Yep Blues Trader not a good situation, it is gonna be a long hot Summer across the board. Need to prepare mentally, physically, financially and spiritually. Peace
I am getting in too on the short Russell trade tomorrow I think if the markets up at all. Things are looking pretty down cast. Short Russell/Buy Silver & watch your cash levels in the banks very closely. Rough water rapids ahead.
Sorry to hear that Dickie, my condolances. He was a great player and a good role model for the game.
Wow! Geez Lefty that came out of left field, pardon the pun, gonna miss you. TJ said so too but his 1 week ban is still in effect. I don't want him falling off the wagon cause he is downing them beers as we speak. Good luck to you in your new venture. Come by and see us from time to time. :-((
Sunshine & Traderjax
rooting for you Fester, my first instinct with UVXY is to take profit when it flashes green, that thing reverses hard most times usually on the first downturn for a rising market
Good morning Mr. Dribbles, he said he was going to upgrade today to some specialty beers and he offered to grill some BULLSTEAKS tonight. Ha Ha
Uncle TJ in a good mood this morning. I told him to stay away from the chat boards for one week. He said something about the trip wire. He studies charts a lot, real boring analytical guy. ME? I fly by the seat of my pants content in knowing the Fed has my back. I will BTFD. Happy trading.
That's okay boys, I got it from here. I got Uncle TJ settled down and resting now. He gets agitated from time to time. Oh, he means what he says but sorry for all the chatter. Its gonna be a lot hot Summer and I got my handsful. Pray for me...ha ha
I like his enthusiasm and his passion but his Cassandra siren song falls on my Bullish deaf ears and Dickie is with me on this too. I say BTFD, Don't fight the Fed and the FED has your back. And yes we are the best house is a bad neighborhood.
-Sunshine in Florida
GDX at 50 month SMA resistance area and major resistance area on the Monthly chart at $27-$28. On the weekly hitting big resistance at 200 week SMA, HOWEVER this is 5th serious attempt to break it and the most encouraging as it is the first week to be above it at mid week. The final story should be very soon on the direction. A USD rally is still possible at anytime and Yellen may want to create the Headline so that the ALGO HFT soldiers set it in reverse which would be a little damper on the CRB Golden Croos and put an additional headwind on stocks getting too far ahead of themselves...thus the positioning in the UVXY right now. It is prudent to trim the sales a bit right now with Gold stocks and await a verdict, otherwise flip a coin as its 50/50 either way.
After much pondering I am willing to bet that gravity starts going to work. GLD looks like a possible Head & Shoulders and GDX looks like it could go back down to complete an inverse head and shoulders, both on the Daily charts. Neither is fully extended but we have those nasty Gaps that opened up.