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Weekly Digger - Mon. 5/16- Fri. May 20, '05


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XAU:

 

My count remains unchanged, although sustained bullishness until today's close may give me pause, especially if we overlap 83.32, the 61.8% retracement of iii.

 

I thought the bounce would be contained at 81.80, wave 3's terminus. It was overlapped.

 

Wave iv looks like a 3 wave affair, with the b wave being, what Doc calls, a swup.

It will look like an impulse if 82.88 is overlapped.

 

If my silver pattern of a triangle and my gold pattern for a low at 413.90 are accurate, this rally will falter, and new lows will be seen within days. On the other hand, if gold breaks above 429, silver breaks 7.27, and XAU overlaps 86.43, this count is plainly wrong.

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Well there TFH,

I don't like BGO.... or anything below 5 bucks... but the obvious thing to ask is - where is the demand.... 1.50 it may bounce...

 

Hey, silver is blasting off and all WTZ can do is make a sot today.... depressing...

 

Hey I can be Jack Splat and you can be my wiff as I don't like anything over $5 except as a daytrade.

 

Take GLG bought at the lows for a buck then climbed over $20. Would it have climbed over $400 if priced at $20 at the lows?

 

The only reason I can think of for owning +$5 stocks is for the margin. But I'm not of the thinking that margin be a good ting.

 

Or if you piled your do-re-mi into GPXM you could have doubled your money in days all while the PMS stocks were still being market down.

 

Still it's a risky business and not meant for those with a penchant for a cruise.

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Yes bear, it all looks ominously like a top already. Weak bounce IMHO with a lot of short covering in the biggies and some dedicated bottom fishing in some of the badly beaten downers. NEM is struggling with sellers happy to sell into strength. Does not seem to me to be a rally with OOMPH!

 

Techni (lo)cals:

 

Advancers 64

Decliners 24

Unch 16

 

Roughly the same as the day before.

 

Short-Term Bullish 9% headed by CBJ,DROOY,EGO,GRS,IVN

 

LT Bullish: 5%

 

Bullish Percent: 4%

 

New recs: BGO, EGO, HL, NEM, PAL

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Gee who couldn't see that coming? Gold goes up after hours, peaks then comes down the same way. Yesterday's session was all short covering. NEM had a perfect short set-up today with a neckline right on 36. When it opened then went immediately below it was a given that the moving average would soon follow so once again the model is short NEM (from 35.99). The PMS stocks fall so easily but climb only with a great struggle. Definitely not over yet.

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Gloom and doom and info on wargangs and even the latest Science Fiction films

rating

All free on freeweek elliot in europe

 

http://www.elliottwave.com/freeweek/effs/

 

Hey AgeKa what do they call CONflation in Europe, E-flation? :lol:

 

 

The latest I heard we were heading for zero growht

So no flation :rolleyes:

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PMS Technicals:

 

Advancers 22

Decliners 64

Unch 14

 

Bullish Short Term IAG, LIHRY

Bullish LT GPXM,IAG,MDU,MRB,RIC

%Bullish 8%

New recos: None

 

Personal Opinion:

 

More ugliness to come potentially muted but with always a good chance for a climatic sell-off. Then in the afternoon skies will brighten leading to a mainly fine spell. :P

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PMS Technicals:

 

Advancers 22

Decliners  64

Unch        14

 

Bullish Short Term IAG, LIHRY

Bullish LT              GPXM,IAG,MDU,MRB,RIC

%Bullish 8%

New recos: None

 

Personal Opinion:

 

More ugliness to come potentially muted but with always a good chance for a climatic sell-off. Then in the afternoon skies will brighten leading to a mainly fine spell.  :P

 

 

Failure at 175 was expected but still disappointing to say the least. Need a higher day tomorrow for the psyche. Still poor volume up days. Looking for 168-170 to hold but not really expecting it. We hold there we need two closes over 176 to turn the mood positive. Just flat out suks. SA's like HMY may be good solid plays. Took a small position there today.

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