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Market Vectors Junior Gold Mine Message Board

  • bayou04 bayou04 Aug 24, 2012 3:44 PM Flag

    And that's our bump

    Shoot -- I thought we were going to get more of a pop than this. As you can see this ETF ain't going anywhere. All the dumb money buying it up and the smart money selling them as much as they want. Flatlined all day. COT report came out today indicating huge short selling by the Commercials and typical buying of longs by the specs. Short this thing with abandon. I recommend DUST. (Actually I would recommend shorting NUGT.)

    http://www.321gold.com/cot_gold.html

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    • I don't think it's really apparent (yet) what's going to happen.
      The trend is down relative to what has been coming before it. I agree, it should continue going down, that's the direction.
      However we'va had a very bullish technical event paired with positive sounding news from the Fed over the past week.
      The resulting overbought condition needs to be worked out.
      It will either fall quickly, or range till the market catches up with itself. Many will panic or get bored and sell when this event begins.
      We need to watch what happens when it begins to correct. If it goes down quickly, we have to see where it stops and with how much vigor it gets there.
      For me it's too soon to tell what's going to happen. After the next move, I personally feel I may have a better handle; I'm wrong alot but not always.

      My bias is that we are due to move up; this is the first time in months we've had a meaningful challenge to the (secondary) down trend and that gets my attention. I would not yet go short if I was day trading.
      That's sort of what I think and hope,-- but it's going to be alot clearer by mid next week.

      • 1 Reply to jiminy539
      • Bayou- not sure if you're being disingenuos, but you must know that COT numbers are relatively meaningless unless the current state is compared to the historical levels of long and short positions held by the various participants (although the commercials and speculators are most helpful). Can you tell the folks how the commercials' (who are the most well informed market participants) current position compares to historical norms?

 
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