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Strategies & Market Trends : Ride the Tiger with CD

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To: Canuck Dave who wrote (224949)	2/21/2013 8:42:45 AM
From: Veteran98	1 Recommendation Read Replies (2) of 313686

Taking a position based on any kind of momentum or breakouts has been the wrong strategy in the mining sector for a couple of years now ...... knife catching and selling the bounce was working pretty good but even that has been a dicey strategy with risks starting to get pretty slim compared to the rewards lately... I'm certainly not calling the bottom here.... the selling has been relentless !! Good heavens at yesterdays close on the GDX we are down more than 30% since Sept's peak GLDX and GDXJ not far from 50% almost half of that straight down in the last month alone... Volume on GDX yesterday was over 37 million .... I've never seen it that high !!! On the way down the shorts have destroyed almost any technical metric that I look at and we are setting many new benchmarks where we have never been before... I don't ever think I have seen anything this bad and sentiment is horrible... not only is there blood on the street there is blood everywhere.... It wasn't very long ago that silver bulls were giddy talking $100 silver as they pushed relentlessly trying to get Silver to 50 buks and gold bulls were talking $2500 gold as they pushed relentlessly getting POG to $1900... these bulls got and still are getting their asses handed to them... It really looks like we now have the reverse where the shorties have their sight set on getting POG below $1523 and all the doom and gloomers are talking about the end of the bull market in gold.... the miners have been paying the price and have been in the grips of a severe bear market for quite a while now.... Have I used the word relentless yet ??? I think it's getting pretty close to the point where it's the shorters turn to get their asses handed to them or at the very minimum it's their turn to get a pretty good scare... Is the bottom in ?? Your guess is as good as mine but if we can't at least get a bounce from these pathetic levels heaven help us all :(:(:(:(

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