i have no idea what to do right now. there are no indicators which say all this should continue. i believe that basically the euro is going down, which is sending the dollar up, which is crashing gold and oil. will it end soon? i have no idea. i can't see the point in bailing out now, but it'll truly take months for me to regain my losses at this point. never been in a worse position. i guess this is where "they" want us to be.
I'm just holding tight right now and yes, losing money.
Sucks, but I think I'm right so I won't eat the losses yet because I think they will be profits.
Impossible to predict everything right, but if long term you are right you can hold. Not as much fun for sure, but no other option right now since I'm underwater on every miner and SKF too!!
This losing money bit is cramping my style of making money!!!
so i just sold off half my stocks and gave the money to a local church. the preacher said he'd speak to the Big Guy on my behalf and i should be making huge profits next week.
i'm in the money now, boys! i'm really starting to get the hang of this investing thing i think.
I see SKF having support here at 115, MA 200 on daily basis is 114. Everthing in my book points to a bounce in SKF right now, but I am biting my fingernails
SRS could go to 79 and ST I see this as a possibility.
This rally in main markets I believe is because of the rise in USD, caused by recesion worries in Europe.
Europe is finaly starting to realize that US is exporting thier financial problems by dumping the dollar. Now smart money will use this dollar rally to get out of their USD's and the game restarts.
What's going on right now is actually perfect for our trading method, because the rise in USD will cause growth problems in US, followed by lower rates or more liquidity, leading to higher inflation ect. ect. What do you think Obama or McCain will do first thing - The right thing and raise rates and take a huge on the chin Or please the voters with better loan options or tax cuts
Our (or mine at least) only problem is we got caught with the whole hand in the cookie jar at the wrong time
I'm sitting this one out as fundementals are screeming for higher inflation sooner or later.
I'm doing the same thing Fish. Riding this wave out, and spending my time studying instead of trading since I'm close to all in anyways and don't want to add more right now. I've taken a nice haircut last couple of weeks, but am still very confident that I will turn profitable when the market regains sanity.
Coin - that is indeed a tough 20k pill to swallow. Is that all in options $$ or also in regular holdings? If not, you may do well just holding and waiting...options of course, different story. I don't play options myself 'cause frankly I don't think I'm good enough to!
USD strength is no such thing, just increased weakness of Euro and substantially so. This still won't end well for the economy here or abroad.
Glad to hear that Coin. Definitely a tough past two weeks to say the least. I'm out 8-9k myself so far...prob. a little more but I haven't bothered to open my account in the past 2 hours.
Fvck it. Let it do it's thing and it will come back IMO; I'm going out tonight to look for distractions of the female variety. :)
I haven't really talked to Joe this week, but last we had discussed that was the plan as far as I know...
I would really like to see this 'pile' of coal firsthand as well, as if they are producing what they claim now there should be a steady stream of trucks carting it off.
i'd have a hard time believing that coal isn't being produced. i feel confident about that. it'd be nice if Eugene was around and you guys could speak with him. even with the company producing coal he could still damage the stock depending on how he handles these additional shares. hopefully more positive PR comes out. it's losing its momentum and causing people to grow more and more cautious.
at the sake of sounding very cheesy, i wanted to wish everyone a happy and calming weekend. this week was brutal for all of us. very frustrating. hopefully some "sense" comes to the markets next week. i already went out and bought a case of beer for the weekend. purchased it on margin...better save the empty bottles in case i get a "call"...will need to turn them in for some some change.
Surpriced to see that the Russia/Georgia conflict doesn't affect stock markets and especially the oil price.
"Georgia has no significant oil or gas reserves of its own but it is a key transit point for oil from the Caspian and central Asia destined for Europe and the US.
Crucially, it is the only practical route from this increasingly important producer region that avoids both Russia and Iran.
The 1,770km (1,100 miles) Baku-Tbilisi-Ceyhan pipeline, which entered service only last year, pumps up to 1 million barrels of oil per day from Baku in Azerbaijan to Yumurtalik, Turkey, where it is loaded on to supertankers for delivery to Europe and the US. Around 249km of the route passes through Georgia, with parts running only 55km from South Ossetia."
Days like today just make me want to say the hell with it!
So I log into my account this morning to see absolutely every single stock I own (all in the PM or energy sectors) down. No big deal. I'm heavy cash and have been wanting to do some shopping anyway. Should be a good day right? Nope, afraid not. I've got five junior miners/explorers I've been watching for a good entry point and wouldn't you know every single one of them is up by at least 2%. I give up...
Where do you think the bottom is goldfinger? These shares havent been this low since the 600's in gold. If the market is forward looking, it is looking grim.
As far as the markets the way i see it you guys are going to hit a homerun. However day-trading in volatile markets, on margin can be a disaster regardless how big or small.
Being August I am happy to see the markets the way they are performing bcs it just shows that once comes september, this market will correct itsef. Most people are hob-nobbing in the hamptons, long gold and silver. Hang in there and buy with both hands in the PM arena.
I wont be particpating in the forum again because I will be soon employed by another bank, my former bank, Bear Stearns & Co. may rest in piece. As you may or may not be aware of posting on forums is strictly prohibited therefore wish you a good day and best of luck.
anyone see the point in selling out now, and trying to buy in later...considering it may just continue to drop and drop and drop?? i realize that is a classically stupid move, but it sure is getting tempting.
hey Lat, i guess you never heard from Joe? no mining trip then??
No idea who you are bud, but thanks for the post. I think mid-long term (into 2009) we are right...timing was less than impeccable on my part for many buys, but I am holding solid w/ no plans to sell.
I doo think the next leg down in market and leg up in gold will be dramatic; no idea when it will all come together though.
Nate - haven't heard from Joe since last week. Def. hope he's all right and not getting married to a bridesmaid in Vegas or something!! Maybe he's driving back today? I forget his exact schedule but think he was leaving NC today...
Where you sell is your call, but I hate selling for a loss if I still believe I will be right. If you believe your theory has changed (i.e. that gold will go up for years) then yeah, sell. If not, I'd hold and let the insanity sort itself out).
Timing is critical and we bought too soon, so we either eat the losses and cash out, or wait it out if we believe we are right fundametally. It would be doubly hard to sell and know when to buy back in IMO. That was the classic tech wreck portfolio buster (cash out losses when things going down and buy back in when things were already going up again). That's called buying high selling low.
Coin, I don't even pretend that I know, but at the risk of sounding like a GIM conspiracy nut, I'll give you my two cents.
I think its obvious that the dollar is being propped up. No doubt the FED is out there doing their thing, nothing new there. However, I also think that the Chinese very well may be buying dollars and maybe even stocks, to insure against any market drama during the games. You gotta think the last thing they want right now is to be upstaged by a market crash.
The stronger dollar in tandem with the summer doldrums (very low daily volume), make for a prime opportunity for the hedgies or other MM's to walk share prices down, creating extraordinary entry points for themselves to take positions. That's my theory. As for a bottom, who knows?
Bridesmaids have a way of sidetracking one's mind.
Looks like a huge rebound for the markets. A buying opportunity for us in the long run. I'm loaded up on 70 SKF shares, but holding some dry powder for the bottom where I can make up the difference.
If you think the financials are all better now that the squawk box says so...start buying bankers.
I'm thinking the other shoe has yet to drop in that arena. There's a ton of ugly debt waiting in the wings to hit the market.
Foreclosures are still coming online. There's an election to consider. The way I see it, they are manipulating things so that folks have a few coins in their pockets by election time. It's cyclical. The election bump. Happens all the time, at least every 2 years and for sure every 4.
Watched the US kick the Frogs out of the pond. 4/10's of a second? something like that? What was amazing is how we caught up in the last lap! Smokin!
That was an awesome race!! One of the best I have seen; he was totally riding the wake of the Frenchmen the way down and halfway back and saving energy for a final burst. Brilliant!! I was screaming pretty loudly by the finish. :)
32 comments:
Joe, I've been there myself.
Enjoy!
Ouch. Gold!
Euro made a MAJOR move down last couple of days...
Going to see if I can add one more lot of AZK and EGO if they really drop today.
major issues here guys...
860 HAS TO HOLD.....or else we are going to the 700$'s..
i have no idea what to do right now. there are no indicators which say all this should continue. i believe that basically the euro is going down, which is sending the dollar up, which is crashing gold and oil. will it end soon? i have no idea. i can't see the point in bailing out now, but it'll truly take months for me to regain my losses at this point. never been in a worse position. i guess this is where "they" want us to be.
I'm just holding tight right now and yes, losing money.
Sucks, but I think I'm right so I won't eat the losses yet because I think they will be profits.
Impossible to predict everything right, but if long term you are right you can hold. Not as much fun for sure, but no other option right now since I'm underwater on every miner and SKF too!!
This losing money bit is cramping my style of making money!!!
I still don't know what dumbfvcks are buying financials???
so i just sold off half my stocks and gave the money to a local church. the preacher said he'd speak to the Big Guy on my behalf and i should be making huge profits next week.
i'm in the money now, boys! i'm really starting to get the hang of this investing thing i think.
Patience...
This is typically the slow season for PM's.
...and there's an election to consider.
Can't have the natives all riled up come time to vote now can we?
Here...watch this
http://www.youtube.com/watch?v=RNgsLMU2ZuM
take a load off'n yer mind...
the last two weeks have taken me down nearly 20 grand. Pretty pretty tough to swallow.
I see SKF having support here at 115, MA 200 on daily basis is 114.
Everthing in my book points to a bounce in SKF right now, but I am biting my fingernails
SRS could go to 79 and ST I see this as a possibility.
This rally in main markets I believe is because of the rise in USD, caused by recesion worries in Europe.
Europe is finaly starting to realize that US is exporting thier financial problems by dumping the dollar. Now smart money will use this dollar rally to get out of their USD's and the game restarts.
What's going on right now is actually perfect for our trading method, because the rise in USD will cause growth problems in US, followed by lower rates or more liquidity, leading to higher inflation ect. ect.
What do you think Obama or McCain will do first thing - The right thing and raise rates and take a huge on the chin
Or please the voters with better loan options or tax cuts
Our (or mine at least) only problem is we got caught with the whole hand in the cookie jar at the wrong time
I'm sitting this one out as fundementals are screeming for higher inflation sooner or later.
I'm doing the same thing Fish. Riding this wave out, and spending my time studying instead of trading since I'm close to all in anyways and don't want to add more right now. I've taken a nice haircut last couple of weeks, but am still very confident that I will turn profitable when the market regains sanity.
Coin - that is indeed a tough 20k pill to swallow. Is that all in options $$ or also in regular holdings? If not, you may do well just holding and waiting...options of course, different story. I don't play options myself 'cause frankly I don't think I'm good enough to!
USD strength is no such thing, just increased weakness of Euro and substantially so. This still won't end well for the economy here or abroad.
Lat,
Very little option loss ~2K that was lost on nat gas.
Everything else is just sit and wait and recoup on the bounch...
If it was options, I would be sick!!
Glad to hear that Coin.
Definitely a tough past two weeks to say the least. I'm out 8-9k myself so far...prob. a little more but I haven't bothered to open my account in the past 2 hours.
Fvck it. Let it do it's thing and it will come back IMO; I'm going out tonight to look for distractions of the female variety. :)
hey Lat, are you and Joe still going to the mine on Monday? i sure hope so. it'd be nice to have some more solid info regarding at least one stock.
Nate,
I haven't really talked to Joe this week, but last we had discussed that was the plan as far as I know...
I would really like to see this 'pile' of coal firsthand as well, as if they are producing what they claim now there should be a steady stream of trucks carting it off.
i'd have a hard time believing that coal isn't being produced. i feel confident about that. it'd be nice if Eugene was around and you guys could speak with him. even with the company producing coal he could still damage the stock depending on how he handles these additional shares. hopefully more positive PR comes out. it's losing its momentum and causing people to grow more and more cautious.
at the sake of sounding very cheesy, i wanted to wish everyone a happy and calming weekend. this week was brutal for all of us. very frustrating. hopefully some "sense" comes to the markets next week. i already went out and bought a case of beer for the weekend. purchased it on margin...better save the empty bottles in case i get a "call"...will need to turn them in for some some change.
Did you guys just see the 4x100M Mens freestyle relay (swimming)?!!
FVCK YEAH!!!!!! We just tore it up in Beijing w/ world record and gold medal!!!!
Surpriced to see that the Russia/Georgia conflict doesn't affect stock markets and especially the oil price.
"Georgia has no significant oil or gas reserves of its own but it is a key transit point for oil from the Caspian and central Asia destined for Europe and the US.
Crucially, it is the only practical route from this increasingly important producer region that avoids both Russia and Iran.
The 1,770km (1,100 miles) Baku-Tbilisi-Ceyhan pipeline, which entered service only last year, pumps up to 1 million barrels of oil per day from Baku in Azerbaijan to Yumurtalik, Turkey, where it is loaded on to supertankers for delivery to Europe and the US. Around 249km of the route passes through Georgia, with parts running only 55km from South Ossetia."
http://www.timesonline.co.uk/tol/news/world/europe/article4484849.ece
So we have a major conflict as close to war as possible with a 1 million barrals a day pipeline running only 35 miles from the current conflict zone.
Local rebels supported by russian armed forces against the georgian army. I see the history of the Balkan and the Chechnya war repeat itself.
This might not evolve into a real war but the turmoil will last for a while, as will the threat of sabotage against the pipeline.
And just remember this. One bomb on the pipeline will cut away 1 million barrals of oil a day on the world market
Here's the link cut in half
http://www.timesonline.co.uk/tol/ne
ws/world/europe/article4484849.ece
Days like today just make me want to say the hell with it!
So I log into my account this morning to see absolutely every single stock I own (all in the PM or energy sectors) down. No big deal. I'm heavy cash and have been wanting to do some shopping anyway. Should be a good day right? Nope, afraid not. I've got five junior miners/explorers I've been watching for a good entry point and wouldn't you know every single one of them is up by at least 2%. I give up...
Where do you think the bottom is goldfinger? These shares havent been this low since the 600's in gold. If the market is forward looking, it is looking grim.
This is brutal (gold stocks selloff). I am way underwater now on these guys since they're dropping 5-10% each session....
AZK dropping off the chart like a lead weight...
Financials rallying again - no idea why. I'm gonna turn this thing off today, go study and hope that I have something left in my account tomorrow.
Gonna be underwater for some time it looks like, so no point staring at it...
is Joe ok? hope all is fine.
As far as the markets the way i see it you guys are going to hit a homerun. However day-trading in volatile markets, on margin can be a disaster regardless how big or small.
Being August I am happy to see the markets the way they are performing bcs it just shows that once comes september, this market will correct itsef. Most people are hob-nobbing in the hamptons, long gold and silver. Hang in there and buy with both hands in the PM arena.
I wont be particpating in the forum again because I will be soon employed by another bank, my former bank, Bear Stearns & Co. may rest in piece. As you may or may not be aware of posting on forums is strictly prohibited therefore wish you a good day and best of luck.
-psyflyer
anyone see the point in selling out now, and trying to buy in later...considering it may just continue to drop and drop and drop?? i realize that is a classically stupid move, but it sure is getting tempting.
hey Lat, i guess you never heard from Joe? no mining trip then??
Psyflyer-
No idea who you are bud, but thanks for the post. I think mid-long term (into 2009) we are right...timing was less than impeccable on my part for many buys, but I am holding solid w/ no plans to sell.
I doo think the next leg down in market and leg up in gold will be dramatic; no idea when it will all come together though.
Nate - haven't heard from Joe since last week. Def. hope he's all right and not getting married to a bridesmaid in Vegas or something!! Maybe he's driving back today? I forget his exact schedule but think he was leaving NC today...
Where you sell is your call, but I hate selling for a loss if I still believe I will be right. If you believe your theory has changed (i.e. that gold will go up for years) then yeah, sell. If not, I'd hold and let the insanity sort itself out).
Timing is critical and we bought too soon, so we either eat the losses and cash out, or wait it out if we believe we are right fundametally. It would be doubly hard to sell and know when to buy back in IMO. That was the classic tech wreck portfolio buster (cash out losses when things going down and buy back in when things were already going up again). That's called buying high selling low.
Coin, I don't even pretend that I know, but at the risk of sounding like a GIM conspiracy nut, I'll give you my two cents.
I think its obvious that the dollar is being propped up. No doubt the FED is out there doing their thing, nothing new there. However, I also think that the Chinese very well may be buying dollars and maybe even stocks, to insure against any market drama during the games. You gotta think the last thing they want right now is to be upstaged by a market crash.
The stronger dollar in tandem with the summer doldrums (very low daily volume), make for a prime opportunity for the hedgies or other MM's to walk share prices down, creating extraordinary entry points for themselves to take positions. That's my theory. As for a bottom, who knows?
Bridesmaids have a way of sidetracking one's mind.
Looks like a huge rebound for the markets. A buying opportunity for us in the long run. I'm loaded up on 70 SKF shares, but holding some dry powder for the bottom where I can make up the difference.
If you think the financials are all better now that the squawk box says so...start buying bankers.
I'm thinking the other shoe has yet to drop in that arena. There's a ton of ugly debt waiting in the wings to hit the market.
Foreclosures are still coming online. There's an election to consider. The way I see it, they are manipulating things so that folks have a few coins in their pockets by election time. It's cyclical. The election bump. Happens all the time, at least every 2 years and for sure every 4.
Watched the US kick the Frogs out of the pond. 4/10's of a second? something like that? What was amazing is how we caught up in the last lap! Smokin!
Ron -
That was an awesome race!! One of the best I have seen; he was totally riding the wake of the Frenchmen the way down and halfway back and saving energy for a final burst. Brilliant!! I was screaming pretty loudly by the finish. :)
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