Official Short-term Investments Thread

[SilverRex]

Originally posted by revelations
TSX composite just hit 50,000,000 shares traded. Thats gotta be news worthy (for an index that sees ~2,000,000 normally).

if we close green the volume could signal a massive buy signal at this level

not even in 2008 did TSX traded such high volume.

so either a huge crash is about to emerge or all the folks with cash sitting on the side line since 08 has finally moved all their liquidity back in.

we shall see, the closing of today could be telling

[revelations]

TSX just crossed 100,000,000 ...... wow

Oddly enough, the DOW is showing LOWER than average trading volume
:dunno:

[SilverRex]

Originally posted by revelations
TSX just crossed 100,000,000 ...... wow

Oddly enough, the DOW is showing LOWER than average trading volume
:dunno:

if I was a betting man I would rather hold Canadian equities than US equities due to the upcoming commodities boom

[SilverRex]

major capitulation happening on the TSX, volume reaching 150million + insane

[ZenOps]

Oh shit, look at that drop.

Up 1.5% at opening bell, Nasdaq now down 3% and its not even lunch.

Well for all of you still the in stockmarket things could be worse - you could be Carlos Slim.

http://www.bloomberg.com/news/2011-08-05/slim-loses-8-billion-in-four-days-as-mexican-holdings-suffer.html

Eric Sprott timed his cube of gold purchase perfectly.

[SilverRex]

TSX pushing hard to reverse, lets see if it can close green today

[Pacman]

anyone playing the Green Mountain puts?

bought at $1 today, sold at $1.60.....now it's at $2.15. I always sell too early!!

[z24_wheels]

I got out of most of my holdings last week and held cash. I don't know when to jump back in lol!

[max_boost]

Hangseng down 1000pts :eek:

Gonna be an interesting week.

I'm still sitting on cash haha :nut: :dunno:

[guessboi]

^ That is a good thing...me too except for one penny stock. :drama:

[SilverRex]

market to gap down this morning?

my personal take on the economy, I dont believe we will see a double dip, just like everyone thought 08 was a depression and all were looking for dow going to 1000, the opposite occurred, and look where we are? according to martinArmstrong, we would have seen new lows by now, therefore the latest panic drop is simply going to be a correction and most of the cash sitting on the sideline will begin to finally move back into the market. key word is volatility, not crash

using the dollar index as clues, this morning I've noticed the latest activity in the last week or so appears very corrective, it will only be a matter of time until the dollar breaks down and begins to produce new lows, confirmation is required on the 4 hour to close below the rising neckline under 74 as well as the rising stoch under 50. until this occur, dollar can still make a higher high and give another shot at retesting between 75-76, this will certainly push the envelope on the market and giving everyone the on the edge feeling.

I'm going to call the last 5 waves down on the dollar truncated at 73.6 and the dollar if it wants to could begin the next major wave down. Like i said, a bearish confirmation would be nice.

watch for final capitulation on the market this week, especially oil (I see the 80s to be of great support) under 80 = gift

oh and yes, I'll only consider the dollar of a medium term bullish reversal if it closes above 76

http://i278.photobucket.com/albums/kk118/genmaster/dollar080811.jpg

[ExtraSlow]

My buy on NWE trigered at 0.02 on friday while I was drunk on a houseboat. Now we'll see if I can sell at 0.06 . . . .

[SilverRex]

one more chart on gold, as you can see, gold has breaking above the trend channel, you could call this a phase transition breakout

how ever the only bearish hints I have on metals is the slight negative divergence spotted on gold couple with the fact I could count a possible near completion of 5 waves (with both wave .iii and .v extended) we could see metals pull back and produce a backtest between 1580-1630

even with this backtest, it remains bullish, only closing below 1580 would I consider a steeper correction. At the moment I do not believe we will see gold to ever drop below 1450 at this point. And if we do see the 1400, it would be a huge entry (below 1450 would most likely signal a multi year top to be in place and begin a possible multi-year correction.

silver remains in a wave II correction and can still very possibly retest 35-36 if gold begins to correct

http://i278.photobucket.com/albums/kk118/genmaster/gold080811.jpg

[RX_EVOLV]

Tempted to buy! what are some good ones that should rebound quickly??

[in*10*se]

market massacre....

[ZenOps]

I wouldn't buy until "The Bernanke" announces an emergency conference.

In which case you can assume he will announce QE3, from anywhere between $500B to 800B, which will be given to banks.

At which point the banks will buy bonds and stocks, at which point the fake recovery can begin.

Money for nothing, and your stocks for free.

[dawerks]

Originally posted by RX_EVOLV
Tempted to buy! what are some good ones that should rebound quickly??

I'm an optimist, but I'm pretty sure the market is going down for a bit longer.

I started shorting last week, not looking to close anytime soon. FYI, I have not shorted since the tech bust (more than decade ago!).

Most obvious way to make money, SHORT! There might be capitulation later by Friday, but that might just lead to another Monday Massacre.

If I was going long, I would wait till later on in the week or better yet, next Tuesday (that's a lifetime in trading terms).

[Neil4Speed]

Any thoughts on Petrobakken/Petrobank, insane drops the past few days.

[max_boost]

Oil/gas getting absolutely destroyed.

Suncor at $30. CNQ at $33 :drool:

Must resist!

:eek:

[dimi]

Originally posted by max_boost
Oil/gas getting absolutely destroyed.

Suncor at $30. CNQ at $33 :drool:

Must resist!

:eek:

Buddy @ CNQ has options with a strike price of $50. He was thinking about asking his boss if they would hire him again if he quit for a week or so, so he gets a new options package. :rofl: :rofl:

I am having fun though! Great buying opportunities are coming soon!

[Redlyne_mr2]

Down you own any shares in those Sam or are you waiting for them to drop a bit more before you buy?

[dimi]

I am waiting for a few more $ off of CNQ to buy in. I think its a wicked buy @ that price. Horizon is coming back online soon too so hopefully that'll push it up. My fav O&G play.

Don't know much about SU.

[SilverRex]

talk about back to 2008

BAC under 7.00 :nut:

no pain to gain, no crash = no bargin

oil just tested a multi year neckline + the bottom of a rising channel.

it should stop the bleeding, bottom is either in or next stop is 75 oil

[Sugarphreak]

...

[RX_EVOLV]

Going to start slowing picking away now and maybe do a few quick flisp..the prices are soo tempting!

[Mr_John]

Originally posted by RX_EVOLV
Going to start slowing picking away now and maybe do a few quick flisp..the prices are soo tempting!

Tempting, but don't pull the trigger JUST yet. I'm looking at getting back a couple as well. The Dow was down 600 today but rallied a bit. I think there will be a sell off at the end of day.

[max_boost]

Finally, first transaction in almost 6 months. Picked up some Suncor at $30.

:D

[SilverRex]

Originally posted by max_boost
Finally, first transaction in almost 6 months. Picked up some Suncor at $30.

:D

I applaud you for your patience :thumbsup:

[ZenOps]

Bank of America got slaughtered, down 20%. Its market cap is only $66 Billion.

Dow only down 634 points, which is much better than I was expecting. There must have been some intervention to keep it from going parabolic.

Gold does what gold always does.

But Silver actually gained... Which totally shocks me. Platinum also held its ground. Nickel and the base metals dropping is no huge surprise, but I do expect nickel to eventually trade like Silver.

[z24_wheels]

Wow, ORT-A down nearly 25%

[guessboi]

OMG. Didn't watch the market this whole afternoon...Crazy selling today. Time to look at bargains. lol.

TLM @ 15.29 now. :eek:
SU @ 30.10.

should I follow Max_Boost in SU?... :D

lol. my penny stock went up today :D

[Neil4Speed]

Originally posted by guessboi
OMG. Didn't watch the market this whole afternoon...Crazy selling today. Time to look at bargains. lol.

TLM @ 15.29 now. :eek:
SU @ 30.10.

should I follow Max_Boost in SU?... :D

lol. my penny stock went up today :D

I think if your going to ride in Oil Suncor, CNQ, and CVE are safest bets.

[max_boost]

Hang Seng -1400pts
:clap:

[e36bmw///]

nm

[Hi-Psi]

HAL took an absolute beating the the last 10 days, I thought about selling when it was up 25%, decided to stick through this and just wait it out since I'm long but man, it lost $15 in 10 days!

Was up over $4k in it just 2 weeks ago, now just under water haha

Honestly though, it's a great buying opportunity for it, I still see it hitting $70-80, right now sitting at $42...

[Magic-8-Ball]

Tell me about it. I had a sell order on my HOU.TO at 6.50 during the day on Jul 29th and had a buy order in on HOD.TO at it's it approx. Equilalent. It hit 6.49 and shot back down. I wasn't able to Sell and here we are I am still holding. How much support is there really at mid 70 oil? At this point I am
Thinking I should just sell...any words of wisdom anyone?







Originally posted by e36bmw///
wow
oil down $4.63

At $77.20 right now

[Meback]

oil just hit 76!! :banghead:

[e36bmw///]

nm

[dawerks]

Why aren't you guys shorting??

We all know it's impossible to fight these crazy trends induced by the government, so why not get on the correct side. I'm not going long till there's massive blood on the streets.

(Hint; US Senate meeting/ questions from Governors like last time).

This is the second time that the market is fighting government induced problems. Never in my trading history has the market been so crushed by the government. Ever.

[bitteeinbit]

Originally posted by z24_wheels
Wow, ORT-A down nearly 25%
Yeah I'm sweating balls right now. Luckily most of my account is cash but my two remaining holdings; CLQ and ORT.A went down 14% and 24% respectively...

I'm wondering if I should put some orders to short some stocks. I find it also weird that some would consider a plunge in a this moment. Maybe next week but looks like this might be a killer week. The question is WHAT to short... Makes me want to have all my cash in a 2% savings account like i did back in 2008. At least then the economy could never affect me:(

[kaput]

.

[max_boost]

Originally posted by dawerks
Why aren't you guys shorting??

We all know it's impossible to fight these crazy trends induced by the government, so why not get on the correct side. I'm not going long till there's massive blood on the streets.

(Hint; US Senate meeting/ questions from Governors like last time).

This is the second time that the market is fighting government induced problems. Never in my trading history has the market been so crushed by the government. Ever.

Back to Mar/09 levels? :eek:

[revelations]

Originally posted by dawerks
Why aren't you guys shorting??

We all know it's impossible to fight these crazy trends induced by the government, so why not get on the correct side. I'm not going long till there's massive blood on the streets.

(Hint; US Senate meeting/ questions from Governors like last time).

This is the second time that the market is fighting government induced problems. Never in my trading history has the market been so crushed by the government. Ever.

No short, but inverse ETFs are just hitting the fan right now.

Got in SPXU on friday, sold out at 12% gain this morning thinking that it wouldnt get any worse.... then I checked the markets again later in the day ... .couldve made 20% :eek:


There is ALWAYS money to be made, as long as the markets are trending in one direction or another.

[revelations]

Asian markets are down, but not as much.

[RX_EVOLV]

You know what they say! if people are buying, Sell! if people are selling, Buy!

[pheoxs]

How much further do you guys think things will go? I can't see it getting better in the immediate future but thinking after a few more days of dipping (not as much as today though) it might level off

[broken_legs]

Originally posted by kaput
I'm no financial guru but this whole sell off feels funny like there's some major manipulation going on. Nothing has changed in the last month or week or even day to drive it to this extent.

Uhhhhh - all in the last week


USA gets credit downgrade from S&P?
USA puts on political farce and avoids default on debt by 1 day?
USA raises debt limit by another 2.5 Trillion Dollars?
Berkshire Hathaway loses AAA credit rating?
Municiple bonds downgraded across the US?
Rhode Island defaults?
Greece defaults for second time(last couple weeks)?
Italy downgraded?
Germany refuses to bail out insolvent Eurozone banks?
Gold hits all time high?
Oil sells off 25$/BBL?
China revalues Yuan?
Canada prints negative GDP growth for May?
Largest jump in food stamp recipients in the US? (now 45 million)
Australias housing bubble pops?
Bank Of America needs 10 Billion dollar bailout to pay bailout recipient AIG?
JPM, Goldman Sach reduce GDP growth forecast for like the 6th time this year?


Just for starters... You should really try and get out more.

IMHO - The only manipulation here was on the way up.

[dawerks]

max; you were right about HIX.TO

Do you still have it? :)

I have DOG (for a while now, it just trended, but it's nice now).

I shorted alot of the high flyer penny tech stocks, they are dead in the water. Even if there is a rally, I doubt anyone wants them.
(PYN, INT, one more the symbol escapes me, INT yes)...

Also short XIDE, JMBA, LVS and I'm thinking of doing Wynn resorts.

Basically tech, gambling stocks and if I find any other classically quick to be abandoned 'outliers'.

These don't really bounce well after a sharp drop (not like oils, golds, financials, they are VERY risky to short, not gonna do it!).

PS Those are the same ones I was long on :) (Good to know a stock on the up and downside!)

[Mr_John]

Originally posted by dawerks


Also short XIDE, JMBA, LVS and I'm thinking of doing Wynn resorts.

Basically tech, gambling stocks and if I find any other classically quick to be abandoned 'outliers'.



Tech and gambling are a mess right now. I buy into these sectors the most and am definitely glad I am out. Prices for some of the companies such as ORCL, MPEL and LVS do look attractive though.

[SilverRex]

oil once 80 didnt hold, it was sold down to 75 in an heart beat. I firmly believe anything under 80 is a gift in the energy sector. also to ponder, oil has basically corrected 50% from the 33-114 rise, isnt that plenty?

anyways, short term, it needs to remain above 80 to spark a rally, the longer it can hold above 80, the more fuel it gets. failing to do so and close blow 77 would ring in a double bottom or lower low.

speaking of gold, this morning lets take a look, it has broken out of a rising channel and is currently very bullish, however my count suggest it has just completed 5 waves this morning and potentially could begin to correct, however an alt count could suggest we have only completed wave .iii of .v and as long as 1715 holds, gold will remain above 1730 until it breaks out into yet another 5 waves to newer highs. talk about endless extension one after another.

the thicker support now drawn in the sand at 1640 will be the underlying key support to hold the medium picture up. only failure under 1640 would I consider a bigger correction is taking shape.

http://i278.photobucket.com/albums/kk118/genmaster/gold080911.jpg

[SilverRex]

expecting the DOW to rally off 10800 as 10800 is a key monthly support. Closing below this on the monthly would retest the 2009 lows therefore I suspect it is a good entry pt for bounces at the least

[SilverRex]

here is another food for thought, gold seems to love back testing a previous top looking at the last few years and all the significant tops it produced, each correction tends to want to trace out towards its previous top,

obviously the last few correction seen are setting the lows higher and away from previous tops which could be a signal that gold has entered a very bullish phase, but still attempts to achieve the back test each time.

a good indicator would be the stoch would bottom out (circled red) each time when lows are in place.

so it is not out of the question for gold to correct down to as low as 1580-1620

therefore we will see if gold can sustain above 1715 and remain bullish for another drive higher or begin a final correction this month giving us one more brief pause

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

[kaput]

.

[Feruk]

Originally posted by broken_legs

Berkshire Hathaway loses AAA credit rating?
Australias housing bubble pops?
Bank Of America needs 10 Billion dollar bailout to pay bailout recipient AIG?

Mostly great points, but where'd you hear about the Berkshire Hathaway thing and the Australian housing market? I don't think they're all that important, but strangely I haven't heard a word.

The Bank of America comment is incorrect.

[ZenOps]

Finally an up morning.

So - is it over or are we simply in the eye of the hurricane?

Chinese population is now angry at their Chinese government for lending so much money to the US.

The Chinese goverment has been selling to the Chinese people that the US is paved with gold - and that they actually have the ability to pay back a standard good bar of gold back to them for every family.

[dawerks]

The only real scary thing about shorting is the opening gap up. It's gut check time for sure, but computer technology/software is so nice now that you have multiple options of CYA!

Everything's closed (boo hoo), but with shorting you MUST have stops. It's not even an option, and multiples + be aware at the open.

Today some of them gapped up, but whatever gaps open there's always that 10-15 minute window when the shorts jump back on or quick profit takers and that's the best time to CYA.

Very exciting day, but I broke my rule of 'no summer trades' :) (It's good to be flexible).

[Redlyne_mr2]

Everyone thought I was crazy when I said buy buy yesterday. I'm not a broker but it was pretty obvious the world wasnt coming to an end.

[Mr_John]

Originally posted by Redlyne_mr2
Everyone thought I was crazy when I said buy buy yesterday. I'm not a broker but it was pretty obvious the world wasnt coming to an end.

Market seems to be cooling off right now with Bernanke speech coming up. Things could still get ugly.

[max_boost]

Originally posted by Redlyne_mr2
Everyone thought I was crazy when I said buy buy yesterday. I'm not a broker but it was pretty obvious the world wasnt coming to an end.

haha no the world is not coming to an end but you need to read more Zero Hedge and your thinking might change. :devil:

[dimi]

Personally I wouldn't want money on the table on a FOMC day.

[RX_EVOLV]

Originally posted by Mr_John


Market seems to be cooling off right now with Bernanke speech coming up. Things could still get ugly.

:werd: Just sold all the stuff I got yesterday for a nice ~10% return. Going to sit back and watch this happen. Hopefully it'll be another chance to load up.

[max_boost]

I wouldn't be surprised if the TSX closes in the negative today. :rofl:

[ZenOps]

"The Bernanke"

Never has the fate of the markets been so integrally linked to one man. I swear the guy is more important than the Pope.

Did someone get a tipoff at lunch, because the selloff is starting to go parabolic.

[max_boost]

All is well ZenOps, we are +240pts as we speak. :clap:

[RX_EVOLV]

:clap: :clap:

[ZenOps]

All you Canadian younguns better appreciate the sound fiscal policy that our generation had to endure.

Now go forth and lead your new US and UK wageslaves, ho!

http://www.bloomberg.com/apps/quote?ticker=DXY:IND

[SilverRex]

Originally posted by SilverRex
market to gap down this morning?

my personal take on the economy, I dont believe we will see a double dip, just like everyone thought 08 was a depression and all were looking for dow going to 1000, the opposite occurred, and look where we are? according to martinArmstrong, we would have seen new lows by now, therefore the latest panic drop is simply going to be a correction and most of the cash sitting on the sideline will begin to finally move back into the market. key word is volatility, not crash

using the dollar index as clues, this morning I've noticed the latest activity in the last week or so appears very corrective, it will only be a matter of time until the dollar breaks down and begins to produce new lows, confirmation is required on the 4 hour to close below the rising neckline under 74 as well as the rising stoch under 50. until this occur, dollar can still make a higher high and give another shot at retesting between 75-76, this will certainly push the envelope on the market and giving everyone the on the edge feeling.

I'm going to call the last 5 waves down on the dollar truncated at 73.6 and the dollar if it wants to could begin the next major wave down. Like i said, a bearish confirmation would be nice.

watch for final capitulation on the market this week, especially oil (I see the 80s to be of great support) under 80 = gift

oh and yes, I'll only consider the dollar of a medium term bullish reversal if it closes above 76

http://i278.photobucket.com/albums/kk118/genmaster/dollar080811.jpg

looks like dollar in its red path has started. this should revive the stock market and temporary pause/correct metals until the fear subsides

[ZenOps]

The Swiss Franc *destroyed* the US dollar today as well.

CHF vs USD was up 4.49% in one day, call me a conspiracy theorist but this may be a sign of not just market collapse but currency collapse.

The day the dollar died might be this week.

[dawerks]

Wow, everyone likes to plagerize zerohedge or what?

Everytime there's a blog post there, it's instantly copied worldwide?? WTF.

Futures are down a bit, we'll see what happens tomorrow. This reminds me 'of the last time'. Down 800, up 400, down 500, up 200 etc etc.

[ZenOps]

Zerohedge is the only news source that truely understands the upcoming Zombie Apocalypse.

I like quoting them because they have stuff that truely destroys faith in humanity.

I like quoting Rob Anders too.

[SilverRex]

after a near 50% fibo correction against the 33-114 rise, do we have a bottom Houston? at 75.62?

I dont see why not, count suggest we quite possible do with 5 waves touching off 75.62 and the initial mini 5 waves up is completed.

as mention with oil holding its head above 77 yesterday it has remained short term bullish, stoch while in overbought territory can continue to stay embedded and overbought as long as it wants, so it needs to either stay above 80 on stoch or continue to remain above 78 oil until it hits oversold and swing back above 20, then you know oil is exhausted to the downside.

with a falling dollar about to begin, oil should not head any lower unless further market panic appears

remember the key word, volatility, not crash will take the day. this means it will fall fast and rise equally fast. day trader's heaven, long term shorts would also be killed imo, so taking profit if your shorting is a must in this environment

the only alt count is if the latest rally to be still in its wave .iv consolidation, in that case we would witness one more mini 5 waves down to retest 76

oil is flirting with the breakout neckline, it may be in the clear if it continues to stay above 80 for rest of the morning.

http://i278.photobucket.com/albums/kk118/genmaster/oil081011.jpg

[SilverRex]

dollar has broken down in a bear flag / widening wedge, what ever you want it call it, its bearish indeed. the H&S pattern also supports the breakdown with price currently backtesting the neckline and I suspect it will continue to back test this area until it begins to mark down further. the h&s should target dollar to at least hit 73

bullish reversal inclination requires dollar to close above 74.35 and even more so above 74.80 this would again throw the market into a tail spin, but currently with the breakdown at play, oil potentially bottoming and the market appears to be reversing, for the sake for man kind, lets pray this is as predictable as it gets.

gold as mention, it did not break 1715 yesterday and so it continues to coil for potentially fulfilling my alt count as trying to produce another wave higher, silver appears to have completed its minimum correction by drawing below 37.5 therefore we shall see if it will begin to move aggressively north or channel side ways in a 3-3-3 flat correction towards month end.

http://i278.photobucket.com/albums/kk118/genmaster/dollar081011.jpg

[dawerks]

In the rally's people are unwinding their tech stocks, and in the freefalls the retail 'investors' are dumping tech.

It's dangerous I know, but I'm short in the obvious situations as even the big guys (except Apple) are free falling.

American tech (penny/low dollar) seem to be the place to short.

I would LOVE to short Apple, but you don't short the largest cap in the universe.... hmm, actually I could short a few shares to 345 and see what happens....

..yeah talked myself into, let's do this!!

[in*10*se]

..... dead cat bounce yesterday... dead cat today.

[Hi-Psi]

Originally posted by ZenOps
Zerohedge is the only news source that truely understands the upcoming Zombie Apocalypse.

I like quoting them because they have stuff that truely destroys faith in humanity.

I like quoting Rob Anders too.

You're too doom and gloom for this game, seriously. The market already has enough panic and hysteria, you just fuel with with your Zero Hedge crap. Do you actually buy or sell anything?

[max_boost]

Zero hedge is a good read. :D

[ZenOps]

Naw, I'm not gloom and doom. This guy is gloom and doom:

http://www.youtube.com/user/YTKilledRawdog

Hes a Microsoft lecturer, and a true realist.

Silver and Gold people.

[e36bmw///]

nm

[revelations]

Originally posted by dawerks
American tech (penny/low dollar) seem to be the place to short.


Which ones?

[DRKM]

Originally posted by e36bmw///
any idea why oil is up almost 4.5%
yet HOU is up 4.4%?

Trading on different months.

[SilverRex]

looks like dollar remains in the bear flag after all, punching thru 74.3 has temporary reversed into a short term bullish burst. over all I still feel its only a matter of time until dollar breaks down towards 73 and lower, right now I am expecting dollar to be putting in a 3-3-3 correction with one more assault towards 75.5,

medium term reversal requires price closing above 76, until then, next major move remains down

http://i278.photobucket.com/albums/kk118/genmaster/dollar081111.jpg

[SilverRex]

for gold, as expected, aftering holding above 1715 to confirm the wave (iv) consolidation for a higher high, it appears it is in the last sub .iv correction with at least one more thrust higher 1800+

key area to watch now is gold must remain above 1760 for the final high to take shape or risk a deeper correction, with the previous wave iii sitting at 1680, I still expect when gold does correct, it will find its way there as a minimum backtest.

http://i278.photobucket.com/albums/kk118/genmaster/gold081111.jpg

[Mr_John]

Sounds like a lot of good news is coming out of Europe and China. I think it will be a nice day in the markets tomorrow.

[broken_legs]

Originally posted by Mr_John
Sounds like a lot of good news is coming out of Europe and China. I think it will be a nice day in the markets tomorrow.


South Korea, Spain, Italy and France have all banned short selling on Financial stocks.


Whats the good news?

[SilverRex]

Silver as part of the original idea that it has began its first 5 waves up (with an extended wave sub .iii) has clearly been moving along with amazing accuracy. The 2nd chart posted over a month ago continues to stand valid both in time duration as well as price target. Kinda scary if you ask me.

After completing 5 waves up to 42, clearly it has taken a correction. The only question remains, is this it? while bottoming at 37 meets the minimum requirements and yes it can begin to aggressively punch forward, A bear flag consolidation is the alt count and could easily still produce another lower lower under 37.

given wave twos in EW term can generally correct quite significantly, we cant rule this idea out that price can come very close to hitting 35 which would be a 78% correction against the 33.5-42 rise.

My critical support lies at 35, if you compare to 2008, the same neckline lines just underneath and if broken, it would mirror 2008 and if with conviction, one can only begin to calculate what the new low might be 23-32.

to close out the week positively, we need silver to remain above 39 which is the 10EMA on the daily. closing below this would signal another bearish sell off for next week.

http://i278.photobucket.com/albums/kk118/genmaster/silver081211.jpg

http://i278.photobucket.com/albums/kk118/genmaster/silver071311.jpg

2011 vs 2008

http://i278.photobucket.com/albums/kk118/genmaster/silver2008comparo.jpg

[SilverRex]

H&S spotted and broke down from the neckline this could fuel oil and close out the week in green for the stock market

http://i278.photobucket.com/albums/kk118/genmaster/dollar081211.jpg

[SilverRex]

h&s on gold as well could target another drop to 1680 or lower

[RX_EVOLV]

Any thought on this article that popped up on Google finance?

http://blogs.marketwatch.com/thetell/2011/08/16/beware-the-dreaded-death-cross/

I'm sitting on 100% cash again, not sure what to do.

[bitteeinbit]

Don't listen to gloomy blogs for financial advise... It's just a macd crossover (the one I saw, this one is just a ms crossover). I've seen a similar article somewhere, can't remember where. Take everything with a pinch of salt.

[997TT]

Bought 3 more positions today

TBE 1.78
CNQ 34.47 (Already own this..so just added more)
AVL 4.04

Was debating ONR as i'm trying to get into this on at open when it hovered aroudn $6 but am really trying to be patient and get this in teh $5's hopefully. Sure enough of all the stocks I considered its the one i didn't buy and bounced back the hardest. haha....now $6.50 as i type this. FK

[Hi-Psi]

Yeah I was going to mention TBE as I've been watching it for over a year now and it's finally dropped back to reasonable levels again.

Girlfriend has been picking up TBE, CAT, CNQ, SU, RGT, HAL, TCK.B and quite a few others the last 2 weeks.

I on the other hand don't like making money so I'm still holding onto my losers haha :zzz:

HAL just dropped 10% today, great time to sneak in on the cheap!

[Feruk]

Yeah ONR is definitely one of my favorites for this year. Hoping for $8 at least by year end.

TBE's a nice solid name. Been in and out of it in the past couple years. It's SO cheap right now, but it's also a boring heavy oil stock with only one play. All their other plays either came in under expectation or I can't tell if they have a big enough land position to make a material impact on the company. Good solid name, I think it's worth at least $3.50 looking at it's peers, but I doubt it'll get there any time soon.

[revelations]

TSX opened to a gap down.

I guess I was among those who saw the oriental markets tank last night and issued sell orders.

Expect similar trend tomorrow... given that the oriental markets are tanking, again.

[Mr_John]

Originally posted by 997TT
Bought 3 more positions today
AVL 4.04


Good company, I've been following this company for awhile and am waiting to get in soon as well. Planning to be holding them for a loooong time though.

[ZenOps]

Silver up 5.5% on the day.

Day traders wet dream. If they start hitting 8% per day swings, that will be the big sign to me that the fiat money system is completely dead.

[SilverRex]

interesting silver breakout touching off 44, as you can see how close the movements mirror my early july call on silver.

right now I can only suggest silver is in its bullish wave .iii sequence, with a 1 hour negative divergence detected, a chance silver should move into a small correction this morning. maintaining above 42 could give silver one more push higher.

critical support to sustain an aggressive assault now lies at 39.80, as long as silver holds above this area, expect silver to remain short term bullish, below this would bring silver back into a neutral stanze.


http://i278.photobucket.com/albums/kk118/genmaster/silver071311.jpg

http://i278.photobucket.com/albums/kk118/genmaster/silver082211.jpg

[Red@8]

Picked up some CNQ today.

[ExtraSlow]

Yeah, I've got a bit of CNQ, I figure at least it's a highly liquid stock and it'll be easy to dump when I want to start diversifying again into other things.

My NWE is a absolute nightmare of liquidity. Many days not a single trade is executed. I'm pretty sure most of that stock is held by either employees or other insiders who aren't actively trading the stock.

[SilverRex]

gold looking very corrective on the 1 hour chart, negative divergence appearing, should pull back deeper today

update: as expected, gold moving down
TSX is not out of the woods but if it can break above 12715 -12763 and turn it into a very obvious support, then the bottom may be in. Until then, patience....

[ZenOps]

Good call. Gold got kicked in the nutz, down $70.