| Linebacker |
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Gold User, Member, TeleChart
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| Registered User |
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| Unsure |
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| Wednesday, May 6, 2009 |
| Tuesday, August 11, 2009 4:07:20 PM |
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QUOTE (Apsll)
Some traders (myself included) look at this rally as a correction and that a return to the longer term Bear markets is on the horrizon. Do not bet on any dirrection to deeply however and play what is in front of you now.
A definate possibility.
Don't be fooled by the date next to my name, I let my old account lapse and had to set up a new one. I've been a TC user since the 90's.
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My indicators show a pretty high probability that we're about to get a correction. I'll be doing some selective shorting. Possibly even a few island reversals if we get a gap down.
Oddly enough, oil and many oil service stocks look like a good short here also.
This rally has been a volumeless rally to say the least, if it does pull back I hope it serves as a good long entry.
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The dollar, I don't know. What symbols do you use for the dollar and euro?
Gold - that's another story, I watch it regularly. The dollar, silver, copper, oil, etc all look to head lower soon IMHO.
One would think the dollar would rally now, but my chart read says otherwise.
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And the volume just continues to dwindle.
Do this - put a 200 day ma in one color and a 5 day ma in another color on your volume bars.
It's just dismal. Makes you wonder why this market is going higher. Seriously, if there is NO volume, what is the driving force here?
I do not trust market makers and traders. One has to wonder if they're behind this.
I once had a good broker tell me they are all charlitans and theives. I tend to believe him, although I thought he was nuts at the time.
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All those past bear market charts proove is you can't trade the middle of the chart. You could draw your resistance line in several spots and be proven wrong after it was broken. It's sooo easy prove your current theory by finding old charts to back it up. This is often a deadly mistake. Sorry but those old charts with your resistance lines are meaningless and worthless and prove nothing.
While I'd love to believe this is the end of the bear, we have one huge problem that ben has failed to address. NO VOLUME.
A volume-less uptrend is very hard to believe.
I'm afraid once the summer vacation is over, and all the traders are back this rally may come to an end. Only time will tell. Then one of us can draw lines on an old chart to prove we were right.
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Why is there no concern for the lack of volume with this bull run?
No one, CNBC et. al. seems to be discussing this. Where the he!! is the volume?
Falling volume on a increase in price is just plain suspect.
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Getting ready to move to a new broker. Any suggestions?
Thnx.
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I know how to profit from Oil, how does one profit from the falling dollar? I know if you can find a suitable currancy, or you could buy gold, but I'm not sure gold is ready just yet. Soon, but not just yet.
BTW, Oil is something I am rarely wrong on.
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XOIL
DXYO
One's oil (duh) and one is the dollar. Both are pretty friggin scary. Dollar's ready to dive, Oil is ready to rocket, probably AT LEAST $75.00 a bbl.
Both make sense with the deficit ready to double over the next few years and the coming inflation from the massive spending.
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QUOTE (ben2k9) Nobody knows where gold is heading...just remember to take articles like that with a grain of salt.
Intuitively gold should rise, but the issue is complex as always. The IMF has the 3rd largest reserves in the world, and they want to sell a bunch of it now. India is a major source of demand for jewelry, and they don't like to pay more than $750 an ounce.
On the other hand, gold is very underowned from an institutional standpoint with central banks, foreign reserves, etc. Interest rates are probably heading higher (yields broke out in the past week) which favors gold.
I think gold will go higher, but in this game nothing is a given!
Agreed. My indicators are not as optimistic, even tho it SHOULD go up given the coming flood of Obamaflation.
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