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Well this is too bad. Looks like the whole sector just got bombed around 2pm. Must be nice to be in on the playbook. Probably have to watch this thing struggle to regain 21 for a while.
Starting to fill that gap btw 21.30 and 22.65.
wow, somebody know something?
Next resistance level 20.76
from 4/16.
These Miners...
They're starting to remind me of Chinese stocks--this market just refuses to value them according to normal metrics, for a variety of reasons. At this point some of them should consider going private as the companies just don't seem like public investment vehicles anymore other than to short.
Gold Could Be the Star of the New Emerging Market Age
Some encouraging propaganda:
http://www.kitco.com/ind/Brecht/2013-04-26-Gold-Could-Be-the-Star-of-the-New-Emerging-Market-Age.html
Gold has simply got to get HOT again for these investments to pay off. Obviously the jury is out on this. It's got to be one of those things where the hedge funds accumulate and then start an information campaign to promote this vastly underrated sector, etc., etc.
Same old. They're just hated and no one to blame but themselves. Charts are looking good but it just doesn't seem to matter at this point in time.
Some support in the mid-18.90's.
Big gap from around 18.55 to around 18.85.
Looks like GOLD was simply targeted for take down today, sell in May, etc.
FWIW: Postive PSAR flip this morning on bounce to 19.36.
Interesting to see what happens now as it's been negative for the month of April, since the drop from 29.
Low 20's will flip it positive on the weekly where it's been negative since around 40 in Oct 12.
Oh yeah, and the MACD crossed over positive although it is WAY below the zero line but nonetheless, a positive development. It is actually starting to look like the algos have gone bullish as we have a weak market, lower gold, lower GDX, but ABX is getting buyers.
Barrick and Kinross Still a Buy: Citi
http://blogs.barrons.com/stockstowatchtoday/2013/04/29/barrick-and-kinross-still-a-buy-citi/?mod=yahoobarrons
More chart tidbits:
ABX has stayed above its 10 day simple moving average the last 3 trading days. Today it took off above on a (so far) white candle.
The RSI, for the first time in a month, (disregarding earlier in Apr when it was wavering for a week or so at the 30 level) has poked its nose above 30 and is currently at 31.18. I know it isn't much to hang your hat on but nice to see.
Hitting another pocket of resistance around 19.30. If it cracks that then 19.70 (the PSAR flip price) is next.
At this moment, it looks like the selling algos have taken ahold looking for stops and they're finding them. Be nice to stay above 19, I think that's about all that can be hoped for.
FWIW: 19 is a tough nut to crack.
Seems to coincide with the 14.67 area for POG.
Also a resistance point on the ABX chart from Apr 26. If this can break 19.70 that will flip the PSAR to positive after a solid month of negative PSAR. FWIW
After yesterday's move up we might see the RSI launching above surface at 30 for the first time in a month. Looks like the paper market is starting to try to catch up with the physical. Let's hope it stays nice and steady. Good to see it in-synch with the market to the upside with the dollar slightly weak.
Do you sell a stock when just the mention of its name makes you nauseous...or is that when you're supposed to buy?
Ughhh...what a true dog deserving of a hostile bid (not that anyone would want them with their problems).
FYI: Earnings and CC tomorrow Wed 24 April.
http://finance.yahoo.com/news/barrick-gold-corporation-first-quarter-203000003.html
Canadian Investor Frank Giustra Rotating Out Of Gold ETFs And Into Miners
http://seekingalpha.com/article/1360871-canadian-investor-frank-giustra-rotating-out-of-gold-etfs-and-into-miners?source=yahoo
The month of April has devastated this stock. 29 and change to 18 in less than a month. ABX has taken a comparatively larger extra hit due to their issues, Pascua Lama, compensation, debt, etc. Management has a massive job to do to try and turn around the stupendously sour sentiment surrounding everything to do with this stock and company.
Glad you were able to get out with minimum damage. There are a lot of people in pain from this stock today. Gold is down $52(!!!) as I'm posting this.
Pretty much all of the mining stocks are zombies at this point. One simply awaits the final ending thwack.
Boy, that's a good question. Look over at Yahoo Finance under GDX I think there is an article or two putting forward the "gold trade is over" scenario.
I think it's basically the street thinks that there is simply NO scenario for gold (war, inflation, societal collapse) that has sufficient energy to compel the world to fly to its safety at this point.
Whether or not that's true who knows. I think for the remainder of 2013 folks who own miners have got to hope instead for wall street to see simply an oversold, severely undervalued (by normal stock metrics, ie, many miners trading double digit percentages below book value) sector that, when all else has been run up and profits taken, hey maybe those mining companies deserve some attention.
But I wouldn't hold your breath as, for now, there's just no interest and the sentiment toward them is beyond terrible.
I was watching BNN the other day and there was some fund guy on there and when somebody asked him about IAG said, maybe in 2 years (!) it might get back to 9 dollars. He had sold the stock in Feb 13 I think. The more I thought about that statement and the action of this week I think that that may be optimistic.
I wish!!! No just a realist.
Oh yeah, he and it are that bad...
The miners (that are up) are only up marginally and the rest (like POS IAG) are down because the market knows that today's POG spike is just a one day wonder. Back to getting pummeled next week.
Actually when I look at the weekly it's clear: a MONTH of gains gone in a week.
Filled. Gawd what an ugly pug this POS is, really.... Let's see if the sellers'll smack it all the way back to low 6's or have they had enough. Basically what took 3 weeks to go from mid-6's to mid-7's took less than 3 trading days to give up.
Gaps to fill all the way back to 6.55. After that we'll see. With the market completely divorced from reality and on steroids though (and Letwin still CEO here), seeing this thing get below 6 wouldn't be hard to imagine in the next week or two..
True....on the weekly chart it's just starting to set up for a major rebound (doesn't rule out a failure, however, as this stock's middle name is....failure), in the short-term, obviously 5-10% downside.
Any time it's "risk on" for US stocks it's going to be sell gold and miners. This thing is pretty overbought anyway and it was bound to drop. It's probably going to retest at least the mid-6's as there's lots of little up gaps to fill. It sucks but let's face it, WHAT HAS CHANGED??? Letwin is still there. Enough said.
Unfortunately this one always fills its gaps. That means this will inevitably fall back into the low 6.90's (where it gapped up from this morning) and then from there, who knows. The market's excitement about a new mine and more Letwin cost cutting-speak, will fade very quickly.
Let's see...Cyprus parliament rejects Deposit tax, US market bounces and, wait for it, miners get dumped and IAG gets dumped 4X as much, yeah that'll work.
Thanks for the warning, seriously!
I had my complaints about Alphatrade but I guess I was living in a fantasy world (for several years w/APTD's platform--it was just ...there...) and I hadn't had much experience beyond the old Quotetracker and a couple of other proprietary brokerage ones.
If anyone finds a good provider pls post! Thanks!
Yeah Probably what you say. I noticed that the whole weekend I could log in so you musta caught it at just the right time.
Really? I go directly to TMX when I try to login.
Looks like the bots are taking the market green. OK Letwin, get your buddies together and ante up again 'cause she's going well back into the 6's this week.
Looks like Letwin finally stepped up and bought large in the open market, all under 7. Spent north of $300 thou CDN.
http://www.canadianinsider.com/node/7?menu_tickersearch=img
Alphatrade is kaput. Ceased operations as of Friday. Did you miss the emails from them? They went BK.
http://investorshub.advfn.com/AlphaTrade-%28fka-APDTQ%29-346/
Hate to say it but as cooler heads prevail and they realize the Cyprus thing will not spread, it'll be short the miners and gold, again, and continue to pile into the broader market on wings of monetary easing. You'll see 6's again, tomorrow at the latest. Too bad, as IAG is forming an almost perfect cup and handle. But this one defies ALL TA and simply goes down regardless.
Kind of sad won't be able to do my normal morning routine and my new Win 8 Pro/Core i7 system about as stable as ever with Egate. Noticed they charged a full month but only got to the 15th, but I know, BK, etc.
That leveraged buyout article is kind of interesting and one can only hope that it or something along those lines could be done here in short order. I truly can see no way that something resembling fair value is ever going to be extracted from the company for shareholders in the normal course of business.
Apparently these LBO's are considered by some, if done from outside, as intensely ruthless and predatory in as much as they use the target company's own assets (think of IAG's billion dollar war chest) as collateral. Maybe some entity is mustering its forces right at this moment. One can only hope.
Here we gooooooooooooooooooo...............