Tuesday, March 2, 2010

INTO THE VALLEY OF DEATH

Rode the bears....The market is trying to confirm many of the indices move over the 50dma....but it still has many negative divergences coninciding with this move....so beware. Very dangerous here but with a good mining core you can probably hold tight until the dust settles this week.

Gold and miners showing new higher low formed and a move over critical moving averages too. Is the correction over for gold??? Could be.

Oil trying to cross over 80 today and confirm this week. Unbelievable. Our country is mired in a deep recession with high unemployment and falling demand.....and oil is squeezing the life blood out of the struggling sheeple. Its an indirect tax that is reinflating the sovereign oil producers AND allowing them to buy our treasuries too. This is the way the game is played. We guarantee them an oil range and they buy our treasury ponzi in return......same deals are tenuously being played out with other buyers of our treasuries. Their costs to us is never fully realized in the mainstream media so don't bother to google it.

Next up on our morning agenda is what to buy today (or sell). Watch for us to hold over 1116 today. Should indicate strength. Try to watch your miner's gaps today and try and trade their ranges. Love GFI ANV EGO. Also AUY still looks undervalued. SLW and SSRI are to the moon if silver closes over 17. GL Gang

17 comments:

  1. Minor resistance at 1120 heavier at 1133. If we get a pullback to 1110 it could be a good short play on SPXU for a day trade

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  2. I am sitting and waiting. I am not in a good mental trading zone, so I will be patient and wait for when I know I am right. These miners are certainly killing it. They all look to be near making multiple tops, and if gold and silver prices continue up, they should clear out and fill some serious upside gaps. Does this sound reasonable to you guys?

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  3. CBS thats my thoughts but I dont see that happening until gold disconnects from the dollar. Until then its buy the dips in small chunks and trade around a core.

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  4. All,

    What's becoming very important is the relationship between Dollar index and Gold, BOTH UP. We talkled about this.

    Joe

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  5. Temo, I appreciate your comments. Now, since S&P and Gold are pretty much tarding at exactly the same levels, please be be clear whetehr youre talking about S&P or Gold. Just fmi :O)

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  6. All,

    Major resistance for Gold is around 1150, if broken that would be real yum yum.

    Joe

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  7. PPT not pushing gold and this move looks real....hidden pivot may have been the low

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  8. Anon, or should we say TWINKY:
    http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_U/threadview?m=tm&bn=58157&tid=594579&mid=594593&tof=23&rt=2&frt=2&off=1

    "Temo, I appreciate your comments. Now, since S&P and Gold are pretty much tarding at exactly the same levels, please be be clear whetehr youre talking about S&P or Gold. Just fmi :O)"

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  9. With the exception of me, there are no ANONs. Your identification is verified within 30 seconds.

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  10. Temo,

    Nice day for Jag, it's over $10 now.

    Joe

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  11. Oh, no, sure do hate to see twinky et.al. here. anyway, do you see them allowing silver to close over $17? What is driving the pms today? thanks, sis.

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  12. Nancy,

    Europeans especially british are devaluating their currency thru printing and buying Gold. Chinese, Brazilians, Russians, and others are buying Gold as well. You are getting combo of Dollar going up due to Europeans devaluating their currency along with evry one buying Gold as well since no one trusts their fiat. Imagine what will Gold do when Dollar starts retracement.
    For miners best case scenario is when both Dollar and Gold are up.

    Joe

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  13. Imo sis its technical/eurozone...Joe has emphasized that when you see buying of the miners and gold with dollar up then get ready.Fiats in GB and other PIIGS in deep chit

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  14. Ok, thanks guys. did anyone buy the australian miners recommeded by marketwatch the other day? I am so heavy in miners I didn't, but NCMGF is up nearly 7% today. another one is awc.

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  15. Nancy,

    ALU is doing well since it hit 2.70 couple of weeks ago.

    Joe

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