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Post by simonsays on Sept 4, 2014 9:10:16 GMT -5
Well, I'm home from the hospital and I see the grind higher continues. Metals looking weak, while miners are a mixed bag but generally showing relative strength. I could see metals making new lows but I imagine the good mining companies don't have much downside from here. I'm still holding a BRIC's ETF which is on fire, and added energy, and a TSX index fund as well. Still holding most of my miners but I did dump B2Gold in favour of some better performing names. B2 will have its day but it's not ready yet.
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pkf
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Post by pkf on Sept 4, 2014 9:46:47 GMT -5
Well, I'm home from the hospital and I see the grind higher continues. Metals looking weak, while miners are a mixed bag but generally showing relative strength. I could see metals making new lows but I imagine the good mining companies don't have much downside from here. I'm still holding a BRIC's ETF which is on fire, and added energy, and a TSX index fund as well. Still holding most of my miners but I did dump B2Gold in favour of some better performing names. B2 will have its day but it's not ready yet. Yes indeed many "favorites" remain in well established up-trends in spite of the mining indices consolidation. I continue to view the short term with some trepidation as I view an XAU drop into the 90-92 zone a good possibility and where I will buy the current strong stocks, depending of course on where they are at the time. If I am wrong (I view being wrong if the XAU were to break above 107.39) then the real fun begins. |
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Post by brad949 on Sept 4, 2014 13:23:11 GMT -5
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Post by sb on Sept 4, 2014 14:00:02 GMT -5
Hope your feeling better Simon, I didn't know you were in the hospital. I've mostly been ignoring the markets, won't buy the S&P and have felt the miners were going to take longer than most anticipate. Finally today something worth remarking on with the miners IMO, as it looks like the gap below $25 is going to get filled ($24.78 or so). If we get a gap down tomorrow morning, or even close it today, I'll start putting in more buy orders again. This is the type of action I like to buy into, though volume still not feeling like a washout. Regardless, anywhere in here is good enough for me. Take care and good luck!  |
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pkf
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Post by pkf on Sept 4, 2014 14:28:35 GMT -5
Hope your feeling better Simon, I didn't know you were in the hospital. I've mostly been ignoring the markets, won't buy the S&P and have felt the miners were going to take longer than most anticipate. Finally today something worth remarking on with the miners IMO, as it looks like the gap below $25 is going to get filled ($24.78 or so). If we get a gap down tomorrow morning, or even close it today, I'll start putting in more buy orders again. This is the type of action I like to buy into, though volume still not feeling like a washout. Regardless, anywhere in here is good enough for me. Take care and good luck! The GDX gap is on many radar screens so my best guess is that we do rally from there but whatever low is set (that is the low where the gap gets filled) will be broken over the next week or two. This will create the "true low" in my opinion, somewhere between 88 and 92 on the XAU. As always, I am very flexible to accept a different scenario if it so presents itself. |
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pkf
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Post by pkf on Sept 4, 2014 14:30:31 GMT -5
I should add to the above, if indeed that scenario plays out, watch those stocks that bottom out during the GDX gap-fill and do not make new lows as the GDX produces new lows over the next week or two.
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Post by sb on Sept 4, 2014 14:47:36 GMT -5
Certainly a reasonable possibility pkf, would also give us a nifty pullback to the 200 MA on $XAU: stockcharts.com/h-sc/ui?s=$XAU&p=D&yr=0&mn=9&dy=0&id=p60760993324I'm going to start putting in my buy orders to trigger on the gap fill since we might get there today. I hope you're right and the final low isn't too far beneath us. If I can get some fills to nibble in here or tomorrow morning, I can live with a few more points downside potential in the XAU. |
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