Tuesday, February 23, 2010

UNSTABLE VITAL SIGNS

The consumer confidence numbers today albeit brushed and polished were still ugly. We are on life support and will remain there until the plug is pulled. We are hemorrhaging from a thousand cuts and a couple sword slashes and a battle axe to the head. More simply put the wounds are mortal but thanks to our trauma surgeon....the Fed...we are still breathing.

The real question for investors and those of you with longer term retirement accounts is how long will the market convey a pulse and blood pressure. In other words can I get the my organs out of this patient before he dies. My metaphors are so mixed that my message is lost but WTF. We still have time before this market really tanks for good....thats all.

Today signals what I think is another leg down. Vix is spiking and all the indices I looked at last nite were showing very bearish signs of turning. Negative divergences on several critical indicators with pathetic volume on this last rebound all point to another leg down that confirms Walayat's article yesterday....look for 1040 next week. Then we will review. Right now holding my miner core and some shorts....but half cash......waiting..plus OIL did not break 80 and confirm...DTO

Nice read on silver today...

http://news.silverseek.com/SilverSeek/1266934059.php

15 comments:

  1. Analyze,

    The 20 EMA on S&P so far has held, I like to see it goes below that, let's see what happens. I am enjoying DTO today.

    joe

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  2. Agreed, none of the important indicess have broken that level, danger of a ponzi bounce back if it holds. We shall see. - Analyze.

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  3. TXB,

    Are you shorting Gold? Good day for DZZ.

    joe

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  4. good for zsl, too. Joe and Kli, this is about the time last year I started buying the miners, but we are not there yet, agreed? -sis

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  5. Did you all know?

    http://www.youtube.com/watch?v=cL9Wu2kWwSY

    Jim

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  6. An Indian walks into a saloon with a shotgun in one hand, pulling a male buffalo with the other.
    He says to the barkeep: "Want coffee".
    The barkeep says: "Sure, Chief. Coming rght up". He gets the Indian a tall mug of coffee.
    The Indian drinks the coffee down in one gulp, turns and blasts the buffalo with the shotgun, causing parts of the animal to splatter everwhere and then just walks out.
    The next morning the Indian returns. He has his shotgun in one hand, pulling another male buffalo with the other. He walks up to the counter and says to the barkeep: "Want coffee."
    The barkep says, "Whoa, Tonto!" "We're still cleaning up your mess from yeserday." "What was that all about, anyway?"
    The Indian smiles and proudly says: "Training for position in United States Congress. Come in, drink coffee, shoot the bull, leave mess for others to clean up, disappear for rest of day."


    Jim

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  7. Nancy,

    We are not there yet, wait and see especially with silver. Miners have not bottomed yet, you will see up days and down days but bottom is not here yet.

    joe

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  8. Nancy,

    Once this correction is done, and GS brings enough shorts and squeeze starts again, you want to have SGY and PBR. Oil and natural gas from seasonal perspective do well between March and June. I like to see oil test 70/65 since from there they will squeeze it to 90 before another retracement. I want to see SGY and PBR take a real beating in short term before entering to play the long side. This yr is trading yr.

    joe

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  9. Anyone follow Maund here? His last report was bullish on PMs and miners. After a pullback, he sees things moving much igher.

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  10. Anon,

    I do not follow any one, I read maund and others to see if what they say is in line with what I want to do or not.

    joe

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  11. By the way clive maund is not considered a true gold & silver expert, he is mainly a PM chartist.

    joe

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  12. thanks as always, joe. having trouble changing my mindset for trading, but appreciate your reminding me to stay sharp! best, sis

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  13. IMO miners have at least a leg down on the charts watch the 5/15 dma on $gold.....watch for move over 15 AND confirmation.....for next buy.....Many of the traders use the 30/60ma on GDX for next move up.....

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  14. Now come on Kli you should know by now that when King Fed speaks GS pumps. We are not going to see that (next) leg down for awhile yet. This year should be a range trade year. 9800 to 11,200
    Matt

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