Looks like a great buying opportunity.!!
Maybe, maybe not. Depends on what Goldman looks like coming out of this.
Gary, hope your time is here. Did u invest in pm few days ago?
I still have plenty of cash left to put to work after the correction has run it’s course.
…but for PMs, a great buying opportunity indeed. The Goldman news is, if anything, positive for metals. They are getting whacked with everything else, but they will come back with a vengeance.
PZG is bucking the trend. I had called this out some time ago on this site. I think it is worthy of a little micro-cap allocation.-KB
waiting for indictors to rebound after the correction… waiting patiently…
Thank God it’s finally begun. I almost caved. Loving my cash balances today.
Gary, I owe you for the INTC call. Well done!
OUCH ! looks like Banksters are in trouble,ya know during the S&L crisis they put away a 1,000 high profile Banksters,and not a single 1 during this last melt down,….remember the name Keating & The Keating Five who were five United States Senators http://en.wikipedia.org/wiki/Keating_Five ,so also what scares Wall Street,is how much the Banksters and the Federal Mafia are intertwined….thats Poly-ticks for ya…..now what was that Market Fib Level again ?
Do you think this is the fundamental shift we are looking for ? Since Gold is tanking how to approach equity and Gold markets?
Just a profit taking event. The same as in Jan. & Feb. but probably smaller and quicker.
another 2% or so left to correct or you think this was it?
I really doubt one down day qualifies as a correction. I’m not even sure it’s actually started yet. This was a news induced move and they appear to be going to bring it back to 120 on the SPYDER’s to make sure the most options expire wortless as possible.
We’ll have to see if we get any follow through next week.
Gary, you know, they’re putting oil back on tankers–10 million barrels at the end of March, and now the contango is outrageous, bigger than the last correction that got 40 million barrels onto tankers.
I think this supports the price of oil at artificially high levels and aborts much of the correction we would otherwise be seeing.
More on oil–although the market is oversupplied at present, I believe they’re actually taking off the market more than the surplus–the equivalent of .5 to 1 million barrels/day more than the surplus, which would give us a price rise of roughly 13% to 25%. Basically they intend, it seems to me, to take it to $100, courtesy of Bernanke’s Monopoly money.
Do you remember those past aborted corrections and aborted head and shoulders patterns you talked about over the past year? All of these occurred in conjunction with oil heading onto tankers.
Right now we got 83.15 B.O.W.
Great chart to show how one day can wipe out 33 days of an uptrend.
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Once again, I would like to thank you Gary for taking one for the team this week. Your measly little additions early in the week didn’t anger the market gods. It was you brazen call to take your levels back up to bigger %’s that pissed them off enough to launch the correction. 😉
Miners look ripe to give the dip hopers our entry next week or so…GDX gap just begging to be filled.
Funny timing on the GS news on options exp. day.
The last correction came on the heels of tough talk by Obama on the banks, fears that Ben might not be confirmed, etc…Now we have our excuse to sell off a bit more.
Let me second Jayhawk’s sentiment. Kudos to Gary for angering the market gods. I think we should all sacrifice a couple of chickens over the weekend just to make sure we get that GDX gap filled. No need to take chances 🙂
Gary, exhaustion signal on the weekly charts eh?
Possibly. I would be more confident if the market had just rolled over naturally instead of as a reaction to news. And news that really has no effect on the market.
The quick drop on Friday on the GS news points to a high level of skittishness IMHO. I expect that traders will have their finger ready on the sell button this week.Of course, the buy the dip mentality doesn’t die quickly so we’re probably in for some volatility.
“The Goldman news is, if anything, positive for metals.”
Uh, no. Goldman is one of the biggest holders of GLD, and has their hands in all kinds of dealing in precious metals. This will not help any risk assets, and will help the dollar and bonds. I have no idea whether this blows over in a week, or becomes the dominant theme for the next several months.
“More on oil–although the market is oversupplied at present, I believe they’re actually taking off the market more than the surplus–the equivalent of .5 to 1 million barrels/day more than the surplus, which would give us a price rise of roughly 13% to 25%. Basically they intend, it seems to me, to take it to $100, courtesy of Bernanke’s Monopoly money.”
The closure of European air space is taking two million barrels a day (of jet fuel) out of demand. Don’t know how long that will go on, but it would become quite significant over time if it lasts (and it will push down spot prices relative to future prices even more while it does).
Still long dawlers short oil and flat ole yeller…glad i sold @ 1170…looks like i will look at ole yeller below 1100…just look…no shorting just buying on the next dip down…Go Buck!!!
Probably also glad you posted your trade $40 into the green. Timely.
He did post last week that he sold at $1170 in real time.
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