If you want to listen to a person who has shown himself to have good instincts about day trading the markets, that person is Kirk. He has impressed me a few times with his intuition. I hope he is wrong obviously about a big selloff in KGC tomorrow, but I do respect his calls. And at the risk of sounding at bit too patronizing, you could learn a little bit from him as he is always a gentleman here, and no matter what he thinks about the markets, he shows himself to have some class.
I was not selling my KGC as a trade which had anything to do with thinking a bottom was in. Actually, I was selling the KGC as the mining stocks were disintegrating yesterday, and had I just waited until the close to buy into the equivalent ABX and EGO positions based on 50% on each side, I would have done myself some good. I wasn't thinking of it that way, and I am not that clever. It was a mechanical sell of KGC into 50/50 % allocations of the EGO and ABX.
I did the ABX and EGO buy as a straight diversification out of KGC. It was based on nothing but liquidating KGC and simultaneously buying into EGO and ABX to deconcentrate my KGC position. However, had i had the presence of mind to turn that into a trade, I'd have liquidated KGC and bought into EGO much lower as Kirk did. I wasn't timing anything when I sold KGC and bought ABX and EGO, I was merely rotating out of KGC and into equivalent quantities of the other two. I was not thinking of it as a trade. I bought the EGO at $6.33 and the ABX at $18.09, so as I found out about an hour later, I had bought right into a major selloff. It was bad timing.
Who can look at a chart of any miner or the GDX or gold, and not see a nasty nasty downtrend? But there is going to be a bottom somewhere.
Okay, so there is more to this story than you first led us to believe... You think people that are long gold are evil?
Few would mock and ridicule you, if you didn't post the way you post. You write "$$$$$$$..., INSERT EVIL LAUGH HERE, INSERT THUNDER AND LIGHTNING HERE !!!", and you expect not to get ridiculed? You present yourself as a 546 year old God of the markets from Scotland. Even that would be okay as humorous banter if it wasn't so mean spirited. Personally, I think your posts gives you horrible karma, if you are one that believes in that sort of thing. Your lack of humility and your endless boasting will eventually come back to haunt you. When it happens, I'd imagine you will disappear with your tail between your legs. Because no one, not even GS, Jim Rodgers, or John Paulson is infallible, and neither are you.
Ah, the forked tongue speaks again... Two of your posts from today: "As a matter of fact I enjoy watching their accounts bleed out...", and from about an hour ago, "I was just trying to help. GLTU".
Daabaadee, I suggest you just make money, and be happy doing it. This Board is not going to thank you for your advice in the vein in which you stuff it to them. For a guy that is trying to do a good deed, your posts have been extremely mean spirited. You speak with a forked tongue Daabaadee. Sometimes for a fleeting moment you sound like someone who purely wants to express his sentiments and learn too. I have answered to that Daabaadee. The rest of the time, you write stuff like "INSERT EVIL LAUGH HERE" as you seem to revel in the pain you sense others are going through long KGC. That kind of posting does not comport with your platitudes of deeply caring for the longs on the KGC Board. When you speak with a forked tongue, don't expect to get respect from the people here.
I don't need to her your personal life story, but I would like to know what you do for a living.
Give yourself a title. I am an airline pilot who was also a professional futures trader at CBOT. Trub is a retired investment banker. Kirk runs a dental clinic. Rich is retired from the grocery business. I can't remember if Tennis ever disclosed his line of work.
I have been very wrong, and you know that. You are the self-proclaimed trading genius, and so far KGC has descended since you sold out at $5.97. However, if you want to know my opinion, it is the same, I think gold already bottomed, and I think the bottom is around $1,275 in the near term. I think gold goes sideways to higher over the coming months. I have been very wrong, and so why shouldn't my wrongness continue? Nevertheless, I am in this for the really really big picture. If we do get a bump up in gold, I will be shorting futures or buying futures puts to hedge against my mining stocks portfolio, and I will also be selling bear call spreads in futures options. I almost did that today in the Dec $1,400 / $1,420 call spread, but didn't because I wanted to see a pop in gold before putting it on. Unfortunately for the longs, gold faded into the last 1.5 hours of the stock market session and the miners succumbed.
Daabaadee, what is your occupation? There is no reason why you should not be able to disclose that unless you work for the CIA or something like that. Most likely you are a regular Joe. So tell us what you do? I am curious how you came to be a trading genius? You have been on the Yahoo Board for over 13 years. Tell us a little about yourself.
Then Daabaadee, you have no reason to say your way of making money from having no position is a secret you can't disclose. Realize how weird it sounds to say that you are unwilling or unable (even stranger) to take a position yourself, yet you post here. Please don't tell me you have altruistic motives. Your posting style is that of pretending to be Highlander. Nothing adds up with you. The only thing I will say for you Daabaadee, and I continue to say is that your sidelining of yourself from KGC at $5.97 was indeed a smart move. You have not enhanced that move in any way in the better part of 2 months by reversing or buying puts, but the mere act of leaving KGC at that time was smart.
No Daabaadee, the market is the market because there are always two sides of an argument as to what happens next and in what timeframe it happens. How can I say you are trying to help the Board by offering your predictions? What would be the point? If you have skin in the game, you sure haven't been able to explain it to anyone, so really what is the point in talking around it? May I also remind you that on 9/18 when Bernanke announced no taper, and gold exploded to the upside, you were AWOL. I doubt we would have ever seen you post here if that rally had been the start of something. You resurfaced on Monday of the next week when gold and KGC completely retraced. Don't think your escape maneuver didn't go unnoticed. You haven't the confidence to take a position. If you are indeed acting on inside information somehow, that would be illegal, and why would you risk exposing yourself to prosecution if that is true?. I really don't understand your motives. You have said many times, the only actual trading you do is buying stock long. Daabaadee are you acting on inside information? I have enough connections in the business, I'll be glad to steer them over to Yahoo to get a handle on your IP Address, and investigate you. If you are gloating because you have access to some kind of inside information, and you just can't contain yourself from posting on Yahoo, I know some people that would like to talk to you. What are you suggesting Daabaadee? Do you really want to continue down this line?
Foolish or not, it is the rest of us out there with positions long and short that have courage. Get some skin in the game Daabaaddee, and then I will respect you for backing up your prognostications with your assets.
Short it, or at least buy puts, and then you will have skin in the game like a real warrior. I don't care if you are long or short, but you are neither, you are just a paper trader. You are leading no charge. You are on the sidelines watching the rest of the people long and short with actual skin in the game make the market. You are just a watcher and have no role whatsoever.