Got in UYG at $5, prolly will get out at $6. No more major drops but dollar will make a slight comeback I think. Cxbby!!! You're GLD call for buying at $100 was nice. Wish I had gotten in. Maybe I'll go for it if the dollar makes that comeback I'm hoping for.
now that natural gas shoe has dropped with exxon/xto, which one of the other independents will get bough out? devon, anadarko, chessapeake....
What are you guys' thoughts on gold now? I've made out pretty well these past couple of months, but am nervous. I'm about to sell half of my position and am contemplating getting rid of the all of it.
My gut tells me gold has reached its high for the next few years, and you'd be better off investing your gains somewhere else. Something about the dollar getting stronger or something.
I actually work on the Precious Metals desk at the firm here. I think we test 1000 on the spot gold price and then we resume the uptrend. If you can't handle the drawdown best to sell now. I know all the big boys will be loading up at around 1000-1030 range. The main obstacle gold has at this point is the strength in the USD. We are seeing a mammoth short squeeze on USD bears and I believe it will only go higher from here, as it seems to have put in the long term low here. The Fed statement the other day was the catalyst the greenback needed for this move. I'm buying USD at this point, and short commodity complex.
Since this thread and the TA thread have lost some interest in the past few months, I have not updated my gold trade in awhile. However during this time I have been corresponding about it with Mango through email. Here are my latest calls, and the last one being today. Dec. 1 Dec. 4 Dec. 9 Today, 2pm I would rather we close near the highs today to put in a decisive bottom, however it doesn't look like we will quite get there. We shall see how tomorrow plays out. This would be the 13th day of the sell off, I believe a short term bottom will be put in any day now, if not today. Good luck.
How did you get the 1070 support level from. Long term trend lines, Fibonacci, support/ resistance, etc...? Care to share a graph?
Support is at previous highs, which is right about 1070, or 105 on GLD. Today we were inches away before reversing. I do not like the way we are closing so I would like to see some follow through tomorrow. What is important regarding pattern recognization is adapting to the trend. ie. Just because the 50sma or 200sma are classic supports/resistances does not mean it will be the case every time. However, something as simple as a previous high, which may not be relevant in many cases, is indeed proving to be support lately in Gold. This can help us in identifying a true level to bounce off of, as opposed to widely followed marks such as whole numbers 1100, 1000 etc. This was the case when we first broke out to the upside, and everyone was watching 1000, when the true level was already broken on massive volume around 960. 1000 was merely congestion. Now too many people have their stops at 1100, which nearly guaranteed a breach.
Just opened a scottrade account. Looking to invest should the right opportunity present itself. Does anyone know of any forums / websites to research? I need to know what ratios, multiples to look at when picking the stock and also any other relevant info. Thanks
I have some shares of AAPL, I'm thinking about doubling up soon. What do you guys think? They have a major announcement (tablet?) on the 27th of this month. I'm also looking at MTL (Mechel OAO), but the recent runup is scary.
horrible week equals opportunities......watching GS, TM, PCU, AAPL, GOOG, AMZN....probably more correction next week.....
Probably a bounce next week, will be the last chance to get out. Looking for a minimum 50% retracement of rally from March lows, which would bring S&P to 925 range. Not sure if we will make new lows, will reevaluate as decline unfolds.
Even with the Market Up nicely overall, the Financials Sector isn't participating. Reexamine your Stops and put some in place if you lack them at the moment.
Question about capital gains tax. Say you buy 100 shares for $1/share. In 6 months, the price doubles to $2. If I decide I want sell 50 shares just to recoup my initial investment, how am i taxed? will i not be taxed because selling 50 shares at $2 nets me my original $100 which is basically 0 profit? or is it the difference in the price per share, 50 shares at $2 minus 50 shares at $1 (original buy price) which would equal $50 profit?
LOL...please, i wouldn't even think about messing with the IRS. I just needed clarification. Just started really investing in December. Thanks.
