Comments on: Intraday Commentary ~ 11/20/2009

By: 3min

3min — Mon, 23 Nov 2009 06:09:23 +0000

The market won’t crack until the bears stop claiming victory after drops. It always works that way. We are getting closer.

By: JON

JON — Mon, 23 Nov 2009 04:47:21 +0000

This guy sounds like Palladin!!

By: Goingtoretireoneday

Goingtoretireoneday — Mon, 23 Nov 2009 03:10:42 +0000

Thanks for the advice Morris, I appreciate it, and I thank you for the good luck wishes my friend, I wish you the same and hope you make a lot of money this week.

Yes, I did have a strong feeling about a correction on Monday the 16th and was absolutely wrong. I was even more sure about Thursday the 19th as you mentioned as well, and was good as gold on that day. However being 100% short for 4 full weeks has ended up netting me zero and being down 2-3% so I definitely have not proven to be much of a prophet, that’s for sure.

I know things could go either way, but it just seems that there’s so much more risk to the downside, as well as so many indicators showing the rally being so overextended, that I really strongly believe we will have a pullback very very soon. If it goes the other way on me or just chops around for the next several weeks with me holding all positions, it will have just been an exercise in futility, but I want to hold tight for a while longer, and feel it will seriously pay off.

Tomorrow is very important however, and a close seriously in the red wouid make me feel a lot more comfortable, for sure.

By: Goingtoretireoneday

Goingtoretireoneday — Mon, 23 Nov 2009 03:04:06 +0000

Thanks for the Advice Paulie, I appreciate it. . I’m down about 2-3% on my positions, so its not too bad.

By: jb

jb — Mon, 23 Nov 2009 02:48:58 +0000

So, I bet you were the guy saying the market was going up in Jan ‘09…

Just babbling bullishit without back up…

By: gunsgutsgold

gunsgutsgold — Mon, 23 Nov 2009 02:28:09 +0000

now 1163.4 World spot price

By: Paulie M

Paulie M — Mon, 23 Nov 2009 01:47:15 +0000

Zee, retireedguy, etc. Market up huge in futures (every weekend survived without an attack by
nukes or hordes of locusts taking over earth is seen as a reason for rally).
Gold up $16 in spot market silver up .55.

so much for the cycles theory, when we go up its up forever, when down its down a dime
on miracle recovery.

Even the yes vote for healthcare and explosions on 3 mile island cannot contain this BS as
the market rockets ahead to dow 16,000.

The cycles seemed to have worked for meltdowns at 3 mile island and bolshevik uprisings
in the senate. . . . but even that not nuff to overturn the bull run on greed and bubbles. An
invasion by cuba would result in a mega rally as the war needed got delivered.

Cycles, schmickles.

By: zee

zee — Mon, 23 Nov 2009 01:10:48 +0000

It’s impossible have a MAX DD with 50% of your money with UUP. No third party fund supplier would look at any portfolio with drawdowns bigger than >20%. If you’ve really worked in the trading industry you would of known that. I’m trying to start a fund.. I’m pretty serious.

By: gunsgutsgold

gunsgutsgold — Mon, 23 Nov 2009 00:45:18 +0000

Certainly gold looks ripe for a correction, but bull markets always look ripe for a correction, but seldom give them. As you have seen lately, gold is not just rising from the falling dollar anymore, it is now also rising from global buying and demand, and rising in other currencies.

A very large inverse head and shoulders pattern, almost 2 years in the making, and breaking out at 1024 or so, is a very powerful pattern, so technically gold can easily reach 1250 to 1300 or so VERY easily, possibly without any correction at all. Emotions and other numerous circumstances can send it much, much, higher.

What if many more contract holders demand physical delivery, and much of the gold contracts have actually been sold naked? Yeah it’s supposedly illegal, but since when has that mattered? You know ABX seems to be in a mad rush raising funds to cover their gold hedges, those very large hedges that have helped keep gold prices suppressed for so very long?? Is there really enough physical supply?

What if just a fraction more of the world’s poulation decide that it is wise to hold just 5% of their net worth in gold? There’s not near enough gold. I’ve always said that everyone should hold at least 5 to 12% of their net worth in gold as an insurance policy only. My holdings go MUCH higher than that, but then I am a believer.

I would be very afraid to NOT hold gold, let alone sell it short, but thats me. Morris you do very well for yourself, so I am hardly qualified to give you any advice.

Some morning it’s possible to wake up and see gold has jumped 10, 15, 20 percent or more. Or worst case, if you wake up and find virtually all the world’s available physical gold has been bought up as you slept? DZZ would become totally worthless? Yes you might get the correction you are looking for, but if I were you, I wouldn’t push it very far at all, as alot of folks are looking for the same opp to buy, as you are to buy back your short, IMO.

Gold now at another new record high at 1160.70 USD.

Gold Price Change due to Weakening of US Dollar +1.40
Gold Price Change due to Predominant Buying +7.40
Gold Price: Total Change+8.80

By: buddhabill

buddhabill — Sun, 22 Nov 2009 23:47:55 +0000

another bear trap Monday.

The market will eventually dump, but I believe it will require a Black Swan of some sort.