I really think this was a good week for us. We topped out in SKF at the called for $118 and were able to book most of the lots planted last trip down to $100. Then we came back down to $100 and are prepared for another trek upward.
Miners made a nice 7-10% move where we were able to book and were able to re-establish those same positions today on the retest.
Now I could change my opinion on this if we aren't back to the $950 area next week, but i'm feeling really confident for some reason?????
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2 comments:
Confident in the metals but the general market has me on the fence..skf or uyg? My harry dent update said dow did its job but the nasdaq needs 2420 and s@p needs 1406 to confirm move up...only dow doing it smells like big boys pushing...which wont last(normally..lol).
Time will tell..
mike...as usual wish I had bought more uyg and hopped on skf at 98.50..
Here's as good an explanation as any concerning today's action in gold from jsmineset. Points to a good start of next week.
Author: Monty Guild
Dear CIGAs,
I couldn’t help but laugh at the obvious Friday morning manipulation of the gold and currency markets by the G-7 countries. Let’s face it, gold and currency valuations are report cards on:
Inflation
Bank safety
Management of the US and other major economies.
No politician wants to run his economy in a way where he has to pay for all of his giveaways with taxes, so he runs budget deficits. He then finances the deficit by selling debt. This causes the currency of the bond selling country to fall and gold to rise. Often those who speculate against countries do so on high margin. So why not scare the speculators by selling gold and currencies while rallying the dollar on Fridays?
A speculator holding gold, currencies or any other commodity on 16 to 1 margin is often afraid to hold over the weekend because a news event could wipe him out. So the highly levered speculator often sells on Friday.
An old commodities trick is to buy a bull market on Friday when traders get out for the weekend. Clearly all of the major currencies are in bull markets versus the dollar. So highly leveraged traders sell on Friday and force the dollar up, then the experienced traders buy after the decline.
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