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I have heard the same comments as we move forward into the end of the month chi chi . I will like oil a lot more if it can break that 70 level and build a base .
PST
That is very hard to do , in the past I have found myself buying stocks high and selling them higher. Getting out of that habit is very tough to break, now I am learning not to play everyday and just learn to sit it out. In the years past , I could buy big blocks and buy emm high and just sell emm higher . Now, this is a different world, this will take time to truly understand how the markets rythm works and how momentum can be played effectively. It hasn't been defined yet what this is a bear or a bull , I guess we will need to look back over the years to really find out , however my gut says even if we do get some magically bounces , long term there will be lots of trouble .
mj
I think we start to roll over next week and into opt exp . I wonder how the news will be taken by the markets re Greece , I understand it could be worse than Argentenia was .
Good evening
Something off the subject of the markets , came across this , as an animal lover I appreciated this video . I figured there could be some move up in the markets, however in light of the fact there was no follow through from yesterday I went all cash and have no immediate plans on going back in now. What do they say , don't fight the fed ?
PST
You around tonight ?
I just thougth I heard CHINA rattling their saber ?
GTS ,
Some great posts !
Thanks
Mike
If this was true could be some interesting trading coming at us ?
http://www.cnbc.com/id/35253845
Chi this says it all, with some rhythm !
PST
You ever follow Helene Meisler or heard of her ?
PST
When do you see us rolling over and back down ? From the techs I have been reading , they say there is a good chance we stuggle here into later part of Feb , then do the dive . My own thinking is , if we get a selloff on Friday maybe by Monday we could have a tradeable bottom in .
Sitting this one out
PSTOFF you asked for it !!
Anyone in for a little humour tonight and get away from all this serious stuff ?
PST
I don't think gs is going up that high, however you never know. There must be something up that nobody is talking about to cause all the buyers to run ( wonder if its the numbers coming out on Friday ). Only dum money nibbling here imho , I am hearing 1115 1117 is the place to go dark. I am blown away how everything is wallowing and they still keep throwing money at it . The big ones like X and the likes are stalling yet the volumes are large. It will sure be nice to finally see a market that can be understood a bit better. I take my hat off to you on your call on the SPY.
Cheers
Mike
Somethings just get better while others .
I thought this was well done !
http://www.brasschecktv.com/page/799.html
Chi
I have a feeling they are now waiting for enough dum money to come in so they can pull the rug out from under it. Furthermore once they break 10k , all hell could break down . What we have seen today is spikes on low volumes imho . I think by Friday / of Monday this week or next , we could be looking at a different market.
Chi , you seem to have a good feel for this old market . Yes , they were small, howevever, when you are playing commodities / banks, even small positions can give you pain. I have learnt, now to go even smaller, which will produce less blood hopefully in the future as many on this board have alluded to , learning from previous trades is what its all about. As far as the overall markets , I am not the least bit delusional about where we are headed. I had hoped to go large and short when the dum money finally starts to come in ( I figured that might happen once we get a big enough squeeze ). As far as the smart money , I think a lot of its sitting waiting for 840-860 or lower. For the time being I am now waiting for the squeeze to come and then get out of my positions and hopefully higher prices. However , after mulling it over this weekend I realized the U.S.dollar imploded without very many reversals on its way down , so unless things turn fast I may have been caught , frankly speaking going into a Monday after the close we got on Friday , would make anyone go short , hopefully to many have done just that . How is your hip after your surgery now ?
Cheers
Mike
I take it you are flat chi chi ?
Btw, how is your hip ?
Best regards
Mike
AM I THE ONLY ONE LONG ?
Well, I have been paying good money for sub and they have been telling me we are going to have a rally. However , so far it hasn't come. All the time they were publishing this I am sad to say I found out the editor was actually short ( they have now covered ) . Whatever the case , playing a bounce is or can be a dangerous game, especially when you know in your gut what is going on my only saving was I used small positions.
Next time I will hedge myself .
I read Cramer is very upset about GS getting all this bad wrap lol . I don't think many small investors feel that bad . First the upgrade to conviction list, then soon as they get everyone in , they take it off their conviction list , i.e. X .
Chi
We all need to check on Fitz track record, I have and wasn't that impressed , actually it was @*&$&*$&@ . He charges a big buck as well in my opinion , just some overview . This could have changed from what I saw, that was 5-6 months ago or so .
Cheers
gtsourdinis
You been buying on this pullback ? I have been accumulating some div paying stocks and material stock on this pullback . If we can't get through 1160 I will dump all of it or if we break 1080 I may consider dumping as well .
Any thoughts ?
PST
So whats your plan with this pullback . I am considering adding to my energy picks. I am looking at PWE , however , if the u.s.$ is really going to take off, it might be more prudent to wait this out for a while ?
Thoughts ?
PST
When it comes to common sense , I think we can throw that idea out the window in this business. I personally think the govt has setup a scenario which will play out very ugly in the end . Meanwhile, there are fish to fry and from what I see, this is setting itself up much like the days of the tech bubble. I know how to spot that lol, I was one of those that got out of QCOM when it was trading at over 700 per share lol .
Cheers
Pst
You make some good comments, however , investors / baby boomers are DESPERATE for income. I was in the mall today, ( I have 35 years of retail experience ) , things are not good , people are not spending from what I can see and retailers had discount signs everywhere. My point is , I believe the current market is more DESPERATE and pathetic than the previous top we had Where are the retirees to put their money ? In my country they can get 2% if they lock it in for 2-4 years, pay the tax do the math ? Compound that by the fact the federal govt just came out with another tax which will mean to ""SUSTAIN"" the current level the average family will need to earn an additional $4500.00 per year. People now are being forced to seek out a income trust or a bank stock or one of many other "risk" equities and "hope" to do better. Well, from the looks of the 20 trusts I follow ( mostly energy / realestate ) they are all busting up to the upside. Everytime I sell them I find myself going back in at higher prices. The worse things get the more people go to towards this type of vechile . I gave some thought to the VIX and other overbought indicators . If ANY of these indicators were capable of working, how is it we got caught in that last crash or why didn't some of these guys who are saying we are now going to implode for the big 10 % , why didn't they call that crash ? Bottom line, I feel the market is more dangerous than ever and its just a matter of time, however , that fear is the catalyst that is pushing up some sectors , (especially the income generating ones imho ) .
Cheers
PST
One of my major concerns is the fact that everyone is now calling for a pullback. I remember the market got way overextended and they were calling for a pullback earlier and what happened. I think that's the reason why this market is so hated so much currently. After doing some more reading over the weekend I went a little long on the cdn side, will keep a close eye on it . I think the banks this week will possibly tell us how to play the short term . I read one post and he said the market goes up when there are more buyers than sellers lol , don't matter what anyone says lol .
Pstoff
I like your call on refiners , however I personally am backing off of commodities here . Thanks for that GRU ,will now keep an eye on it for agu stocks ( which I recently sold ) . Interesting times and for me a very difficult market to get long at this juncture . I think we need to see some pullback a min of 6-8% , I will be keeping an eye on steel stocks to see that happen. Even then, I would like to see gold closer to the 1000 level before getting very serious about the entire market.
Intersting post re: gold and trading techniques
http://hardrightedge.com/daily/
Pst
Thanks for that chart, I have been doing okay with energy trust lately . Seems the masses are really desperate for anykind of income and they deliver 7-10% annually . However, in many cases they will be making some "changes" to their business models due to govt legislation . When that starts I expect some sparks. Now that I am backing off of them I will need to find some other area to play in . You see anything in this market that has caught your eye ?
Check out COIN , ( not a recommendation to buy or short ) . I think the entire agu sector is going to pullback as well .
Best regards
GTS
Thanks for that post on energy / oil , I am taking it off the table from here and will wait it out. I am hearing some pretty good TA people saying its now time for a pb, possibly 8-10 %, however as we know , nobody knows .
mj
Anyone have anything on USO or OIL ?
Thanks for any assistance .
Chi
Good to hear you are in the right frame of mind. I have heard its best just to take it easy , don't push it to much , however you still need to make " some " effort .
All the best
Mike
Anyone like pot / agu down here ?
Thanks
Chi
Take care of yourself, you are the best ! stay cool as the kids say !
Mike
Chi
A good friend of mine just had that operation and after some pain he seems to be getting some gain now . We were out with him and his wife just a week ago and I was watching his foot work on the dance floor . Very impressive , so hopefully your will go smooth as well . Just take it easy and build slowly , I have heard the key is not to push it too much.
Mike
Chi
Interesting post , seems a lot of people are calling for oil to fall apart from this level . Would you try a long play from here or wait ?
Thanks
Mike
Chi
Where do you think oil ( price ) can settle itself at ?
OIL ???
Can anyone tell me why oil is rolling over ?
Thanks for any comments