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Daily Digger - Wednesday Dec. 8, '04


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Hey Maxxi,

Remember you asking about retesting high volume lows on NEM

looks like one of them at 43 area just got retested and sprung higher

Yes... that means I'll let O'Brien's Timing The Trade stay on my book shelf :)

 

This doesn't look good to me at all.

 

NEM could bounce here but it looks like an ABC down.

 

Maybe a backtest of the channel line and failure to get back inside.

 

If all high volume lows get retested then $43 on NEM is a given because the volume is HUGE today.

 

I sold BVN, BGO, WHT, PAL, SWC and a few others in the last two days.

 

Sold CBJ and EGO today.

 

I had to because of money management.

 

I'll admit my timing was lousy.

 

One lesson that was learnt again was the fact that I should not consider the miners as bargains just because bullion is going up and the mining equities are not participating. Just like any laggards in any sector they will get hard hit once the strong ones (in this case bullion) turn down for some profit taking.

 

We'll see what tomorrow brings but I'm not a buyer right here.

 

For now it's back to daytrading GOOG and other high beta.

post-1282-1102526333.jpg

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Anyone know that symbol for the Wheaton Silver company, the new one ? Thanks..

 

Man, prices today are rough, but at the same time, its like they opened the toy store afterhours just for us.

 

Good luck everyone

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I just hope Crapvision is screaming the drop in the miners and Metals.. SCREAMING it...

 

Its SO FUNNY (not) that yesterday they invited the CEO of GG on to talk about the Miners and acquisitions in the sector.. LOL

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I'll admit my timing was lousy.

 

I think we all suffer the same demoralizing fate.

 

What really surprised me was the overseas slaughter of POG overnight. There has to be a change someday of all these paper derivatives that on a whim can get sold off.

 

I remember the day they pounded POG down to 300. Today is another one of those dayz. For some reason the setup for POG and Crude to move higher together really makes sense.

 

Crude had creek support in the 40 area - hit - UP

POG had a creek support in the 435 area - hit - UP

Stock market could have an upside hit - DOWN

Buck is still DOWN/CRASH

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