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wndysrf

Gold Is Money

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Anybody notice the VXN today. 5 wave move up from April 02, followed by a 5 wave corrective triangle. Should be followed by another 5 wave move up. Broke the upper trend line today. Should backtest the line before continuing upwards but doesn't necessarily have to.

 

SharpChartv05.ServletDriver?chart=$vxn,uu[e,a]dbclyyay[dd][p][vc60][iut][j10266383,y].gif

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Today was a fine example of the market's way of taking my profits away. All day, or all month, whatever time frame... the price just squeezes down, just falls down the stairs, drop-bearflag-drop-bearflag-drop-bearflag... at a constant, metronomic rate. It hesistate on one of the bearflags... and then launches north at a whole new speed, whole new cadence... and as you're blinking, like a Bruce Lee stop-hit victim nailed on the halfbeat... the price is up over 3 resistance levels and I'm trying to get my bearings, wondering wtf just happened.

 

Whatever your weakness, the market will find it. If I can get out with my profit, this latest harvest is going back to optionsXpress where I can set trailing stops. I'll let the machine address this vulnerability of mine.

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Nice piece as usual, Mark. However, before you become too feverish over those doubloons in your pocket, I suggest you trot down to Blockbuster and rent "Treasure of the Sierra Madre" with Bogart in the lead role. :wink2:

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"You better start laughing" is the operative line in "Treasure of the Sierra Madre," although "we don't need no stinking badges" is right up there.

 

Gold's great, but I'm a silver guy. More of a pop is on the way, imho.

 

Like, for example, they got rid of the guy at Barrick today. Barrick is one of the biggest silver hedgers in the universe. Huge shorts on the white metal.

 

But the guy in charge of the hedging program has just been let go. What happens next? Could it be they start reducing their hedge book? What would that mean?

 

My guess is: close the silver shorts. In other words, lots of buying may be coming up.

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GE, still one of the largest-crap stocks, hit a new 52-week low of 21.30 today, but rallied back above 22 to close down only 0.08.

 

After the close we found out why:

 

GE To Pimp Single Moms

 

Sorry, GE. You'd be better off with the jailbabes thing ... more provocative.

 

Geeee-zus. If these shows aren't a symptom of how sick society has become, I don't know what is. We've all become so bored with our lives -- which is understandable since our lives fail to measure up to the excitement displayed in even a single beer commercial -- that we've become a society of voyeurs.

 

There should be a rule that "reality" shows contain some measure of reality in their titles. If that were the rule, instead of:

 

1. Survivor

2. The Osbournes

3. Fear Factor

4. The Bachelor

5. The Bachelorette

6. Joe Millionaire

 

We'd have the much more honest titles of:

 

1. Let's Live Vicariously!

2. People Who Are Rich, but Are Still Even Dumber Than You Are

3. Masochism Factor

4. The Really-Big Ego

5. She's Got Self-Esteem Issues!

6. A Fake Playboy Screws-over Unsuspecting Women. Ha ha ha.

 

Maybe I'm asking too much.

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FWIW-

 

Fleck was interviewed on CNNfn after hours.

 

He said:

 

He is not particularly bearish right now. The market

is setting up for a rally that will surround the war. He

might own some gold now, as the $ is troubled. There

may be a testing of the Oct lows after the war.

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Armed personnel with heavy artillery all over US cities. Heat seeking missiles on a bridge in DC. I don't know how bad it is, but it sure looks bad.

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Fleck covered his shorts yesterday.

 

He said DELL news was already priced in and new the market would bounce.

 

Warned us of the "no news" period now that earnings season is over, and now people can fantasize about the "war rally" and "second half recovery", etc.

 

He said the rally could last from 2 days to as long as 3 weeks.

 

Recommends investors to avoid shorting now.

 

But if you remember, Fleck also covered very early during the July decline, and missed the last third of the move which was the steepest.

 

In the event of a war rally, which takes us up to 1400 or so, that would further extend this topping pattern and guarantee a collapse into the fall just like last year.

 

Otherwise, if we drop off from here, then I'll be covering sometime in March.

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I can tell you, there is some shit going down!! Anybody been to SFO (the airport) in the last couple of days. Whoa Nellie.

 

Yep, this weekend, we are going to war. Look for the "war bounce" next week. Makes me phuking sick.

 

IJ :cry:

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Dudes and Dudettes,

 

check out Ike's interview with Arch tonight. He's still calling for Armageddon on Sunday. He thinks Saddam might pre-empt and attack US! :o :angry: He went 200% short today.

 

I'm short but sure hope he's wrong. :( :cry:

 

"trade safe"

 

marketviews tv

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