Age

Sorry I missed your question before John.

I'm 37, not sure about anyone else.

Great job this week. Hopefully we can get em again next week.

SKF

Peter,

Basically if my "gut" is wrong and say Asia & Europe sell-off Sunday night and we look like we're heading for a nosedive Monday morning, the bottom line is I wouldn't let it bother me that I wasn't in SKF. Instead i'd shift my focus on what my next move would be (adding to my miners on the sell-off or whatever). Whenever i'm sitting on profits like I had in SKF this week I WILL ALWAYS BOOK and never look back on it as a mistake.

It's impossible to predict what I "might" do but i'll definitely keep you apprised based on what the opening looks like on Monday.

Time to spend some of our profits :)

Have a great weekend everyone. VERY profitable week and we WILL have a repeat performance next week.

I'll lay out next weeks gameplan sometime tomorrow.

Enjoy

Joe

Just a hunch

That I should be able to get back into SKF closer to the $110 level early next week. Until we POSITIVELY break out of this trading range, i'll keep trading the range. Once we break below, we're heading to $150 IMO. If i'm wrong and come Monday morning there's a sell-off, then I just get back in and miss a few %. My whole philosophy is based on not losing profits as it is FAR worse to stay in too long and lose your profits than to have to get back in if a run continues.

Just the way I work and it works great for me. I've seen so many people on GIM all excited about say, SLW, going up 10% and then a certain "guru" posts a chart saying it's going to the moon so they become more excited then 2 days later it's pulled back and they're all bitching.

Thats why I always book.

SKF

All out last portion booked $119.70. WOW what a week $$$$$$$$$$$$$$$$$$$$$$$$$$$$

If I gotta pay more to get back in so be it. BOOKING is the key!!!!!!!!!!

I was right?

I was just asking if thats how it worked? I'd never buy UYG here either even though I do see us getting another shot at buying into SKF lower early next week.

This range has been AWESOME, and i'd love to have another 2 or 3 trips through it before we shoot off to $150 SKF :)

Goldfinger

Basically you could now buy a UYG call or an SKF put?? They would be the same thing??

This is assuming you thought we were going back to the low end of our SKF range.

Options

Not sure why I never signed myself up for them???

Seems like I could basically still use my technique but using the options, right??

Congrats buddy :) Job well done.

BTW it is gonna stay this easy so long as we stay in this trading range and POG is rising IMO

SKF

Booked half my core $116.52.

Was a bit hesitant cause I want to be loaded when we run through the $120's, but I think we're still in this range and will pull back early next week giving us a chance to do this for a third time in two weeks :) Isn't this so much fun??? ;)

Clueless

As to how the blog time can be reset lol

I'm in Rhode Island (and sometimes Vegas) :)

Go:
Pats
Sox
Celts

We got it made here lol

SLW

I was fully out after it's last run to over $19 then started adding all the way down to under $15 a few weeks back. I then started booking with my last booking at $17.55 a day or 2 ago. I have two more portions to add and they'd be $16.25 & $15.50 in the perfect world. However with the POS closing in on $20, SLW is actually underpeforming and I don't see it getting back under $16.

The reason I added at $17 isn't cause I think it's a low, but because I wanted to replace what I had sold at $17.55. My mind thinks in terms of always trying to book and buy back even 2-3% lower.

Not much

going on right now as we're in a pretty tight range trying to figure out which way we are going to head into the weekend.

AZK short

Covered $4.71 (usually only looking for 3-4% gains when I short miners)

Thanks Peter

Have fun in class (what's your major??)

Once you get the hang of this technique it's relaxing and fun rather than watching things go up and down we capitalize on it.

TTYS

Joe

AZK

New position started at $4.64

Still holding the short (this is why I use 2 different accounts)

AUY

Added $17.76 now back to core amount (replaces what I sold at $18.25)

SLW

Just added some at $17.00 ( a way I look at it is that it replaces what I sold at $17.55 a couple days back). I'm thinking it goes lower then I can add to my now full core.

My AZK short looking nice ;)

Seabridge

I'm maxed on my favorite with my highest buy just over $28.

Sitting on 5700 shares, well more than any other holding. I've been with her since $8 so she's done GREAT for me.

SKF seems topped again in this 115/116 area???

Miners

Tough to give a number as it depends on what the POG and markets are doing, that being said, i'd like to see"

AUY - $17.75
SLW - $17.00
AZK - $4.65
EGO - $6.75

AZK & EGO would be starting positions while SLW & AUY would be adding to the half core I have left. If POG goes parabolic I have no problem jumping right in at market prices.

You may be right

Miners don't look like they want to follow YET!! If this gets nasty (stays over 200 points + down), then I think they WILL follow the market down. I'll be looking to add back AUY, SLW, AZK & EGO. Staying with the QID & DXD we added the other day, don't want to add any more yet. Probably gonna stick with the SKF core (we hit that one nice this week) unless we look like we're reversing than I may book half my core.

Hey Ron

Basically I added SKF at $107 & $103 approximately the past couple days. I booked yesterday in the $109's and the one I just posted. If we get over $116 I may book half of my core.

SKF

$114.85 book, sitting on core now :)

This is our day boyz!!!!

If this form holds then this will be a FANTASTIC day for our shorts and should give us a chance to add back to our miners.

Fingers crossed (WOW am I glad I got banned from GIM)

Thanks Ron

For the info on the Gold ETN's. I'm sure we'll all be using DZZ & DGP immediately.

Right up my alley :)

Thanks again!!

Futures

Looking good this AM :) Hopefully the sell-off continues and we keep moving to the bottom of the current range. Will continue booking SKF today and hopefully get a pull-back in the miners to add back some of the MANY positions that have been booked this week.

Core position

Hey Ron, Basically I have a set amount for each stock that i'm willing to invest and I divide that by four. Two parts would equal my core position and each of the other parts would be traded (bought on dips and sold on strength). I try to always hold the core amounts as I believe we are in a long-term bull run, but if a stock gets overbought, I will not hesitate to book profits in the core positions.

Say you come up with 10 miners you want to trade and have 100,000 to invest. Each stock could have $10,000 made up of four parts of $2500 with the core being $5000.

The key is to be CONSTANTLY booking.

The ETF shorts are used so that you are still booking profits while the markets are falling.

Hope this helps a bit

Joe

GIM

That site is hilarious. Everytime a miner doesn't go up with the POG/POS it's someone manipulating that stock (even though the market is down).

Everytime the POG goes down it's the cartel driving it down (can't be profit taking)

I'll tell you what, if it is the "cartel", they are absolutely brilliant as they most likely are the ones then buying back what was shaken from the weak hands at a lower price making more profits for themselves.

So on days when POG should be down but it's up, is that the "cartel" buying and manipulating it upwards?

It's amazing that every other asset/market can go up and down except for gold which is supposed to never go down (unless the "cartel" interferes)

We're up freaking 50% over the last 6 months!!!!!!! Give it a rest and be glad you're in an asset that is appreciating.

Damn EGO

Kept SMOKIN after I booked all mine, oh well what can ya do. Better to book than to risk losing those PAPER profits!!!!!!!!

Aurizon

Had absolutely no clue that they were releasing drill results but the story was released 2 minutes after I shorted and it proceeded to drop 2% :) Gonna do some research now.

I think i'm gonna book the second portion of my "over-core" SKF if we get over $111. Don't trust this market and we may see a morning pop which could be used to get back in under $109. JMO but seems like this range is set in stone lately.

Aurizon short

$4.85 shorting Aurizon, has made me a boatload but is up 14 of the last 16 days and .21 cents above it's all-time high. We shall see ;)

Weird

We're on almost the exact same page John . Isn't this a great approach to trading? I knew others were doing it, it's all in the perspective you have.

???????????????????????????

How is QID down and QQQQ up when the NASDAQ is down?? What am I missing??

Re-entry points

I still think this sell-off is gonna accellerate this afternoon and give us a chance.

If not, don't let it bother you if say Yamana goes to $18.70 when you sold at $18.50. YOU BOOKED which is the key. If you feel it's gonna keep flying then don't let the .20 cents lost affect your decision.

What I usually do is look to basically rotate the money if there hasn't been any pull-back. Seabridge is lagging so that would be a potential place to move into and there are others.

EGO

Sold out remainder at $6.70. HUGE moneymaker for me :)

SKF

Booked 1/4 at $110.50

Next book $113 area. Down to 3 "portions" core and 1 additional.

WOW POG & POS

Making a nice move here. I've set myself pretty thin in terms of miners with all my bookings recently so a sell-off today is all that more important so I can find re-entry points.

Yamana

I sold half my core $18.25 yesterday so your wait/missed opportunity was worth it. Good job!!

As for SKF, this market has been EXTREMELY resiliant so don't be shocked if we see the $104 area again. That being said, we are VERY overdue for a sell-off and hopefully this is it.

LOL

You're still holding some though if I remember correctly, right?

my overbouight portion of SKF

Just booked at $108.57. This was the $102.98 buy from yesterday. Now i'm holding what i'm comfortable with (4 portions)

El Dorado Gold

Booked half core $6.52. Had only been holding core amount as I didn't add on the last pull-back. LOVE EGO to bust through $7 and towards $8 but not until the Kisladag Mine issue is resolved.

Probably book the rest if we see $6.75, if not will hold and add on the way back down.

Miranda Gold (MRDDF - US)

Kicking myself in the butt on this one. Glitterbug from Kitco who got me into FGOC at .28 cents gave it to me at .58 cents and it just hit .80 cents.

Another he likes is Matamec Explorations (MTCEF - US) currently .161 cents. He's been right on with most picks so far. FWIW

SWATTSUP lol

I have half my core of AUY still left and would dump if we saw $18.75. As far as a pullback, i'll start adding around $17.50. Everything is done on the fly around here but while keeping ranges and recent run-ups in mind.

If we get our sell-off today (even tomorrow) SKF should soar and the miners should give up their recent gains.

I'll try to give updates of when i'm looking to add/book before it occurs.

Welcome SWATTSUP (BTW you from GIM?)

Just curious Goldfinger

I commented on your comment instead of starting a new post. Does it let you know that you have a reply to your comment??? Or should I just keep starting new posts when replying to someone????? TIA

Big day today

If we start to deteriorate, i'll be shorting Yamana & Aurizon (AUY/AZK) who are each at all-time highs and VERY overbought. Still have 1 portion (half my core) of Yamana, but any stock that i've booked down to core is a target for me to short.

Ulysses

Whats up bro??? Long time no chat. Hope everything is going great and stop in from time to time.

Joe

Goldfinger

You're right, the big banks aren't reporting till 2nd week of March. I was positive I had heard something about next week???? Maybe they will be reporting any possible writedowns to prepare the markets???? It's something though. SKF holding up VERY strong considering how resiliant the market has been and the bond insurers AAA affirmation (which is just a delay IMO). You should be sitting pretty with those $120's :)

Joe

74.22 WOW

USD getting crushed lately. Anybody really think we're gonna get a 1/2 point cut next month??? I'm thinking this will be just like December's meeting where we were only given .25 (not .50) and the miners sold off and SKF flourished.

If I remember correctly, the banks start reporting next week. If all goes as planned we should be over $120 SKF quickly.

I appreciate everyone's insights here, it means a lot to me. Hope we can continue to bring in the loot :)

Joe

DROOY

WOW beautiful run it's had, congrats. If you notice, i've been selling into my core amounts in my miners with Gold being overbought and the markets due to sell-off back to the lower end of it's range.

DO NOT worry about booking profits and missing the train like someone has been posting every day this past year plus on GIM. I called E-Trade and they don't ban you from buying into a stock that you just booked profits in so we'll be able to get right back in ;)

Not what I expected

But another good day nonetheless. Booked some nice amounts in four of my miners and was able to buy some cheap SKF.

If you look back to the weekend, Thursday was my guess for a 200+ down day so let's get it done :)

Remember to take a step back and look at the ranges you're in and not get caught up in quick swings. Book often and use the shorts (esp SKF right now) so you can basically book every day as long as POG is rising.

RON

Hey Ron, What was your GIM handle?? I use TD Ameritrade, E-Trade & Fidelity for my IRS rollover IRA. The reason I use both E-trade & TD Ameritrade is cause i'm sometimes long & short the same stock.

Read through the blog if you get time. Been doing REALLY well lately. I know how options work, but have never used them so i'll try to help.

Thanks for coming by and feel free to chat whenever!!

Joe

South African Miners

Seems like a very serious problem (look at Platinum's move) so i'd be very leery of companies operating there for the time being.

Not sure how the heck we're staying propped up this week so far, but let's see what tomorrow brings. I'm pretty damn confident we get our pull-back so I can get some meat back on my miners after all the bookings done recently.

Yamana

Good job, beat me on that one lol

GIM

Yeah, basically got baited into getting banned. Oh well, this has given me a chance to be more in depth as to how I trade and hopefully others can learn how I do it and be as profitable as i've been.

Welcome Goldfinger

Been doing amazing since I got banned (blessing in disguise I guess) Posting my trades real-time if you want to catch up on the past couple weeks.

As for SA, it's about the only holding I haven't been able to book lately. It's run will come so just be patient and book where you can often.

This market is EXTREMELY resiliant lately. But I still say we get a MONSTER sell-off today or tomorrow.

Awesome John

If this works out, it's gonna be SWEET!!!!!!! : )

Had to do it

Added SKF $102.98, now own more than the 4 portions I usually hold.

Fingers crossed.

Which way do the miners move?

POG rises and markets rise = Miners rise
POG rises and markets sell-off = Miners fall
POG falls and markets rise = Miners fall
POG falls and markets sell-off = Miners fall

This holds true the majority of the time so until we decouple, you HAVE to follow the booking profits as opposed to the hold technique IMO.

Yamana

Half core booked $18.25

Aurizon

All-out after booking remaining core position at $4.83. (ABSOLUTELY AMAZING RUN)

WOW great start to the morning. Now let's get Bernanke to start our sell-off so we can start bookin g our shorts and adding back miners.

SKF

Added $105.87 now have all 4 portions of my position. Hope to be able to start booking today or tomorrow!!!!

More profits booked :)

SLW $17.55 (half my core), IAG $7.98 half of my position that was acquired $7.10's

Same thinking here

I'm thinking $18.25 AUY & $17.50 SLW, this is dipping into my core if it hits.

PERFECT DAY???????

Shorts looking nice and miners look set for a positive open. Could this be the day we start to decouple like we did the first couple days of January??????

Remember that BOOKING is the most important aspect of trading.

WOW

$965!!!!!!!!!!!!!!!!

Silver absolutely blazing hot. Silver Wheaton SHOULD see a MONSTER run today (along the lines of GORO's past two days)!!!

We could be ready

For the monster move in Gold. I'm thinking of starting trading futures as it seems like i'd be pretty good at it with the technique I use. POG seems like the ranges are VERY easy to see.

Hey Peter

Seabridge hasn't broken like I expected, but looks primed for a big move any day. Hopefully to the upside. Been doing great lately booking quite often with the miners and shorts.

Feel free to comment any time.

Another nice day

Gold made a nice recovery and with the market rally the miners made some decent moves. Little disappointed SLW is struggling to catch the POS.

Aurizon getting VERY toppy here moving higher 14 of the last 16 days for almost 30%. INCREDIBLE move by GORO these past 2 days from the bargain price it fell to. I initially posted that Bernanke was testifying Thursday but I guess it starts tomorrow. The markets are SOOOOO ready for a sell-off, and SKF has been VERY steady during this run-up and should get us back to the top of our range ($115) quickly.

FWIW

Nice sell John. Can't lose by booking profits. What I do is basically have 4 portions. 2 of them I call my core holding and the other two I add then book. Then i'll have my core if it blasts off. If it gets too overbought, i'll start booking on the core and even start shorting. Don't worry about missing out as the quick bookings will FAR outweigh missing part of a run-up.

I missed that sub $104 SKF opportunity!! Financials very weak today considering the rally IMO

We're ready to reverse course very soon here so hang in there with the shorts. Best thing is we can book profits on our miners on a day like this and reinvest in the shorts for a discount. Full-proof plan while we're rangebound as long as gold doesn't plummet!!

Yamana

Done deal, booked @ $17.47

Would like to see Seabridge get moving so I could do some booking there!!!!

Gonna add to SKF if we can get below $104. Not sure we get out of this $105-$116 range though.

OK I'm back

Booked half of the $3.40 GORO at a nice $4.05 ;) SWEET!!!!!

Thinking of booking the $16.45 Yamana from last week????

Might be time

to short MBIA & Ambac IMO. Very false moves today as they WILL go down eventually.

Will update on this potential moneymaker!!

ROTFLMAO

This market is sooooooooo hilarious :)

So as advertised, they delay the downgrade of the bond insurers for now. Whoopie Doo!!!!!!

Anyone who's been around the past 6 months knows whats gonna happen as the data is released this week.

Once again, picture perfect day ;) Damn is this easy!!

See you guys tomorrow

Joe

AWESOME add John :)

Didn't get the $105's add I was looking for end of day so done for the day. These people have ABSOLUTELY no clue in this market. These financials are an ABSOLUTE MESS!!!!! Even GS is gonna miss IMO!!!

GORO looking nice ;)

SWEET!!!!!!

Gonna add some more SKF just before 4:00 Will post

Good job

I just added all three DXD 55.40 QID 51.00 SKF 107.87

Silver Wheaton

Down to core after booking at $16.43 the addition made after the pullback under $15. Was gonna wait till $16.50 as posted yesterday, but got a bit antsy which I don't mind on the sell side.

John

This is not a bad entry point if you're gonna stay a bear. Just don't want you adding and bailing if it pulls back. DYODD

QID/DXD

I was going to wait for confirmation of the break below 12,200 to get in but am probably gonna start adding today but only an amount I will book quickly. I'm worried about adding in case the bailout "deal" is announced and we take off. No set number, just going to buy this afternoon as i'm looking for a sell-off tomorrow morn when the PPI comes out.

Hope that helps.

I've been trying to only keep SKF until the sell-off really started.

Aurizon

Dipping into my core position to book some at $4.62. This stock has been AMAZING to me over the past year and I definitely see $5+ soon (but not now).

Be careful

VERY VERY dangerous market we have here. Stay focused on your entry & exit points and do NOT get caught up in the swings.

Today's theme

Sell/Book the rally coming on this "deal" ;)

Will update as I trade!!

Silver Wheaton

SLW announces it's results BMO tomorrow. Still holding above core amount as I had been waiting for a run back over $16.50 to unload the purchase from the pullback under $15. Hopefully we get a familiar SLW run this week and I will be looking to start booking profits over $17 unless the results are amazing. I don't think we'll get the run-up like last time when we hit $19 JMO.

Will advise tomorrow AM. If I remember correctly, they announce at like 4:00 AM EST??

Good luck navigating this minefield lol

Mon - Existing Home Sales
Tues - PPI & Consumer Confidence
Wed - Retail Chain Index, Durable Goods & New Home Sales
Thurs - Jobless Claims, GDP & Big Ben testifies (200+ downday?)
Fri - Personal Income, Consumer Spending & Core PCE Price Index

The perfect start would be a rise in futures allowing us to add back the SKF we booked last week even lower than the $108's. Once Tuesday morn's numbers are released, watch out. Bailout plan or not, this is a mess. So they give $15 billion now so the AAA rating stays so that they can continue to sell off the trillion dollar mess for the time being until the insurers eventually fail anyways. Don't believe the hype.

As for our miners, you know how we work here. Until we see otherwise, follow the markets not the POG. With this up & down environment, booking even 4 or 5 % is a victory. If they decouple, no problem, just get back in. People make it seem like they will ban you from putting in a buy order if the train leaves? Believe me, the weekly 5% bookings this past year or so EASILY covers what you could ever imagine losing while trying to catch the train. NOT EVEN CLOSE. The person who isn't booking is the one who is losing out. I've been preaching this for over a year and it still hold true.

Hope everyone's having a great weekend.

CoinLieutenant

If I was here yesterday I would have bought into QID and DXD so it probably worked out for the best. I'm looking at $65 DXD & $60 QID but will of course book along the way and add on pullbacks. I should be into these two next week depending on when the market falls. As for SKF, i'm looking long-term at $150.

As for out MarketBull buddy Sessna, even if we go up to 13,000 you will make money by following my strategy. There will be volatility no matter which way we go giving you chances to buy and book often.

The reason for my bearish outlook is NOT because the bond insurers may have their ratings downgraded (but thats where that rally yesterday came from). The problems in this economy are sooooooo much greater than that. Wait till we get the housing data next week, wait till Fannie & Freddie announce next week. I'll give this market credit as it's being very resiliant, but the news keeps getting WORSE NOT BETTER.

Hopefully we can eventually get the decoupling of the miners from the main markets and get some monster gains coming. But for the time being keep booking on strength and buying back lower as this volatility will be with us for a while so take advantage of it.

Sessno

You need to be careful unless you're playing the volatility like myself. If anything there was a false breakout to the downside yesterday and we're still in the range. We WILL be under 12,000 by mid-week so be VERY careful with the longs.

Best of luck (well maybe not? lol)

Joe

Always green

The main thing you should focus on is the fact that i'm basically always green due to the constant profit taking.

Aside from buying back the Yamana yesterday morning .02 from the low, the only other trade was a sell order that got hit at $116 for a bit of SKF. Now we get to do this all over again. You'll notice that the highest i've paid for any SKF is the price it closed at (just under $109), and i booked twice before the pullback. This market is sooooooooo ready to collapse. Monday we get to buy back the SKF and make that same money again while still keeping a core for the major run-up.

I would have liked to have been home all day as I probably would have done some low buying and end of day booking with my miners, but oh well.

Good luck

I'm out for a bit to go battle the snow :)

Best of luck to all

Joe

It's trying

Just broke 12,200 but bounced back above again. Let's hope we can get under for the close today. (fingers crossed)

$16.50

Added back a bit of Yamana at $16.45, expect to be able to add the rest much lower but wanted to grab a bit in case we reverse. These additions are to replace what I booked at $17 yesterday.

Yamana & Aurizon

Looking good ;) Yesterday's booking looking even better today. Will start to add back today to core positions. Will post when I do.

Today has that feel

of a nice plunge in the markets :)

If we break 12,200 DOW/1335 S&P area then QID & DXD will be added. SKF ready to rumble :)

Friday already???

Another blast of snow up here in the northeast YIPPEE!!!!

The perfect day would be Gold approaching $960, the markets opening higher and selling off this afternoon. This would let us add some more SKF & book some profits in miners (looking to dump some IAG & SLW)

We shall see!!

Sorry Hawk

Didn't mean to have my mug on display. How bout me catching some rays?? lol

WOW Paris

Never made it further than Cancun John lol

I got crushed when I was younger and tried trading. First time I tried the in and out every 20 minutes method and thats a DISASTER!!!!! Then I tried the buy and hold long term and you go from a-b-c-b-c-d-c-d-c-b-a WASTE OF TIME

I'm good at finding ranges and if I book a profit and the stock keeps running, so what!! I can buy back in if I want but if I don't book and it pulls back, guess what? Missed out on those profits.

Hope you're enjoying your trip

Joe

Picture perfect day

What an amazing day. Booked nice profits in RIMM , AUY, AZK & SKF which I just sold for 112.74 the same amount I bought this AM for a quick 4%.

Added more Seabridge $28.08 before close.

Hopefully this is the start of a nice test of the January lows.

GLD

Bought some $93.29, got a feeling we might be revving (sp?) up for a parabolic rise!!!

Nice pullback in AZK after my sell earlier today. Looking to add back to core if we see $4.30!!

We gotta break 1335 S&P

To get moving towards the January lows and really start ramping up our profits. Not into QID or DXD yet only heavy SKF. Once we break lower out of this current range with the main markets, gonna jump into DXD & QID, stay tuned.

Shorting

I have a second account so that I can short the miners I hold so if you see me saying I'm shorting remember it's for a quick trade.

Was ready to short Yamana at $17.20 but am now thinking more along the lines of $17.50. Don't think we break the $17.67 all-time high.

Hope SKF was added when I announced, gonna book some next time we get to $114.

My reasons

For selling while we are in such a bull Gold run is that my main objective is to BOOK profits. The AZK I sold was bought around $4.10 and the YAMANA was what I added back $15.80's earlier this week after booking so I booked twice in each this week and STILL have my core amount for the run-up.

Aurizon

Same thing, sold $4.48 so left with core only.

AZK has been AMAZING for me.

Yamana

Sold AUY $17 even so only holding core position now. Will add WHEN it pulls back.

Broke out

Gold broke $950 & Silver $18 :)

GORO

Added Gold Resource Corp (GORO) $3.40

Has broken out of it's ($3.60-$4.50) range to the downside so a bit risky but she's made me a bunch in that range so deserves the buy!!

RIMM

Sold other half now holding none.

Add SKF

Just under $109 on that Phily Fed number. This market has been extremely resiliant though so we shall see.

The rocket continues

Gold trying to break $950 and the miners are gonna follow today. Yesterday was a nice day to book some more of my SKF, instead i'll be adding some more today. Still averaged in just over $100.

Very pleasant surprise with RIMM increasing their subscriptions forecast by 15-20%. Sold off half of lot purchased at $93 just over $107.

GDX taking off like we said on Tuesday morning :)

Probably gonna lighten up on some miners today, will post if I do.

Very weird day??????

WOW, Gotta cut rates to help the financials/economy BUT gotta raise to combat inflation.

I'd hate to be helicopter Ben right about now. Very cute beartrap in Gold today. We may just get to 4 digits this month.

Seabridge is ready to 'splode. :)

Gonna start posting my trades in realtime tomorrow.

Best of luck to all.

Joe

Hey John

After hours is usually just noise. We are on our way and if it weren't for the market sell-off in January my $40 end of Feb prediction I made at the end of December would be coming to right about now. It worked out for the best as I continued to add down to $23 and others were able to add till the low of $17.75!!!!!!!

Seabridge has soooooo much more power than most other miners. We were $13 last year this time along with Yamana and look where we are now ;)

WOW

29 million total ounces now AMAZING!!!! 16 million indicated & 13 million inferred.

Seabridge

Finally released the Mitchell Zone's report. Would have rather it be released on a positive stock day. Added just under $28.

I'll decipher in a bit

http://www.seabridgegold.net/NFeb20_08.htm

;)

This is exactly why I said "beware" yesterday and booking profits is a must. Unfortunately I didn't have the nerve to short overnight in the miners. After we bleed a bit, we can add back to our core what we booked yesterday at lower prices again.

Such a fun & easy process :)

Hoping to approach $120 again in SKF!!!!

Gotta love profits

Booked some Seabridge,Yamana, Aurizon & Silver Wheaton (didn't have the nerve to short any of them)

Added the SKF I sold off this AM back low $111's (had been in from $96 and sold 1/4 at $108 this Am so basically cost myself $3/share)

My position is that we're gonna run into one of those 250+ down days this week. FWIW

Beware

Gold is not in the same situation that platinum is in. Today should present a great chance to go short in the miners.

Looks like a PERFECT day ahead :)

Very nice run-up in Gold overnight and hopefully we can hold above $920/ounce.

Lightened up a bit in SKF (even though the Financials should not run up too much with this rally), and added some GDX (Gold miners ETF) as she looks like she's ready to blow.

As for the list of miners in my core account:

SA (Seabridge Gold) My absolute favorite stock
AUY (Yamana Gold) Is going to be THE mining stock of the second half of 2008
SLW (Silver Wheaton) Love their business model
EGO (El-Dorado Gold)
AZK (Aurizon Mines)
HL (Hecla Mining)
IAG (I Am Gold) Added a sizeable amount last week when we we're in the $7.10's
JAG (Jaguar Mining) Monster run-up to get over $14 so very light position right now but may add some at this level.
FGOC (FirstGold Corp) Mentioned earlier

I'll go over the history, ranges and my outlook for each of these in separate posts

I'm gonna try to stick with my miners & ETF Shorts in this blog but I do own some mainstream stocks as well (Apple, RIMM, BIDU....)

Gotta get my 8:30 shower/shave in so see ya at the open.

FGOC

Just a quick note on FirstGold before I call it a night. Been in since the .28 cents area on the advice of Glitterbug who was a member on my first Gold Forum. After a VERY quick double, we consolidated in the mid .50's then ran up to the .90's. People have become agitated with their news not coming out when promised regarding their TSX listing and resource report, so the price fell back to the high .50's. The following was released after the close on Friday so hopefully we can start moving towards my eventual target of $3 this year.


http://www.firstgoldcorp.com/press_release.asp?id=2008_02_15

The plan I use

What I do is keep a core amount of my miners to hold long and add on downswings and sell off when we approach highs. Booking profits is THE most important thing for any trader otherwise it gets you nowhere. As an example, Yamana Gold (One of the favorite mainstream miners) has increased it's range in the past year from ($11-$13) to ($14-$17). You MUST book profits when we have run 15% and are at all-time highs. DO NOT get caught in the enthusiasm and think we will go up in a straight line.

On top of that I have an account where I short miners in obvious situations. The ranges have been so consistent lately that it's like 15% up then 15% down.

Finally I have my indexed shorts to be able to book profits when the miners are falling as they are still attached to the main market. SKF is my favorite as it's an UltraShort of the Financials (the financials go down 2% & I make 4%). Then when it reverses switch to the counterpart (UYG) for financials.

Tomorrow morning i'll start posting my positions and my trades as I place them. Any questions feel free to comment.

Joe

The absolute best charter I know

Thanks Hawk, on top of being a top notch guy & friend, you have been VERY helpful to my success. I hope we can continue sharing our techniques and keep the "BOYZ" together forever ;)

Three Day Weekends (YUK)

Three day weekends are absolute nightmares for TRUE day-traders. In my younger years I was a BIG-TIME gambler and the adreneline rush I get from trading is VERY similar to the gamblers rush. Some may say "get a life", and i'm not saying I have no life, just that i'm constantly thinking of the market and waiting for them to open again.

Watching Dwight Howard DOMINATE the Slam-Dunk contest last night was awesome (especially since I bought a couple of his rookie cards a couple years ago ;)

Be back in a bit to go over the real trading stuff!!!

Intro

As a background, i'm a former Revenue Agent for the IRS who is now a "day-trader". We'll get into how I made this transition at a later point.

The reason for this blog is to help assist others involved in trading (especially precious metals). I discovered the MASSIVE BULL in PM's about a year and a half ago. Thanks to two forums I have been members of, I have gained a great amount of knowledge and am grateful for all those who guided me over this period.

I have absolutely no idea how this blog thing works so i'm going to start off by posting this and seeing where it takes me ;)