Moin Bill,

i´m with you on CNBC. I have stopped watching it in 2005.

It is getting serious....

The British Bankers Association said the overnight lending rate that banks charge each other to borrow in dollars rose to 5.86 percent today from 5.35 percent.

The so-called London interbank offered rate in dollars is the highest since the start of 2001. ....

"Market-speak" is like political correctness, the definition of which is ...

"a doctrine fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end."

Major French bank, BNP Paribas, has frozen redemptions on several mutual funds that have exposure to U.S. subprime mortgages. They say they can't properly value the funds because liquidity has evaporated.

This strikes me as pretty nasty! Money-market funds are supposed to be highly liquid, but Paribas investors can't get their money right now.

AP is reporting that this is sending shock waves through the markets. One can imagine how this might cause panic.

http://tinyurl.com/2suz8g

The ECB has just lent a record 130B Euros to banks at 4% to ease the liquidity crunch.

This eclipses what the bank lent a day after Sep 11 2001, when it allocated 69.3 billion euros, followed by 40.5 billion euro award the day after.

Bill, what is the big picture relationship between this and the sharp drop in gold prices? Or is gold being sold as a preventive measure, or to raise cash?

Global Finance:

Asia Marking time until the next meltdown

http://www.atimes.com/atimes/Asian_Economy/IH09Dk01.html

Should be an exciting day!

Quick thoughts:

1. Go long FXY - may be better than Gold near term w/ less volatility.

2. Go long SKF - financials are getting ready to unravel in earnest and the Plunge Protection Team simply can't cut rates. As Bill has consistently said - they will wait far too long to do it. Drop in Gold today largely attributable to PPT working the phone to other Central Banks to dump gold capping the price.

3. For your speculative dollar, I encourage you to take a look at OMEX. I believe they will win their court case against the Kingdon of Spain over the wreck of the Black Swan discovered off the coast of Gibraltar in international waters. The silver coins recoverd from the site (and now in a Tampa, FL somewhere) are worth at least $7M US by my reckoning which translates to .15/share in and of itself. I think it may be worth some fun money for a quick run when the case is either settled or ruled upon in US court.

GL!

Liquidity crunch could cause recession. Recession dampens inflation, ergo decline in the price of gold.

That's my interpretation. But, I'm only seeing this at the moment as being a short-term reaction rather than indicating a long-term trend.

Good Morning All,
I heard that Baltic Dry freight rates are the highest that they have ever been. (more than twice of what they were last year at this same time) With freight cost's rising significantly this will impact everyone, Exporters, Importers, the Wal-Marts and Tescos should see the real cost of their supply chain rise in a big way. It Seems more inflation is guaranteed, and consumers will soon feel more of a pinch in their spending habits. As far as CNBC gose it is virtually un-watchable. I'll take Bloomberg any time, if I'm going to watch the Financial news at all. Also, I would like to ask this community as to when Gold, and PM stocks are going to de-couple from the rest of the markets ? I respect Bills opinion that we will see a rise sometime this quarter, and I know how the POG is subject to the manipulations of central bankers, but it still seems to be joined at the hip of the rest of the markets.

Keep in mind when some of these hedgies liquidate they sell everything they can including PMs--throwing out the baby with the bathwater.

S/T the PMs can go down, but this can offer an opportunity before the reactive move up against a falling dollar.

jasper-in the midst of last night's post i had a twinge of doubt, thinking the bullish case suddenly got too easy...now it feels better..

started with GFI pre-market at 15.10, going after SLV at the open...keeping positions small, hoping the sell-off is quick, planning to add if/as it becomes persistent...

Bill, bet you miss your ROBTV down there!

While it doesn't have the showmanship of CNBC, it by far more than makes up for it in content and depth.

GDX-adding at 38.76

GDX-adding at 38.76

UNG-out at 40.08

I can't watch it anymore. I try to watch fast money, but last night they were exploding heads like Maria. They are THE case for decaf.

I would have posted earlier, but I got caught in some sort of crowd. I don't know where they were all going, but it was reminiscent of a WalMart holiday sale opening. There must have been a sale. Oh yeah, I see 2nd made it....

above posts were not duplicates...took two shots at GDX, bringing my 39.95 re-entry near the close yesterday down to 39.15..

sorry, brining my "basis" down to...

ECB and FED PPT jumped into action last night.
Should help PM's in the long run.

Notice how short and violent this move was yet gold, silver and miners did alright.

Needing to attend the sale but still guarding capital....

2nd -- Look for initial GDX resistance @ 39.05-39.10

I don't know how an average retail investor can't stand this kind of volatility. It's absurd. This is the 9th day in the last 12 where the dow has moved over 100 point one direction or another (during a few it has moved in both directions).

Someone mentioned the removal of the short sell tick rule as a contributing factor. Given my cynical nature, I am convinced that stocks with small trading volume are getting swung back and forth like a rag doll, running stops to fleece small investors. Former sound money management practices are your worst enemy in whipsaw markets like this.

It's going to drive a lot of players out of this market.

GDX-taking some off at 38.97...

ECB to provide "unlimited funds at a below market rate to stem liquidity crisis" per Bloomberg.

DANG! Wish I caught that UXG train....
I'm onboard, but I would have liked to bring more luggage.

PWE-in at 29.28>wife wants this one for the dividends....

GFI-in at 15

SLV-in at 127

PKD lifting

SLW-did anyone buy in at 12.68...don't know why i wasn't watching that one...

Hi Bill! Here is a link to Cramer's "emotional crisis": http://tinyurl.com/3ddj7f

From yesterday's Daily Phennig from Everbank:

"On July 16, James Cramer dismissed the unfolding subprime mortgage crisis as "meaningless." Then just a few weeks later, he's literally screaming that there's "Armageddon" in the income markets.

Cramer, pounding his fist, wants Bernanke to "stop acting like an academic and do something!" He wants the Fed to cut rates and bail out the traders and fund managers who were buying up these subprime loans as if they were income instruments. What he wants, essentially, is a return to the Greenspan days."

This about face by this guy is classic, eh?"

not trading in the first 30 minutes just doesn't work if you're short-term...coulda bought NBR at the open for 29.26, now recovered to 29.94...SLW at 12.68, now at 13.14, MU at 11.75, now at 12.15...you could make your day in the first 30 minutes...

let me add: coulda-shoulda-woulda (lol)...

Hey! WE want that too!

We would make a ton O' money should the fed cut.
Why are we punishing Cramer? He's our CNBC cheerleader.

He is NOT our coach, just a girly man on the sidelines cheering the fed to make us wealthy. THAT is the plan right? To understand that HB&B and friends will do what is best for themselves...right? And that we should position ourselves to be waiting to benefit from their manipulative greed...right?

GO CRAMER!!!

OldGoat-thank you, took more off at 39.12 and looking to re-enter

2nd,
think 6.16 for UXG and the high of approx 6.88.

Nice caboose....

starting to see a lot of green on the screen...

Maybe Quebec bankers, eh? Surely no one in the U.S. or most of Canada.

Huberous can be an effective barrier to reason.

Glad to hear of your progress. You were sounding a litte negative earlier in the week.

In SKF at 82 as the speech starts... stop at 80.50

2nd -- Sorry. Twarn't no resistance. AUY now almost all the way back up. Nice entries on GFI & SLV.

PKD still lifting.

GDX-gamed it wrong...had expected/hoped for more selling...stronger hands holding...

NBR has taken out yesterday's high.

jasper-take a look at UNG...now up 5% and i'm no longer holding...this is where the longer-term traders make their money...

2nd,

I am in UNG at 38.25 per your suggestion and holding till hurricane season is over, or in full swing perhaps.

Think I may have actually painted the bottom on VAL yesterday - we shall see. Some decent volume would be nice.

Back in MPEL at 13.20 this morning for a trade....back to the well one more time....I really do like the Macau story

That was a nasty gap down this morning to take out stops. A good illustration of why I do not use stop losses aside from occasionally on intraday trades.

NBR-definitely on the way up..if you add the action in UNG today, i would be looking closely at the natural gas sector...PWE, btw, is a natural gas trust (originally mentioned by Bill, and brought up again last night by BernardF)...

MU 12.50 (!)

2nd and all NG people:
Also PWI which is, as I recall, 68% weighted to NG. This is a limited partnership but runs like an oil trust. Div in the same range as PWE, PGH, etc. 2011 won't affect PWI as it is no longer an official trust. A bit different on the IRS 1040.

Do your DD, they all have web pages.

adding WGDFF at 2.65

chas-glad you caught that spike..

if UNG closes above 41 with a volume of 1m, that would indicate to me it's time to buy and hold....

Sorry Bill. The house thing must be frustrating.
The communications and power would have me buying a generator and satellite dish....once I had a place to put it.

It would frankly piss me off and I resort to self reliance when I'm pissed off.

I just fired my phone company (Qwest) as they pissed me off when they didn't report back to me why they couldn't run a DSL line 600 feet to my house. Screw em. I won't buy their service now even if they install it and it costs less.

You would know. Cross the son of an electrician with an eagle scout and that's my picture. I can do it myself if they can't.

Once you have a residence it should get better.

A day after I expressed confidence HL would not trade below its recently lows, given its strong earnings and positive outlook, it nevertheless followed the rest of the miners and gapped down this morning and is trading 5% below that level.

In fact, if you look at the chart for HL, it failed to break back above its trend line yesterday and has been in free fall since then.

I sold some puts today as the selling is overdone. But please, don't anyone follow my lead here as I have been consistently misjudging the market lately.

I don't follow the market minute by minute. Too late to press the sell button on gold. Grin and 'Bear'.
-No trades for me today. Emotionally I want to buy or sell something! Hold for now. HB&B will have a long day for strategy meetings. Stocks I like are going on sale today. Will consider tomorrow if it is safe/time to trade. Negative Hedge on TSX index working out well today. Keep seat belts on. [ST-mildly bearish, MT (medium term) mildly bullish].

Briefly, stocks from the Bill Cara Blog to watch: ARU, PNP, WGI, SLW, MLY, HF and Uranium stocks (fire sale/liquidation?).
Other stocks I like for buy signals: CCO - Cameco Corporation [down from $60CDN to $40CDN], ECU, UXG.
Stocks I like, but no buy signal: PWT.UN.
Gold is a buy.
----
Yahoo Finance Poll:

In light of the stock market's recent sell-off, what is your current strategy?
Buying 34%
Holding tight 56%
Selling 12%
247189 Votes to date as at 8:15am
[008] - Will be back either late tonight or tomorrow. Everyone: have a great day reading or trading.

HL-n2son, i would be careful here..i'm holding a little HL purchased yesterday at 7.67 and not sensing it would be a good idea to add..it may be oversold, but can become even more oversold..why not put the money to work elsewhere..

number2son - I picked up HL yesterday. :(

Follow the leader, eh?

I'm buying this market & setting some loose stops. What the hey...

Redtail hawk outside my window has been screeching continuously for at least 1/2 hour now. Beautiful bright, sunny day here in New England. Makes me wonder if I should just pack it in for the day and take a walk in the woods with my dog.

ALOHA !!

Let me add to the discourse of nonsense going through the media now. On Wednesday I had to drive into Hilo and I decided I'd listen to Rush Limbaugh on the radio for a bit. Usually when I listen to Rush talk about the economy he is the quintessential mouthpiece for Bush and the FED. This time I heard him say for the first time that he is no "financial genius" and defers to others when it comes to financials and knows next to nothing about economics and the markets. I did a doubletake ... Here is a guy who is adored by millions admitting he knows nothing about economics yet any time of day you can hear him talking about how the US economy is going great and Bush has done a great job! Yet how can he explain the US Comptroller General, Walker, going on 60 Minutes and saying the USA is in dire financial straights and is headed for bankruptcy? How can Rush push the "core" CPI number on millions of his listeners as low yet not notice his jet fuel bill for his Gulfstream rocket higher every year?

Then after that he said ... "I predict the next FED meeting ... when is it Snurdley, October? I predict interest rates will be lowered by some degree!" So Rush is on record for a rate cut in October!

I do not understand how there can be such a dislocation between the markets and reality? Who do you believe Bush and the FED with their BIG agendas or a non-partisan Comptroller running the GAO saying we're headed for bankruptcy? Surely the Chinese monetary officials caught the 60 Minutes interview ... It wasn't long after that the Chinese announced their $200bilUSD Sovereign Wealth Fund(SWF). Can anyone add 2+2?

ON GOLD
Being in the Gold market as long as I have you just don't discount the fact that the USDX is on a 35year support level. As in the 70's the USDX could do battle at the 80 to 85 range for a couple years. I do not expect it to be that long. I am thinking October.

GEOPOLITICAL
I have mentioned a number of times here in the past the PAKISTAN THREAT in terms of nuclear destabilization. Now we have two Muslim countries with nuclear threats, the other being Iran. The Persian Gulf is dominated by Iran and Pakistan. Next comes Saudi Arabia.

Just recently there has been talk coming from Pakistan regarding emergency measures. Obviously Pres. Musharref is a target by Islamic fundamentalists for his support of Bush. Nothing new there. Ultimately the USA will have to fight wars on multiple fronts to keep the oil flowing. We are the only superpwoer still resorting to military solutions while China and Russia have made further inroads into the Middle East and Africa via dimplomatic and economical foreign investment. The result of US Foreign Policy is to tear down infrastructure and stability, while the Chinese and Russians build it up. Many, even Rush, retort by saying the US is rebuilding Iraq but the media focuses on the negative. Well, I go by only one measure of success. When the first WalMart or McDonalds opens in Baghdad without being bombed I will be a believer! In the meantime I see mostly ruble. Then there is the fact that the Bush Palace(US Embassy)requires 12ft. thick concrete walls! I am not convinced we have won the Iraqis hearts and minds ...

TFC
Yesterday mention was made of Total Fed Credit(TFC) ... good point but M3b is still expanding! How can it not with a $400bilUSD+ annual interest payment on the National Debt($1.09bilUSD per day),plus the cost of the War On Terror(another $1bilUSD a day)and just plain old keeping the US government doors open($2bilUSD per day)from foreigners. How can there not be M3b expansion? Certainly the Reps and the Dems do not expect US Taxpayers to accept a tax increase! Wait until next year when the "boomers" start retiring! Many Liabilities and few assets ... Not much of a Balance Sheet is it? More like desperation ... I'll have to side with US Comptroller General on this one!

UNG-scaling back in at 41.85..sorry i missed the spike, but i'm not going to fight the big picture...zooming out to a three-month horizon

Does it bother anyone else but me to hear Clinton and Edwards proposing a fund (of taxpayers' money) to be used to bail out people whose mortgage balances now exceed their homes' declining values? Or am I just a stingy old bastard? (Lest I be misunderstood, I am also having a very hard time with the idea of taxpayer money being used to bail out the holders of those same mortgages.)

GDX-the negativity feels good here...adding back in at 39.27..

HL-pulling the trigger at 7.07 and moving the cash over to WGDFF at 2.61...

OldGoat-I don't like the bail-out mentality any more than you, but after reading a few local stories, I also think many people were led astray...

I don't like the option of lowering rates, which postpones the inevitable and extends the credit game.

If they can find a way to have the brokers holding the paper take the hit, that would be ideal. That would come closest to having the right people paying their dues. I just don't think that's going to happen.

In the end, is there a better use for tax-payer dollars?

PDK - 88,100 bid size @ 7.50

Hillary did "call on the regulators to put clear and strong consumer protections in place so that borrowers know what they are getting when they put their name on the dotted line."

Anyone have thoughts on investing in platinum? Evidently gold has a pretty unlimited supply and is always subject to CB interventions whereas platinum has a very limited supply and has multiple industrial uses. I wouldn't know how to buy the metal directly. However, evidently 70% of platinum mined is in SA. I've been looking at platinum explorers and producers and came up with Platmin, a Canadian company which has ore resources above the critical 5 oz/ton. Would appreciate hearing other's thoughts concerning the potential of platinum as an investment, say vs gold, and thoughts on solid miners of this metal.

There was some talk here a few days ago about reduced need in the future for platinum in automobile catalytic converters due to new technology.

UNG-adding at 41.35

I nibbled 500 shares of WGDFF at 2.63, am watching GLD, AUY, SLW, UXG, GDX for better entry points.

We'll see.

GDX-adding at 39.05

UNG-volume is now 600k+...i know it's hard to buy after a gap up to 42, but what are the chances it snaps back to 54 by september?

ALOHA !!

OldGoat ... DEFINE "BAILOUT"! It is absurd to bail out citizens for buying into low interest ARM teaser loans. Where are the class action lawsuit attorneys? It is absurd to bail out anyone who is swindled. If these people get bailed out then the Enron and WorldCom investors should get bailed out? I didn't even think the WTC victim families should have gotten a dime, unless you plan to hand out checks to WW2 and Vietnam vet families who lost their loved ones. This is pure political lunacy and nothing more than pandering for votes! It exemplifies the major flaws of our "democracy"! The Founding Fathers would be rolling in their graves ... All hail the Nanny State! The USSA !!

selling wave...adding NBR at 29.80/GDX 38.96/GFI 14.96

slw-waiting for a 12-handle...but if i get it, will be rotating into it from GDX...i don't like the intensity of the selling, and keeping position sizes modest for now...

HL's at $6.80 - scrapping almost year of gains...

bail-out: wife's opinion is kaimux2-guess that makes me the nice guy...

Bill,
Bought P&G after your feature/focus @ $62.95 maybe a week or so ago.

Today it's @ 66.17. A good example of buying at the right time. Many Thanks!

Long GFI a little late @ 15.05

Bail Out BS

Kaimu:

Your point is well taken. Right now my better half is dealing with company Health Insurance misrepresentation. Every time a statement arrives it is $0.00 contribution from the insurance carrier and 100% patient responsibly.

Led astray, going bankrupt and healthless in the hot USA southland.

wavesmash-you don't need to be sitting in HL...rotate into something else..

Long SLW @ 13.02

two selling waves in 3 days...if this shakes out everyone who bought in yesterday, then i guess we're finally set to go...

OldGoat-i wouldn't say you're late on GFI at 15.05...that's below the price 99% of buyers over the last 18 months have paid for it...

Stopped out of SKF on the day at 83.05, should have sold at 84 but won't cry :)

2nd - Lots of overhead resistance then, yes?

No point in dumping HL yet... gotta let the dust settle a bit.

It's still the largest miner in Venezuela, that should count for something. (haha)

Anyway, it appears to be stabilizing in the 6.80 - 6.90 range. Could be a buying opportunity in this storm?

I'm going to go back to reading quotes from Wall Street and see what happens in an hour or so.

http://www.imdb.com/title/tt0094291/quotes

chas -- Did your system tell you to sell @ 84? If not, and your stop (presumably part of your system) took you out at 83.05, what's to cry about?

Damn redtail is at it again!

And I got in GFI early so I'm a bit like Seinfeld right now...

http://www.seinfeldscripts.com/TheOpposite.htm

OldGoat,

You're right, the only thing I'm crying about is that my system doesn't give me maximum profit every time :)

PKD - adding @ 7.36

Bill-

Count me among those who have written to opine that blog comments which say "I bought this. I bought that." without any analysis whatsoever are POLLUTING the board. This is chat room stuff. Sorry guys. If you want to set up same-timing between yourselves so you can see what everyone is buying and selling minute by minute, I say have at it.

UNG-not adding any more, but betting the close is >42 on volume 1m+

I second MarkM's comment. Too many one line comments with no analysis these days. This site is invaluable in teaching people how to be better traders. The in-depth analysis needed to do that is being crowded out by these chat room comments.

Apparently there are rumors of an imminent Fed rate cut. I don't see how that could be true as they would destroy their credibility (with those who think the Fed is all powerful) in a nano-second. That would jump start the gold bull for sure though.

I third MarkM's comment too. The value that I get out of the comments section has been dropping recently. I think due to the chatty nature of the comments section other analysis-oriented commentors like MarkM, Leisa etc. might be discouraged into posting less.

My .02

Cheers!

bill-markm has a point...maybe we should open a separate board...the numbers of posts was manageable enough at one point to accommodate any and all commentary, be it market-related or not (and i am in no way asking anyone to refrain from the political/personal/nostalgic commentary that i find very rewarding)...but i can understand wanting to distill the posts to those one finds useful..

markm-i wouldn't use the terms pollution/chat room...the very same people who are posting the one-liners have contributed significantly to this board...i personally appreciate some of the ideas/timing/mentality behind the posts as enhancements to their off-market comments...it's more like real-time insight than second-hand smoke...

MarkM said:

"Count me among those who have written to opine that blog comments which say 'I bought this. I bought that.' without any analysis whatsoever are POLLUTING the board."

A separation of comments would probably be helpful to most who frequent this forum.

Other sites sometimes have different discussions for day trades/short term traders, special situations, long term trades, and trading techniques/strategies.

It's simply an organizing of the comments into separate topics.

MarkM,

I post things, and try to give a reason for it but sometimes, as in the case of SKF earlier, it was a simple stop loss, but I wanted to let 2nd_ave know about it and elvispoc know about it since they were my inspiration for the trade.
Plus, isn't this called "Community Chat" for a reason? I am not trying to rub anyone the wrong way but I know that people posting their trades definitely gives me ideas every single day.

h

The increase in posts to this site is largely due to day trading buy/sell. I do not believe that anyone can gain from this information since the market rarely benefits the one trading off of the stock "tip". I personally like to read how one trades; setups, allotment of risk capital, fundamental and technical analysis. Reading the numbers doesn't help me personally. Advise on where the ACC/DIST on given stocks is helpful even if they are not in the Cara 100.

PM is hit by SP (Sub Prime)

Dow Jones is now saying:

The precious metals market is falling on news that subprime-mortgage-related problems are spreading, affecting gold producers such as Goldcorp Inc. (GG, C$26.04, -C$1.08, -4.0%).

bill -know that you are really busy ----won't hold you up. KRY-say permit comes---then buy out-------- 16 months latter gold comes out of the ground----gold is say $650.00---------$690.00 per ounce what would this stock be worth ----just your opinion. many thanks . i have been following your site for some time now really like your professional way-----yet casual.

If this blog is still run by the large staff of ONE, then there may be ways to deal with some of this, but it should factor in the staff of one. The best answer may be the old rule: "The solution to pollution is dilution".

Luckily you fine gentlemen are capable of raising the level of discourse to the degree you desire. If the discourse is such that it promotes discussion of better material then the other posts will be less significant.
That's my .02 which doesn't count for much.

Anyone looking at GS? Near the low of the day.

I agree with 2nd ave. Love the commentary, but it is good to see the commingling of investment strategy with actual buys and sells. Obviously, each should do their own research on any post. The posts have been helpful in seeing how other traders view certain miners etc and the positions they are taking. Doesn't mean I'm going to do the same thing. Heck, if you don't want to look at the one-liners, scroll on by. This blog has always been my favorite and I have learned an incredible amount from Bill and the rest of the posts. For as long as I have followed Bill's board I think the integrity is better than ever.

Put me on the side of those that don't mind the day-trading info, but it would be all the more interesting and valuable if it came with a quick blurb about why.

Hello all from North Puget Sound. Please allow a longish post as I have been away to Mt. Rainier for a few days.
Bill, thanks for posting Hugo Bertrand’s post. His reasoning has simplicity and the ring of truth. I find this snippet taken from his post to be absolutely amazing yet oh, so clever…..”the Japanese Central Bank is setting interest rates not only in Europe by also in the United States.” and ..” If only the Japanese raise their interest rates a little, they do the dirty work for the Fed and in fact lower interest rates worldwide.”
Maybe clever does not describe it. Let switch it to devious. I have enough faith in our elected US officials to believe they allow/coerce others to do their dirty work. Raising rates. Their job but oh, we hate to hurt our buddies at GS. I especially like the reasoning that it buys time. Time for the band to play on, hoping for a savior, time to let the current admin get out of office and thus not take the fallout/blame. My question for Bill and any others in our Community.
1. Does they-the US Fed have the muscle to do this? Do they have enough candy to offer BOJ? I do not see it in the best interest of Japan? I would love some feedback here.
2. This forecasts a lower POG short term if it comes to pass. Doesn’t this also cut the FXY off at the knees?
Thanks in advance; I am learning so much here as to make myself dangerous to myself and my portfolio. E.g. I had sold my SRS at a 15% gain, only to see it go another $6 up. Hating to miss a bandwagon, I bought twice as many shares of SRS Tuesday morning even though I was out of cell and internet range. Someone here recently said that “if you have a plan and do not use it, you don’t have a plan.” I “plan” to only buy and sell when I can read/listen/chat the current news. By the time I got back to my desk SRS was down 9.4% on twice as much invested. Woo-hoo!
Lastly on an earlier comment about people posting their trades. Please, please keep it up. I am underwater on a stock that shall not be named but by seeing others move in and out of their chosen stocks gives me an understanding of their plan. It is crucial for a student to see lessons in action. I am a grasshopper. Unfortunately, I think I smell a grass fire. As I post this the dow is down 213 pts.
peace
Gray

I agree with 2nd ave. Love the commentary, but it is good to see the commingling of investment strategy with actual buys and sells. Obviously, each should do their own research on any post. The posts have been helpful in seeing how other traders view certain miners etc and the positions they are taking. Doesn't mean I'm going to do the same thing. Heck, if you don't want to look at the one-liners, scroll on by. This blog has always been my favorite and I have learned an incredible amount from Bill and the rest of the posts. For as long as I have followed Bill's board I think the integrity is better than ever. Thanks Bill for all you done.

Sorry for the double post. Computer glitch

2ave-

When I have an opinion, I state it. I don't candyass it. Others have taken me to task for my bluntness, but that is the way I am. Everyone should know that by now, so I wish the stylecoaching to end. In return, you get my absolute best and most honest, even if some don't want to hear it.

Not saying there haven't been some valuable contributions by many of you. Thank you for those.

Last I will say about this. This is Bill's blog and he can run it any way he wants.

I find the machinations of those who are flitting in and out of stocks throughout the day like hummingbirds somewhat entertaining and definitely educational. I won't be joining them but, I do enjoy watching them.

markm-this is more than bill's blog...it's a community built around it...i don't mind your bluntness one bit, man...i enjoy reading all posts, i enjoy the disagreements, i enjoy the sentimental journeys...that's why i'm here...

let the site evolve-if it becomes contained/constrained, it's going to be a whole different ballgame, and you're going to lose valuable input/valued posters...i'm for accommodation more than restriction..i think bill will figure a way to do it..

PLM is looking good on a 51% increase in mineral resoures. At tiny patch of green in a sea of red today. I like metal in the ground in North America.

News at: http://biz.yahoo.com/iw/070809/0288374.html

A few of the homebuilders I follow are up over 20% today,,,go figure.

Would it be possible to implement a nested comment system. Something where you can expand or collapse certain posts and their responses. That way all the interday one liners could all be expandable or collapsible. This would allow those who don't want to see them to collapse them and not be bothered, but those who do can still view them.

That is all if there needs to be a structural change to the site...(I'm not saying it needs one)

2nd,
This may not be correct, but from what I have gathered from Bill's personality is that he like there to be order; his definition of order. He has also stated as a theme that this is his blog. Unless he states otherwise in print, he does not like the direction that his blog has taken in the discourse. He just said it in a round about way above.

I don't think this rout is over yet. A/D line not as extreme as a could be and volume, while high, hasn't reached panic levels yet. At the moment, the TICK and TICQ are improving.

I'm keeping my on AAPL as a possible bellweather. Short-term, a close below 127.77 would portend more to the downside.

Reading the archives back into Novenber of 2006 kind of gives one the temperament of how this blog played out daily. It was quieter, less busy but with quality information. It is worth looking at.

Observation---A few months back, I sensed a lament in Bill's tenor as he recognized ahead of time the market had changed to very short term traders. He knew most of his readers were swing or longer term traders. Soon thereafter, it seemed the amount of daily short term in and out comments increased.

Finishing on the lows does not bode well for tomorrow, IMO.

MGIC (MTG) is also up today. Does anyone why?

As for the "I am in - I am out" posts, if Bill wishes to allow that perhaps the easiest to implement is a daily thread specifically for that, those who wish to follow will read it, those who care about meaningful discussions won't click there.

Any one here follow the summation for the nyse or nasdaq??

In my followings of it I have found that bottoms are formed when th NASI(naz summation) is between -900 and the nyse is below-700.

I've been following it since 1999 and it seems fairly good.

It is a broad indicator however, but if you pick stocks that tend to move with the mkt., you can make a decent buck.

Also, when the mkt volatility starts to move up and down irradically in 100+ point moves it tells me that there is a change in trend coming soon.

Maybe this is the start of capitulation.

All thoughts welcome.

MarkM -- Henceforth I will post only very brief short-term TA observations, which others will be free to ignore or interpret as they wish. No entries/no exits. No pump/no dump. Never have, never will.

For the record, my GFI and SLW entries are working well at the moment; the PKD entry looks to have been a case of good money after bad.

2nd -- I appreciate your bringing situations to my attention. Yesterday, due in large measure to your input re GDX, was my best trading day ever. Thank you.

Photogray -- The remark several days ago to the effect that "If you don't follow your plan, you don't HAVE a plan" was mine. I was quoting a commodities trader I know well. It was with this quote in mind that I made my remark to chas, above.

All, and especially Bill -- My apologies if I have detracted from the level of discourse in this most excellent blog, and in particular for blabbering on today on both trading and non-trading issues.

Let the site evolve?! 2ave, I have been with Bill since we were debating whether the Dow would break 10K, okay?

Bill will shape this the way he wants. Valuable input has already been lost.

Well, this market has me stumped. And when I can't confidently predict where the market is heading, and all my trades are just a roll of the dice, it's time to step back for awhile.

I'm going to take the rest of the month off from the market. Spend some time with my wife and see my son off to college.

Best of luck to all in the interim.

fwiw, I'm with MarkM. I used to look forward to reading the "discourse" as much as Bill's commentary. Now it's getting to be more of a "chore"; scrolling and scrolling trying to find something of interest. I'm not sure why the comment section here has taken this odd turn towards "chat room style". It hasn't happened on any of the other fine blogs I read. No "apologies" are necessary from anyone. We're not talking about a capital crime here. I guess some of us just preferred when the comment section was more interesting.

We had at minimum 48 posts today that were day trade one liners from various posters. OK, some 2-liners.

I'm with MarkM. I don't think the one-line attaboys or I bought this or sold this dont help many here. This isnt a public Yahoo Message board. When one person is consistently making 30% of the posts to Bill's blog they might want to consider starting their own Blog - its cheap and easy to do. Then if we want to see that 'insight' we can go there - e.g. Leisa's blog.
It seems to me Bill should be the most frequent poster - if you post a lot more than that you might think twice about your content - is it helping the community or not? At least it might be considerate to at least group responses and post less frequently.
Thats my 2c.....

A feature that might help as the number of discourses exponentially increase, is a way to "ignore user" or filter everyone except BCara approved members. other venues might call these select folks as moderators or visiting editors.

I see a corollary between "financial entertainment TV" (such as CNBC) and "political entertainment TV" (particularly the Fox News channel). And, one seems as dangerous as the other for the viewers.

You are right in saying the public is being hoodwinked by the former, and I think our political process is being highjacked by over the top and disingenuous commentary on the latter mentioned political commentary channels which are artfully disguised as "news". In fact, it is politically slanted and very often accepted as fair and balanced by a huge percentage of our population.

Blackstone announced yesterday that it has successfully raised the biggest private equity fund ever. “Blackstone Capital Partners V” has a war chest of over $21 billion dollars -- record levels of funds donated by investors so that Blackstone can buy, basically, buy whatever it wants.

Maybe it should buy the Fed to help it out of the "Catch 22" their in. LOL

Proof of Concept.

I have followed this blog for several months. I have been particularly interested in the concept of trading stocks on the basis of a plan I can understand. RSI7 MWD is something I can understand.
I bought MU on April 23rd when the RSI7 Monthly and Weekly were below 30, and Daily had just risen above that number. The stock now trades at a profit of 11.25% in 3 1/2 months.
I entered a similar trade in WFMI on July 12, and am showing a gain of 17%.
I’m now waiting for RSI7 MWD on these stocks to exceed 70, and for the Daily to drop below that number, and then I will be out.
I appreciate the education Bill has provided me, so that I can make these trades. I have also appreciated the comments of those who participate in the community chat. I have to say, that I find less value in posts such as “XYZ, adding at $2.70”. It would be helpful to explain to people like me who are a little slower at catching on why that trade makes sense.

Bill, thank you for the USD/Yen report from Hugo in your latest post. (Noted FXY was one of the few greens among the red sea of PM holdings today)

We may see capitulation soon . . . we're not there yet IMO . . . entertaining selling puts in quality companies (Cara 100) when things seem the most bleak.

I can appreciate both sides of the posting argument. Personally, I don't find value in reading about the day trades. But I readily acknowledge that those posting the one-liners do indeed make valuable contributions when they provide their thoughts, analysis, and opinions on other matters.

The problem with providing a dedicated day-trade thread for such comments, in my opinion, is that it begins to clutter and possibly detract from the site content. I would suggest that these types of comments, while useful to some in the perspective of the day, are not very useful outside of that perspective, and provide little value in a historical context. As such, there's not much point in archiving them and incurring the cost of storing them in a database every day (note that they also decrease the effectiveness of doing a site-search if you happen to search on a ticker symbol). I'd also be concerned that the regulars of a day-trade thread might start using that area to post their usual insightful comments, just because it's easier than navigating to another post to do so.

Perhaps those who are so inclined to share real-time trades during the day could congregate on MSN messenger or another chat service, while posting to Bill's site their regular comments. Just a suggestion. I'll continue to visit this site regardless.

Doug

I have been keeping an eye on IWM, the iShares Russell 2000 Index ETF. It is usually the case that it acts as a momentum index in that when the general indices are moving one way, the IWM is outpacing.

I am somewhat curious about today's action.

IWM -2.35%
Dow -2.83%
NAZ -2.16%
S&P500 -2.96%

I know it is just one day, but in a market that is experiencing extreme tightening in the liquidity market, I find it interesting.

Form 4 filers continue to be on the buy side. Over the past 17 days there have been 2360 form 4's filed. Of those 1667 were buys (71%). To put this in perspective over the past 4 years the average buy ratio is 38%. Spikes above 60% are generally considered bullish for equities INTERMEDIATE TERM.

RUT:INDU reached extreme oversold level measured daily, weekly or monthly. The 'crowded' long appears to have been in the INDU while the RUT had already been sold out. JMHO

Maybe a better solution is to have two separate discussion threads - one for short term swing trades and another one for the macro stuff. It would be much easier to navigate even for those interested in both aspects.
With VIX back in mid-20s there is an understandable increase the short term trading activity and related discussion.

It seems to me that the one-liners of day-traders have risen as the market has gotten more volatile. Maybe it has become a "trader's market," so the trader in some of us has come out. I love the depth and breadth of Bill's posts, and really enjoy it now that he has time to participate in the daily comments. I also like the long, well-thought out explanations some readers give for their beliefs and their actions, but I like the day-traders' one-liners, as well. To me, there is something to be gained from most all of it, if only to stand back and admire a brilliant finesse, or to watch a failed trade go down in flames. Both are learning experiences, in my book. The comment section is a rich admixture that, I think, reflects the rich mix of trading and investing styles that is Bill's readership. My guess is, that if the market ever settles down again (though how it can is beyond me, now that the tick rule has been eliminated), much of the day-trade talk will die down. Just my opinion, ymmv.

Bloomberg--Gold, Silver tumble as Investors sell to counter credit rout. Covering margin calls by selling gold . . . European gold sales mentioned at end of article.

http://tinyurl.com/yrsft2

Namckots-

I use the same ratio analysis for Gold and miners as well as PG:INDU to tell me when paired trades make sense and, when I am feeling aggressive, to just buy calls. Thanks for the post.

daytraders.com:
I tried one of their trial subscriptions a year or two ago but it was more than I wanted. For a tinnie trades price one can get on their chat board and talk day trading and list ones ins and outs within the discussion. The 2-3 moderators jump in with buy, sell, short sell buy backs in another color of print. Kind of like the traders section of Briefing.com.

2nd Ave's constant reporting about his day trading activities reminds me of those who broadcast sports...just filling in the airtime with mindless chatter while waiting for the next play.

I can't speak for the rest of the members but I am looking for insight and information to help negotiate this complicated world of global investing which I get from most of those who comment here. Moment by moment chatter about one's day trades doesn't offer me any help in that regards.It seems more appropriate for a day traders chat room.

BillySundance -

I noticed the same quirky behavior today. R2K stayed close to breakeven most of the day and dipped only late in sympathy. Even prior the market's intial drop, IWM trailed Dow30 and even S&P500 performance wise for some time and acted in a more sluggish fashion. I also noted unexpected behaviors from a slate of small cap stocks I track (e.g. specialty retail, B2B services) similar to a continuation of the last three-day short squeeze (or at least resilience to any short pressure while they caved in a big way during the last trip down).

MMs on vacation or lack of manpower on the desks to deal with a big large cap downturn and some panic action? Side-effect of the stat arb unwinding some of their positions?

Bill et al.

On a related subject, I'd like to hear your opinions on the abolition of the tick rule. For the past 2+ weeks, I have observed a lot more crossed bid-ask spread every day and a series of very violent sell-offs on lower-float, small cap stocks I track (20+-30%) over a 5-7+ span (followed by as sharp (in some cases sharper) a covering rally the last 3 days).

Finally, re. post etiquette, I am in the camp that all speech has some value as long as it doesn't turn into cacophony. Why not explore the creation of a virtual trading room attached to billcara2 where registered users can discuss their actions, plans and maintain online trade journals (trades+specicfic reasons) viewable by those interested. I believe that this forum addresses more general market conditions, trading philosophy & practice (aided by Bill's Cara100 examples), and financial education.

JML

P.S. I am surprised that participants to this forum (and any open discussion for that matter) bruise very easily when meeting opposing views. As long as the contributors are polite, nobody should feel personally under attack and therefore offended. In my life, I have offended as much I have been wrong making trades - like most, quite a lot...

Regarding increased volatility and MMs being out of town: I don't want to be too paranoid here, but thinking of how a lot seems to be stacked in the Big Boyz favor, it seems to me that a side "benefit" of these surprise 100-300 point swings is that they are a way for the brokerages to generate more fees, and thus, make their quarter.

Bill,

The content on this site that I find of most interest to me are your brief reports from lunch meetings with CEOs et al. Several have led me to research and then make small investments in micro caps of which I otherwise would have been unaware. True, I'm underwater on all of them to-date but, it's still early in their development and I did do my due diligence. You engage people and access worlds where I don't venture and that I value most.

Further to Hughs comment, 'Proof of concept' I have been thinking of using RSI7 indicators for accumulation and distribution of chosen stocks for ome time.What concerns me,(maybe someone can answer this question for me)is that once a stock has been accumulated, and then it does not rise upto the RSI7 70 level before there is a big drop in the markets as could happen at such a time as currently, then where is the distribution indicator going to come from as the market falls?Maybe I have missed something obvious.

Regarding the abolition of the tick rule, I have to agree with Jumble, the few small caps that I follow have been trading very differently these last few weeks. One I've mentioned before, MXWL, has gyrated between $14 and $10.75, and today was up 25% to $16.50, and again down 7% after hours... However, maybe that is just to sector rotation and general market volatility?! Giving me heartburn whatever it is :)

As for banner ads, I'd recommend Google Ad Words. Less clutter, quick loads, safe of spyware, etc. Another blog I frequent (Mish) went for banners and his site has suffered severly since. Sometimes my computer fan winds up to the max as god-knows-what is running in the background.

John UK, I think the idea is to have trailing stops, so that if the market tanks, hopefully you can get out with 'just' an 8% loss.

Yes thanks for that proudPapa I thought I was missing something obvious.I havent used stops because I dont like the idea of the SP momentarily dipping through and taking a stock out. I also think if there is a big unexpected drop in the markets that stops placed by the little guys like me will be the last ones to get traded and therefore I will also get a lower price still.

RE: R2K

Jumble, thanks for the reply.

Will be interesting to see if the R2K stays out of psynch w/ other indices for long. IWM did drop swiftly from $85 down to the mid-$70s over the last few weeks so perhaps some bargain hunting is taking place behind the scenes today!

I suppose these are the negative sides to stops that one has to endure for the sake of general safety.Thinking more about it and answering my own question.

Briefing.com is offering a free version of news data. It looks like a good source for timely information. It is in a beta version for now.

John UK -

Although the RSI7 approach provides tremendous insight in timing entry/exit into position, I am afraid that, despite its simplicity and reported success by this board's practitioners, it does not constitute a panacea not an infallible system for you to follow blindly. As Bill has mentioned numerous times, RSI watching allows you to maintain a live watchlist of positions in Accumulation / Distribution territory. But the trading decision must involve other indicators (Stochastics, MACD) & market conditions (vis a vis industry, competitors, broader sector).

As for exits, stops are IMO helpful to manage risk, but should not shunt all of your position at once. Else you are at risk of being whipsawed out of the market on a fluke/manipulative trade. This forum is a interesting venue to contrast all kinds of approaches to handling these difficult decisions. Please share yours here.

JML

http://tinyurl.com/3ynr3d

Can someone comment on the merit of this article. If I remember correctly the Fed futures market has been wrong the entire past year! Is there any merit to his article or is it wishful thinking, or is it trying to get people back into the market?

I've read 'em all...I would say writersblock comes closest to nailing it:

"I also like the long, well-thought out explanations some readers give for their beliefs and their actions, but I like the day-traders' one-liners, as well. To me, there is something to be gained from most all of it, if only to stand back and admire a brilliant finesse, or to watch a failed trade go down in flames. Both are learning experiences, in my book." Well put.

Trying to navigate a volatile market +/- being on vacation has really compressed my trading activity (lol).

I have learned a ton on this site, profited from what I've learned, and fully expect that to continue.

Zero interest in starting a blog. Do NOT aspire to become a guru and have NO ego invested in what amounts to a very exciting pastime. I have no problem explaining my trades, but obviously I can't do it justice in real time, and would not necessarily have an "explanation" anyway.

The Virtual Trading Room sounds like a great idea.

MarkM-I'm sure no offense intended and none taken. [Never really sure with you, though. If you intended to offend me, let me know and I'll consider another reply (lol).]

Closing thoughts: agree with omphalos the rout is not over, and cleared the table (which also clears your head) into the close.

Best to all...

Since I brought up Gary K's "confirmed rally" comment via leisa's blog last night, let me also forward from the same source the fact that Gary K is now saying the confirmed rally has failed.

2nd,
I think in the past individuals would relay what stocks that were in play for them at the time but not necessarily actual buy points or even if they sold off. It was more commentary of the market from their perspective of trading at the moment. Like trading was secondary to the comment. Trading question might develope and responses were given or not. g034, MarkM, Tradesman offered much in this vein. Many are guilty of the one liners, including myself. You just seem to be in a profitable cycle at this point in time so you are more prolific. If you were in a down cycle the comments would be less. We are always hardest on family members aren't we?

I'm optimistically planning for the time in the very near future when I can divest some of my junior PMs in the black (LOL). Looking at the RSIs of stocks in my extensive watchlist I noticed that Starwoods Hotel (HOT) is very low in the accumulation zone. Starwoods owns some prominent brands including Sheraton and Westin. The company just recently released a good earnings report, provided positive upward guidance and is opening a new hotel in Macau. Also, the company is trading near the bottom of its 52 week range. Not too long ago Hilton was taken private. It all looks too good to be true and my judgment hasn't been sharp lately. All comments are welcome. Thanks!

stktrader-thanks. we all become more "prolific" when things are working out...although i have made an effort to point out trades gone wrong and possible ways out when possible...

Bill, thanks for your response. I think I learn here in a correlated relation to the number of comments. My head must be exploding! I agree with everything you said about the land of my birth. And then some. I firmly beleive that I have a choice and a responsibility for my country's actions. As I also feel vis a vis my portfolio. No cigarettes or beer in mine!. My choice. I will work hard to make my comments interesting.
Please keep doing what you are doing. Tell me where the tip jar is.
Bad news is that Pres. Bush called it a soft landing.
peace
Gray

NEWS ALERT
from The Wall Street Journal

Aug. 9, 2007

Countrywide, the nation's biggest mortgage lender in terms of loan volume, said it faces "unprecedented disruptions" in debt and mortgage-finance markets that could hurt earnings and the company's financial condition. In its quarterly filing with the SEC, the bank said "the situation is rapidly evolving and the impact on the company is unknown."

I just wanted to throw my two cents in here, having been a lurker on these threads for over a year. However, I think most has already been said. I would like to say though, from my perspective, that after lurking on this sight for quite a long time, that I see this site as: Bill Cara, Teaching a Man to Fish. Additionally, I see certain commenters out there as expert anglers who are showing us the best lures to use and at the right time. That’s the biggest value of this site. Being able to learn and replicate expert traders skills and tools, as well as everyone’s unique perspective, is what keeps me coming back everyday.

I believe the disconnect occurs when timeframes differ. Other sites that I have followed, concentrated on trades by the day and hour; unfortunately, for a large portion of the community, that proves to be impossible because of the day job. We are forced to take a week by week approach.

MarkM and Namkcots, if you have the time, can you post a bit explaining “ratio analysis”? I haven’t seen this come up here before.

aucourant -

One way to own platinum: coins from US mint

http://www.usmint.gov/mint_programs/american_eagles/index.cfm?Action=american_eagle_platinum

What goes down, must come up? Or was it the other way around...

As Bushie also once said, Mission Accomplished! Soft landing my ass.

http://tinyurl.com/33n49s

TOKYO, Aug 10 (Reuters) - Japan's broader TOPIX index lost more than 2 percent in early trade on Friday as fears about spreading U.S. subprime mortgage woes sparked selling of bank shares and prompted investors to take profits in shares of shipping firms, which had gained in recent months.

The TOPIX index (.TOPX: Quote, Profile, Research) declined 2.63 percent to 1,639.55 as of 0021 GMT. The Nikkei (.N225: Quote, Profile, Research) fell 378.80 points or 2.21 percent to 16,791.80.

At least spirits or high in Brazil...

http://tinyurl.com/2n75cl

BRASILIA, Aug 9 (Reuters) - Brazilian financial markets have become volatile in recent weeks owing to global market turbulence, but they are operating in an "absolutely normal" fashion, Central Bank President Henrique Meirelles said on Thursday.

Brazil's stock market (.BVSP: Quote, Profile, Research) tumbled 3.3 percent and its currency weakened 2 percent against the dollar Thursday as worries about the U.S. subprime mortgage market led investors to dump risky overseas assets.

Nothing to see here, lookie loos! Move along!

BMD-latest insider transaction:

http://tinyurl.com/22pbr7

Well-written article for the layman in the Chronicle on the sub-prime crisis and the resulting "credit crunch."

http://tinyurl.com/27jqtj

Jock,

Thanks for the reference on platinum coins. I wonder if the US gov will seize platinum the way it did gold in the 30's when the dollar finally reaches its true value.

Seldom poster, frequent lurker.

I think Hoosier stated it very well.

I would like to think Bill is teaching me to fish and I have learned a lot and been able to implement some of it. I am my own biggest enemy in thinking when things are great they will stay great.

I've been reading Mr. Cara for over 1 1/2 years and been in the market slighty less than that (not counting my 401k but I traded it VERY consrvatively).

It is obvious even to me the market is at a precarious point and is swinging wildly because of that. Intuitive (as well as lucky) and educated daytraders can make a lot of money.

I think the frequent in and out posts are reflective of that. Perhaps a brief statement entering a position and a brief statement closing a position would help. For example:

In 1000 shares UNG at x.xx because it's swinging wildly and I think it has bottomed in a trough.

Out 1000 shares UNG at x.xx because I made or lost some and it's due to swing down now...profit or lose x%.

Even more articulated explanations are always welcomed by me, because I'm here to learn and the more information set in front of me the more I have a chance to absorb.

A comment to Mr. Cara regarding what he posted about Kudlow on the TV speaking of the french hedge fund melt down...of course he had to disregard it since homebuilders and mortgage lenders have been on a vicious short squeeze tear for three days despite fundamentals and further meltdowns. Could it be in HB&B's best interest if that tear continued? Just an amateurs opinion there. With the CFC announcement that bounce may be over, tomorrow will tell. (I am short LEN and DSL and am holding my shorts at this point, should have covered last Friday when my gains were "too good to be true').

ALso Mr. Cara, I am continually impressed with the way you handle your blog. Ever the diplomat, ever the gentleman, yet ever in control. Always trying to produce the best product you can for your readers.

That is what I define as CLASS.

Thanks!

Thanks for your comment jumble,you mention I might comment upon my thoughts and investing style.I have to admit that I was caught in the Tech boom and crash that followed,I managed to escape with fingers burned ,but lived to fight another day.I re entered the markets again, but foud that,must recommendations and what ever was being pushed by financial Tv pundits, web experts promotions etc. were just talikng heads tht were misleading me.Eventually I latched onto the 'dogs of the ftse 'as covered by the Daily mail in the UK.This mechanical approach of investment has worked better for me than anything else I have tried. I have read the Intelligent investor by Benjamin Graham and books by Martin Pring as recommended by Bill. I have learned from these books how difficult it is to out perform the indexes in general. I think the Dogs of the FTSE or The Dogs of the Dow theory works in my view because it reduces significantly down side risk.Which as Bill says,risk control is the number one criteria to watch when trading/investing.Because I am more comfortable with the risk,I am less likely to make rash decisions abou buying or selling, as the selection process is in built into the system.i.e 10 highest yields kept at all times ,therefore selection ,deselection is automatic they are self selecting.It is simple for someone like me that is at this point an unsophisticated investor to follow.I think the point is that at whatever level of investing or trading you operate you must have a framework to work within , your own general set of rules such that at any point in time whatever the circumstances you have a level head plan and response,controlling emotions to "the up or downside.As Rudyard Kipling said If you can keep your head while all around are losing theirs "etc. often springs to my mind at times of heightened excitement.I seem to have rambled on a bit there, but it explains where I am coming from.John

gold now up $14, and gdx catching a bid...

i'm leaning into the bid and pressing trades on the gold and oil sectors: NBR/RIG/OIH/GDX/GFI

wavesmash-cannot tell you how pleased i am for you and n2son: HL is finally catching one hell of a bid...

NGAS-buying on the basis of a 5.5% drop to wednesday's break-out zone (7.75)....