ugh!

Anyway, good day. Markets up 300pts. Everyone made money right? Everyone is happy?

:D:clap: '

yes sir!

[KleanCord]

Well all seems good. It looks like it is lining up to massive buying till Thursday maybe we get to the 950 mark. Then sell on news perhaps as the stress tests are supposed to come out. Then Friday the unemployment number is probably going to be worse than expected and sell off Friday. Start next week and continue sell off on Monday.

All in all I just can't see going up non stop from here. I am not betting against it but at the same time I am treading with a lot of caution.

[max_boost]

I've been treading with caution for awhile but the markets keeps proving otherwise. :nut: :dunno:

[SilverRex]

^

the only thing that can explain the market to keep marching higher with out a huge pull back or resumption of a down trend is inflation

that was exactly what happened back in 03 after the tech bubble, the equities gained but the US dollar lost much value.

right now everything seems to be feeding off the US dollar, if the US dollar moves up, everything drops and if the US dollar drops everything moves up.

[SilverRex]

also

watchfor the daily closing price of gold (chart wise) in the next few hours. if it can close above 902.77, then that would be quite huge

I will still take closing above 899 since 899 is an important support which turned into resistance. as long as 880 holds, we are very much still in control of a potentially surprising upside in coming weeks

[Dinan]

so the inflation now is good for both equities and gold?? what would happen to gold when equities start to go down and the US dollar gains ground?

[DRKM]

Did anyone ride FAS today>
?

[KleanCord]

^I'm done with FAS and FAZ. I figured out I was gambling, unless I was shorting them. They move so fast that you can't really have a good strategy and since they devalue themselves over only a couple of days it is simply a bad trading vehicle.

I am net positive with them, but I am convinced now that the only person who wins in the end is the fund manager.

At least HOD and HOU make oil trading easier, while you can always buy BAC, C, or WFC just as easily as FAS.

[Dinan]

So gold closed below 902.70, doesn't seem to be bullish anymore? Or there is still hope tomorrow :)

[SilverRex]

^

wow gold closed on the daily chart right at 902.83, the previous session high was 902.77 talk about a hair higher.

to me technically this is great. an advance block taking out the previous 3 session highs more upside ahead folks

[godlovesugly]

buy face masks and sell them downtown. you could make FORTUNE.

[Proyecto2000]

there was a guy on the McKnight train with a face mask today :nut:

[SilverRex]

so oil is flerting with 54.50, previous peak is 54.75, its aweful close to a breakout, this area will be heavily watched by the whole world. looking at the chart what does it tell you?

logically you would short around 54.50 and buy at or below 52 (if it ever drops) Or the flip side to do it is buy above 54.75 and try to catch a breakout. but risk involves a false breakout, that is why I always intend to wait for a pull back to confirm or retest at support levels.

perhaps when oil broke thru 51.70 thats where the signal entry should be?

http://i278.photobucket.com/albums/kk118/genmaster/oil56.jpg


And for gold I have been hammering on and on again the importance of breaking the down trend now looking at this, what do you think? did gold finaly broke? imo I think it did, simply because of the encouraging advance blocking closing price that took out the previous 3 session highs. While many are still waiting for a break above 918, I think the eariler warning is when gold closed above 902. Will this be the ultimate signal that will send gold back to resuming its run above 1000? we will know soon, but outlook is starting to look bullish once again putting gold short term target reach at 950 area. Gold stock should imo move at least another 7-10% hui at least retest 340s. which translate HGU at least moving back to 11.50 (assuming at current exchange levels) Ideal target for hgu at around 12.50 if hui is to make a move to its upper trend channel towards 355-360

http://i278.photobucket.com/albums/kk118/genmaster/gold41.jpg

[Dinan]

^ glad I'm still holding my hgu shares from friday! Looking to sell today, don't want to get to greedy here, lol. Gold is up $10, hope it stays till the open!

[SilverRex]

"WASHINGTON (Reuters) - About 10 of the 19 largest U.S. banks being stress tested will be instructed by regulators to raise more apital, according to a source familiar with official talks."

[Dinan]

^ yeah just read that too. If that's the case, that would be good for gold, right?

The test's come out public thursday?

[davidI]

I picked up HOD at $19.46...~$54.35 oil I think. Tough deciding whether to ditch it in early morning trading if things open down or hold on for a few days and the bank results. Of course if the news is bad as expected, the US$ will be pushed down and that may increase oil prices, or, it may make people more bearish on the economy as a whole and decrease oil prices.

WWSRD? (What would SilverRex do?) :dunno: :poosie:

[Dinan]

^ hahahaha, i like that! WWSRD?


i took some HGU profit..... lets go GOLD

[davidI]

I've been learning a lot from SR and his technical analysis so I'd call him God's messenger to me and my trading. :D

[Dinan]

^^ yes, got to love those charts first thing in the morning!

lets go HGU, the canadian dollar is fallow off, should be better for HGU....

[SilverRex]

54 oil seems to be topping out. I'll be trying to buy back at below 6 hou :) try my luck. otherwise hell im not going to be buying at currently levels. if oil does breakout, I rather wait until I can see 55 oil becomes a good support

[Z_Fan]

AIG took a nice jump up today. It's been a while since that stock moved more than a handful of pennies in any given day. Each time it has jumped, it fell back down.

So, I decided to sell all my AIG this morning. Which can only mean one thing. Load up folks. It'll probably continue to go way up for the rest of the week!!!

[SilverRex]

I hope natural gas would come back down to 3 or below then its time to open a long position via HNU :)

[Dinan]

^ shouldn't it get that low in the summer months?

[DRKM]

Originally posted by Dinan
^^ yes, got to love those charts first thing in the morning!

lets go HGU, the canadian dollar is fallow off, should be better for HGU....

Isn't a rising USD a bad thing for gold?

[Nova316]

Originally posted by SilverRex
I hope natural gas would come back down to 3 or below then its time to open a long position via HNU :)

HNU only is at 6.50 cause it did a 4:1 reverse split
so really its at 1.65 haha :)

[sputnik]

Originally posted by Dinan
^ shouldn't it get that low in the summer months?

Not it if is going to be a hot summer in the eastern US.

[DRKM]

hgu just took a giant shit. Jesus.
I am holding hgu at 10.56...

[Dinan]

HGU is falling, but gold is still above 902, just a hair, hope it closes higher, so we can have a run up to 11's maybe ?:dunno:

[e36bmw///]

nm

[sputnik]

Originally posted by e36bmw///
hmm not too much movement today

tsx only down 14 pts

Up 12 points now.

But yeah... pretty sideways day.

[Dinan]

Oh snap! Gold just dropped $500 and under 900 :( what gives?

[SilverRex]

^

definately trading gold isnt for the faint of heart because there is alot of manipluation and forces trying to screw everyone over. to me I just look at it trying to take out stops for the weak hands.

i sold some HGU this morning as well

and im buying more at 10

just going to stick with my initial assumption that gold is looking good and im buying on dips. unless it closes blow 880 then I may re-evaulate, and if it closes below 865 then I start to worry a bit, if it closes below 823 then I run for the hills :D

[Dinan]

Yeah it was smart to sell in the morning, I too bought in,but rushed it, didn't think it would get this low! It dropped like 6$ out of nowhere.

Let's hope it doesn't go that low!:)

[max_boost]

Could HND be the next huge steam roller? Natural gas prices seem to be going nowhere but DOWN?

Anyway, no action today for me. Waiting for tomorrow.

[SilverRex]

Originally posted by max_boost
Could HND be the next huge steam roller? Natural gas prices seem to be going nowhere but DOWN?

Anyway, no action today for me. Waiting for tomorrow.

well looking back at the record drop in 01 on this chart, you can be sure we are near if not at a bottom for NG.

so I'll be paying some attention if it ever falls to 3 or below
so using just that 82% drop in 01, that puts us to around 2.50s

so I would try to be patient and hope for 2.50-3.00 NG and start scaling into a position. That would mean HNU to sit around 2.8-3.00 dollars. So we need it to drop another 50% :)


http://www.stockhouse.com/columnists/2009/may/4/images/ga050409_8

[Dinan]

so gold closed at 904.300 ??? when did this happen? :nut:


so SR, what do your charts say now? i guess the same, since it's not under 880.

you think the stress test will give it a boost?

[Euro_Trash]

Originally posted by Dinan
so gold closed at 904.300 ??? when did this happen? :nut:


so SR, what do your charts say now? i guess the same, since it's not under 880.

you think the stress test will give it a boost?

I'm curious also. Should we expect a similar open tomorrow?