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Politics : Welcome to Slider's Dugout -- Ignore unavailable to you. Want to Upgrade?

To: rubbersoul who wrote (13579)	11/21/2008 4:10:25 PM
From: SliderOnTheBlack	10 Recommendations Read Replies (1) \| Respond to of 50338

re: ["Aren't we supposed to wait for the $800 signal then buy?"] That's not quite what I said. What I said was this... "We need to break through and hold $800+ for gold stocks to move substantially higher." I know it may still seem counter intuitive to many people, but in this market, what has been working is to only buy when others are selling. And not just selling, but puking up stocks, not because they want to, but because they have to. And then selling any & all gap up opens, and into all "major" rallies. And double digit gap up opens and big cap stocks up +30% is a MAJOR rally <vbg>. And the ultimate rally in which to sell into in this market, is when we have massive short covering (today!), or when we have a gap up open (today!), or when we have people chasing the stocks because "emotionally" their greed in worrying about "missing the train" and the opportunity to "make their money back", is over-whelming their prior fear of additional losses (today!). ...and rarely will there be days in which we get all three. I want to always sell into these emotional perfect storms. when greed overwhelms fear. Just as I want to always buy the reverse, when the fear of loss, emotionally overwhelms the desire for gain. I sold everything today other than what I consider my bare bones core hold position, and I closed out the "smartest" trades I made during the correction of the last two weeks - all those put sales. We just got the news on Geitner being named the new Treasury Secretary and the market is busting loose. But, Geitner is the NY Fed's boy, and the NY Fed is command & control central for the puppeteers, so don't let your guard down bugs... because this guy ain't no friend of ole' yeller. If you are a trader (and you'd better have been over the last couple months) and if you've been buying these deep capitulation days when the HUI penetrated the mid 160's down to the 150 bottom, then today was a no-brainer profit taking opp. Doesn't mean that gold, and gold stocks won't move higher, and I hope it does, because I've still got a nice chunk of NEM ABX GG AEM & KGC, but just not as much as I had over the last couple of weeks <vbg>. I didn't walk into the abyss to hold 'em...only to give them back, when the next shoe drops... I walked into the abyss to be able to sell 'em on days like this. And I walked into all those naked short selling days, to be able to squeeze 'em on days like today. There will be more days to buy 'em back into max fear & pain, and there will be more days to sell 'em into gap up opens, short covering rallies, and when others come rushing in to catch the yellow train. Quite an adrenalin ride over the last couple of weeks. Gold is smelling the re-flation trade and today we blew out the shorts. This train will make many stops and starts along the coming journey. Don't worry about missing it. Traders who've had some incredible buying opportunities into this volatility, also had some incredible selling opportunities. Long term buy & holders got a rally that took them out of the abyss, and they're probably going to be sleeping a little bit better with gold waking up and smelling the re-flation coffee. But, don't get complacent. We closed at HUI 212 people - not 512, and we've got lot's more work to do. And above all else... if you've been fighting and clawing your way back -- do NOT give it all back... again. Fight greed. Embrace fear. Stick to your plan. Stay disciplined. And re-lock & load for the next ride, because it'll be coming. Mo later & everyone have a great weekend. SOTB PS: Anyone else jump on TBT with that historic move in the 30 year bond yesterday?