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OT /// IAC: there's a word used for you big rugged types - "Clydesdale" - but I stopped using it after seeing professionals like Tom Boonan (Quickstep) and the recently retired Magnus Bäckstedt (Garmin/Chipotle) win races in the most improbable circumstances - and these guys are big with Boonen at 6 ft 4 inches and Magnus is even bigger and he's well over 200lbs.That said, they both suck in the mountains, but they're both fantastic riders during the spring classics.
...and from what I can tell from your online persona, you have all the grit necessary to make us skinny f*ckers nervous at a race.
a good answer when your kid asks you if Michael Phelps does drugs?
You can tell your kid that cannabis is a plant, an herb that been used for centuries if not for thousands of years, and was only banned recently for political/economic reasons and mainly to justify a police state.
So don't smoke it because ol'mary-jane dangerous, it's not, you don't smoke it because the government is insanely corrupted and out of control. If it even suspects that you're a user, it (the government) will send a swat team over to your house, kill your pets, taze you and your loved ones, destroy and then confiscate what's left of your property.
That's why we don't smoke the herb.
I'd say buy a bicycle and we'll go for a ride together--but you're too fucking big--and I'm too cruel--you'd be taunted 'til your heart pops.
take care...
btw, I forgot... tomorrow is Friday, I expect a reversal of sorts because of that damned black candlestick on the GLD--I expect the 9-day MA to hold up, with Monday as another bull day for the metals.
I'm thinking by the way we're closing, your $950 target might just happen tomorrow.
so get your list of favorite juniors ready.
XSP - a daily look at what seems to be a massive area of indecision:
XGD - an hourly look at what seems to be a massive area of indecision:
lol...yeah probably, my guns too.
yes, giant snakes--my biggest reason for being long gold.
commentary from Custom House
Russian Debt Downgrade
Perhaps the most significant news out of Europe this morning was the Fitch downgrade of Russia's long-term foreign and local currency Issuer Default rating to BBB status. Russia and other eastern European countries have been hit by massive outflows of investment funds of late, and the downgrade will likely add to their problems. Russian debt is now just barely above minimum investment grade status (BBB-), and the government is being forced to sell its foreign reserves to protect the currency and absorb excess rubles from capital outflows. The Russian ruble has fallen 34% since last July, while the central bank's foreign reserves have plunged from $386 billion down to $210 billion. As Russia and other eastern European central banks hold much of their reserves in euros, of course, the euro itself has been under a significant amount of pressure, this morning falling about 150 basis points.
yes it has...nice to see that you're still around.
take care.
one more chart before the close--one word--consolidation--an orderly consolidation on an hourly chart
note the symmetrical triangle--I'm thinking gold stocks are taking a breather for the next up swing(...?)
I'm betting it's UP.
actually gold is recovering nicely (jinx...?) going into the close -- the XGD is now trading below the 9-day MA so I wouldn't buy it here, but the SAR is still nicely below so until that breaks... the best thing to do at the moment is nothing.
...again, we're on the same page.
However <vbg> I'm not going to bother with annotations, but the two last candlesticks, unless its data errors, those kind of wide swings are indicative of a top.
you can tell I've been away for awhile--don't recognize most of the ticker posted on this thread.
oh well, I guess I'll learn.
as for droughts, (...or volcanoes and earthquakes) I'm not so sure a person should manage his/her portfolio in that manner.
What does matter is the chart, and the T/A is horrible, it broke support today and it's being led down by the CCI indicator--which IMHO is key. I wouldn't buy it now until I see the CCI around -200 (or more) -- with the CCI at full cry, it's the only time you can rely on a candlestick reversal.
That said, with a sleepy ADX, this chart may become "dead money" at best, because I don't see any trend, up or down.
AVOID.
DZZ...?
I wasn't aware of that fund...but I'm not surprise it exists.
I use Horizons BetaPro ETFs -- a terrific way for Canadians to play the markets and they also trade with a x2 to the markets --that said, I do wish they were more liquid, which means you have to be aware of the slippage.
K...I'm in the middle of something...I'll chat with you tomorrow--take a read of Mostly:Classical and I'm sure you'll have a good laugh of some of the things I've posted.
take care.
hey K... lonely...?
you're welcome to pay me a visit...
the RSI was as it's worse in September--and if we're only to use the RSI to guage today's market action, then we are no where near "oversold."
another look at the XGD using a different set-up:
Note: ADX is finally above 20 and the RSI is still, oddly enough, NOT overbought.
delinked.
the hourly on the XGD is rather scary--but the daily is still intact with decent amount of momentum--a great example of when to trade using indicators and when to trade using moving averages.
I'm still long Anatolia--essentially sitting on my hands and letting the chart pattern itself work it's magic without being unnerved by the volatility.
it's also showtime for the general markets...the month of January totally sucked which is significant not only by Sy Harding's "Seasonal Timing Strategy" but by the very fact that we have a new US president that's seems to convey hope, not only at home but for the entire world.
...and the markets won't rise for "our" new messianic leader...?
I'll also add that the (non) performance of the small cap sector is still telegraphing more bank problems.
not good, neither is that downward sloping 200-day MA on the S&P500--if we don't rally back up this afternoon...that symmetrical triangle we've been watching is really nothing more than a continuation pattern for more downside.
here lemme answer my own question...
...are we about to see a series of $100 up days...?
yes... but small cap junior stocks will continue to be sold down.
[sigh]
Alaskans brace for Redoubt Volcano eruption
http://www.google.com/hostednews/ap/article/ALeqM5hcWJaxwgurm_TV9AVcObQBWbS25QD961D1MO0
Small earthquake rattles south coast of B.C.
http://www.cbc.ca/canada/british-columbia/story/2009/01/30/bc-earthquake-seattle.html?ref=rss
incredible strength in the spot price of gold...are we about to see a series of $100 up days...?
all I can say (while watching the POG shooting through the roof) is "holy fuck!"
the shit must be hitting the fan somewhere--but where...?
...when...?
...is when now...?
[gulp]
after getting stopped out this morning from my gold (stock index) short--I was a little too pissed about buying the index long -- so I quickly scanned my watched list and went long on Anatolia Minerals (ANO-TSX) and a few others, but the overall action in the microcaps, even on a great day like today, still sucks a little too much for me to be a roaring bull but charts like this cannot be ignored.
Check it out:
what are you, a freemason...?
...agreed...I annotated this one a couple of days ago...S&P500 in C$
S&P 500 Forming Head & Shoulder Pattern?
hahahaha....!
it's more like one step forward, two steps back within a symmetrical triangle...despite the grotesque action, it isn't time to head for the hills, not yet anyway.
tough market, it'll nickel and dime you to death--like I was short gold, and short with a nice profit, but after the first hour this morning I was stopped out and was left with a tiny gain--it's like I'm sitting here chained to my computer for less than minimum wage.
sigh...
O/T -- with procycling you can find links via www.cyclingfans.com for live race feeds and podiumcafe.com for the inside scoop...what's great about watching procycling (from Europe) is that it plays out in the morning (here in North America), which is a nice escape from financial BS in the media, and your not driving your family nuts with mindless sports on a week night.
...watching TV on the internet?
yup, mostly sports--specifically cycling, which isn't readily available like other sports. I also spend a surprising amount of time at youtube.
S&P 500 Forming Head & Shoulder Pattern?
http://www.ritholtz.com/blog/2009/01/sp-500-forming-a-head-shoulder-pattern/
I guess it's either break-out or break-down--we finished above the 9-day EMA, first time in 14 days--SAR is still just above, I expect this to be broke tomorrow and then I might, just might take a long position here again.
Long Term Dow 1901-2009
http://www.ritholtz.com/blog/2009/01/long-term-dow-1901-2009/
most investors are normally on the wrong side of the trade in these highly volatile markets...I for one would love to see the markets trend for a change...that would put us all in a loving mood.
have another look at these tickers:
dml.to
uex.to
uuu.to
u.to
either no one cares to sell them down anymore--or these little pigs intend on taking flight.
I guess we'll have to see how the DOW handles lunch break--we've lost support in the hourly but I wouldn't be surprised to see it rally into the next hour.
here's my simplistic look at the hour--note the SAR has been pierced, which more often than not starts a ST counter move--no support on the daily--so if this fails going into the last hour--cash up into the close because tomorrow is, well, just another day.
yeah... I'm thinking we need to be long--oddly, I'm seeing more opportunities in the Canadian markets--so we have another divergence on this thread. <vbg>
see you tomorrow......I'm outta here....!