I don't trade mining stocks, but good luck on that. Maybe the market will run to gold during the next downtrend, or maybe they will be unloading gold to cover margin calls? Just food for thought.
Price movements could be indicating we are near a bottom here – gold shares (gg aem) went up 6% on Friday. The market could follow soon. It could be dangerous to go short here. Better to trade miners at moment.
We might just fall off a cliff after the possible bounce into the coming opx on the 19th… who knows? I'll just take it one day at a time.
Just my opinion, but I don't think this is a time to go long… unless you're a day trader of course. Since I swing trade, I'll only be looking for short positions over the next few months. I might dip my toe in the water for a quick long position, but I won't over stay my welcome.
Market action thus far surprised bears and bulls alike. Now bears are expecting a bounce Monday, Bulls are expecting a huge rally based on Friday afternoon action. A professional trader I know well is waiting to go short as he was waiting for his signals until now. He did not like to chase markets that were going down. I am not positioned well either to take advantage of this correction. Actually, I lost money trading in and out. Next week is very interesting..
Thanks TY… one should alway admit when they are wrong. I've been wrong on many occasions and I usually pay for it in my trading account. But, I'm still here…
Some how I don't think the banks are going to like that idea too well… hmmm, could this trigger a sell off? Inquiring minds want to know. LOL!
Thanks for the update redvettes…
They want the banks to bail them out
http://www.reuters.com/article/idUSTRE61601W201…
I don't trade mining stocks, but good luck on that. Maybe the market will run to gold during the next downtrend, or maybe they will be unloading gold to cover margin calls? Just food for thought.
Price movements could be indicating we are near a bottom here – gold shares (gg aem) went up 6% on Friday. The market could follow soon. It could be dangerous to go short here. Better to trade miners at moment.
We might just fall off a cliff after the possible bounce into the coming opx on the 19th… who knows? I'll just take it one day at a time.
Just my opinion, but I don't think this is a time to go long… unless you're a day trader of course. Since I swing trade, I'll only be looking for short positions over the next few months. I might dip my toe in the water for a quick long position, but I won't over stay my welcome.
Thanks girl… Looking forward to the big surprise coming next week! ha ha ha ha
Market action thus far surprised bears and bulls alike. Now bears are expecting a bounce Monday, Bulls are expecting a huge rally based on Friday afternoon action. A professional trader I know well is waiting to go short as he was waiting for his signals until now. He did not like to chase markets that were going down.
I am not positioned well either to take advantage of this correction. Actually, I lost money trading in and out.
Next week is very interesting..
Fantastic post, Red! Let's get ready to rock and roll. 🙂
Thanks Michigan… Comment away, I'll alway give you the best answer I can. Of course no one gets them all right, but I'll admit when I'm wrong too.
Monday could surprise a few people… that's for sure.
Thanks TY… one should alway admit when they are wrong. I've been wrong on many occasions and I usually pay for it in my trading account. But, I'm still here…