Tuesday, April 13, 2010

11,000 ACHIEVED....NOW WHAT? update I

More of same to come in my opinion. They didn't take this ponzi to this level just to let it dump. Will we see a correction here? Maybe. Have we seen a meltup yet? NO. So don't over analyze this market. Its a printing machine, manipulated Ponzi. Just enjoy and appreciate the game. This is all done to restore investor CONfidence and to get mom and pop feeling good about their retirement money. We have to get the juices of entrepeurialism flowing. We had a collapse. An absolute fn catastrophe. Remember Ben promising to do "whatever it takes". This will require lotsa money. With that will come MORE malinvestment. And yes you fellow gloomers it will be bad. But guess what? We can make money and maybe get out of this with our skin still attached. Right now velocity of money is slowly starting to turn so lets pay attention for signs of what WILL ultimately stop the PONZI and that is when nasty dirty PONZI KILLING inflation breaks out. AND it will. First in the form of stagflation. AND it will get ugly. Next we could actually get a deflationary period before true inflation. Say from 2012-2014. But we will get inflation. NO and I mean NO way out of it. Have fun fellow taxpayers. To coin a famous phrase of Ben's. YO AZZ IZ MINE MTHFKR. GL gang.

http://news.goldseek.com/GoldSeek/1271138640.php

(Reuters) - Gold prices fell on Tuesday, losing nearly 1 percent, as investors took profits following a price rally driven by a rising euro amid optimism about a rescue package for debt-laden Greece.

The metal had climbed to a four-month high at just below $1,170 an ounce on Monday as relief over the 30 billion euro ($40.81 billion) bailout plan for Greece sparked a rally in the common unit against the dollar. But gold finished flat as weaker physical demand limited gains.

"There is profit taking as the market is getting ahead of itself from news of the Greece bailout last week," said George Gero, vice president of RBC Capital Markets Global Futures.

Gold had ended higher for a seventh consecutive session prior to Monday, Reuters data showed. The metal was also 3 percent higher last week.

Spot gold was at $1,152.80 an ounce at 2:56 p.m. EDT (1856 GMT), against $1,155.00 late in New York on Monday.

U.S. June gold futures settled down $8.80 at $1,153.40 an ounce on the COMEX division of the New York Mercantile Exchange.

Market sentiment took a toll after minutes from a mid-March Federal Reserve meeting showed the U.S. central bank discussed raising for a second time the discount rate, the interest rate charged on emergency loans to banks.

Saxo Bank Senior Manager Ole Hansen said that the gold market was being driven chiefly by currency moves, with uncertainty linked to a possible yuan revaluation by China also a background factor.

"There are a few worries creeping in about a correction, as we have had a good move, but it is healthy that we finally managed to break recent highs," Hansen said.

Monday's intraday high at $1,168.70 was the firmest since December 8.

31 comments:

  1. Joe,
    do we see 7.05 or 4.68 on CNAM? What does you think? Safe to buy in here? Will it correct w markets if we get couple down days?
    Thanks so much for a reply.

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  2. I will answer for the loafer.....buy at 7.25. But not too heavy and watch for turn....next stop 4.68 go heavy

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  3. Kli,

    An interesting story, video for followers of your blog.

    http://dprogram.net/2010/04/12/bombshell-%e2%80%93-whistle-blower-comes-forward-with-solid-proof-the-price-of-gold-and-silver-is-being-manipulated-by-major-financial-institutions/

    Carol

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  4. BTW don't worry about Joe ...he's around. Sucking on Cuban's and going nuts on ABK.....

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  5. Joe also wants you to know CBS there is a gap at 5.30

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  6. Volume is VERY low if they turn it with high volume then kaboom.....but with low float the MMs still control it shorting it but the squeeze will be big

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  7. As a cautionary tale to those holding physical at home...no arrests made yet, but police were finally called, and they believe my aunt was robbed by a group of professional gold burglars that have been robbing homes in my area over the past year, with increasingly frequency lately. Looks like my aunt is SOL with ever getting it back, though. The latest gossip in the family is she had over 100k in gold and silver coins which were stolen.

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  8. CBS,

    Have been very busy and was not able to post. CNAM so far is holding the line RED and I talked about which is 7.25, there is a gap at 5.31 which has not been filled yet hit March 3rd, volume is starting to pick up. If 7 does not hold then low 6 would be in the cards. Buy some and average down if it goes down. I am busy today playing both side of ABK,shorting ABK now, talk to you guys later.

    Joe

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  9. That was an impressive call Joe.

    -C

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  10. miners/gold nice reversal today....still may have run

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  11. joe great call especially shorting ABK after it hit $3.20, thanks for responding to my private mail.-Jim

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  12. ALU looking like another swing trade may be coming....could see bullish cross on the 200

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  13. kli take a look at the volume on ABK, Joe's timing on pounding it was perfect.-Jim

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  14. Jim..Joe is one of the best tape readers I have seen.

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  15. take a look at sol today.....pattern still intact

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  16. Congrats Joe! Hope you doubled your money!

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  17. red.....lets say that it was just a frkn slaughter......and he covered all 5min before the close.....

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  18. Red,

    thanks,it was a good day inside the killing zone.

    Joe

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  19. Joe, great work on ABK. It was off my radar until I noticed it this morning from last night's posts here, when I checked it today I was thinking, "anyone who chases that here gets killed...", sure enough you were there to yank the chair out when they tried to sit down lol. Great week so far, let's hope it keeps on the same. - Analyze.

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  20. Analyze, I mailed Joe this morning before opening and asked him if it was o.k. to buy ABK and his response was, " do not do it today, I am ready to bring in lot of heat and short the crap out of this puppy when it goes over $3".-Jim

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  21. Jim, it appears the heat he brought in burned down a few trees on that one. That initial gap had over 30 M shares on a stock with that profile, there are some sorry bagholders from that little episode, it sounds like a few people made money transfers to Joe's account today. - Analyze.

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  22. Analyze, what a slaughter. The stock got a 50% haircut from 3.20 and volume was just out of this world.-Jim

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  23. That is just a vicious move, I can imagine some of the losses people took off that. I guess that stock cannot be counted in the buy and hold category, unless a person likes rather sizeable retraces. It will be fun to see what happens with it tomorrow, I will probably check it here and there. - Analyze.

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  24. Analyze, it makes sense since it went up from 0.50 to over $3 in three sessions and i am sure Joe with his experience knew that was too much upside in short amount of time which is usually follows by violent retracement.-Jim

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  25. Jim, it was miles away from any intraday moving average, those kind get cut down, especially in a case where it starts from a small base like it did, once the goldrush ends people leave it in droves to protect profit if they were in early, and those are the ones off the base with the large share numbers, so it gets crushed. That first five minute spike in volume was the capitulation buy point, same thing you see on downside with the huge volume spike to wash out all the sellers. There is often a return move that does not exceed that capitulation volume point, sometimes not, but overall that should be a trend reversal. Just need to find another one like that, I wish I had noticed it a couple days ago. - Analyze.

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  26. Analyze, let's see what happens tomorrow. What's your view on CNAM?-Jim

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  27. Jim, I'm on the fence with CNAM, it is right at that tipping point near the 50MA and looks like it is trying to put in a double bottom intraday around 7.35 (for the second bottom). I would watch for real volume to pick up and it would need to start moving with volume over 7.5 before I would touch it on the long side. There is still downside danger to it. Also it has resistance at 8.1 on the way up, if it does try to reverse I would watch that level really closely, since it could rollover there if there is not conviction behind the reversal. - Analyze.

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  28. Analyze, do you see the possibility of MMs filling 5.31 gap Joe mentioned earlier?-Jim

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  29. Jim, absolutely, given the setup for CNAM, I would consider that a higher probability than a move up here. Too many times positions have that triangle look only to break down from this level to fill that gap, that would be my first expectation for this, although anything is possible. We shall see how it works out, only the market (MMs in this case) know for sure. Good luck tomorrow. - Analyze.

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  30. analyze, nice talking to you.-Jim

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