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bsi87
bsi87
January 29, 2009 11:52 am

stopped out at 108 yesterday for a flat.

Telestar3d
Telestar3d
January 29, 2009 6:07 am
swissrobinson
swissrobinson
January 29, 2009 4:56 am

Withdrawn funds from present broker.

Tempted to pay some taxes and keep money out reach for the moment. Bill’s intro to charts makes me aware of much learning to happen.

If I do move money straight over, think it will be IB Mark. Cost structure (1$ for 100 shares) sounds too good to pass over.

6am. sh/&, gotta go to work!

NYUGrad
NYUGrad
January 29, 2009 4:12 am

felt like a bear trap.

*the House approves the stim pack but it was led by dems. 100% republicans voted nay. that fight (Senate) is next week.

*Although the dow ended up 200 pts, s&p was strong, not much was up besides financials

*as our host mentioned, metals were weak

*overall volume was low

regardless I hope mkts do well tomorrow for all of us.

Chickenpookie
Chickenpookie
January 29, 2009 3:55 am

Latest Candlestick looks slightly better, but I’m not convinced yet…

dberryclan
dberryclan
Reply to  Chickenpookie
January 29, 2009 4:08 am

CP or anyone,

what will cause DXO to move up?

DB

Chickenpookie
Chickenpookie
Reply to  dberryclan
January 29, 2009 4:39 am

dberryclan – Of course if oil prices increase as they should and will eventually, then DXO/UCO/USO will turn up. Stimulus package passing will help, but maybe not soon enough to push DXO much past $4. If you’re holding DXO in the green and want an oil ETF, maybe USO is better for longer term holding because of the big 2x/ultra volatility decay. If oil suddenly doubled for instance (highly unlikely IMO), then DXO could be only $10.76.

DXO/USO are too hot for me to handle for more than a day!!!

bsi87
bsi87
January 29, 2009 3:40 am
dberryclan
dberryclan
Reply to  bsi87
January 29, 2009 4:05 am

I’m very common by the measure you just stated. Honest opinion about myself. Sitting tight is tough. I have been right three or four times this past year 08 and did not sit tight and watched sizeable profits pass me by…. while I flittered around like a fly which cannot sit still. Currently, still see this old man, “hard to learn a new trick.”

Doing nothing is really tough. Ask someone in a monistary and they will say it is difficult to get used too.

vanillabean
vanillabean
January 29, 2009 3:34 am

I sold 75% of everything today on strength. I am close enough to even to get out.

Going to sleep good tonight with my cash under my pillow.

Holding UCO

vb

BOB 47
BOB 47
January 29, 2009 3:15 am
BOB 47
BOB 47
January 29, 2009 3:07 am

Hopefully cooler heads prevail.http://tinyurl.com/b6m7mw

Johnny
Johnny
Reply to  BOB 47
January 29, 2009 3:16 am

A fine article. I was aware of the issue but not the continued festering. Thank you Bob 47.

Mackinaw
Mackinaw
January 29, 2009 3:06 am

Plzzzz. I’m tired of them and I’m tired of market manipulation, be it the London manipulators, Fed manipulators, or the guy waving furiously atop a hole in the ground. Fact is, a $1 investment in Gold in 1802 is worth $2.60 today (albeit better than paper which is worth $0.06) . That’s not the kind of return I’m interested in. There’s no doubt that Gold is an interesting investment vehicle for the trader, on steroids, who has nothing better to do than watch the minute-by-minute fluctuations in a commodity with no intrinsic value. It’s not for no reason that Gold… Read more »

Johnny
Johnny
Reply to  Mackinaw
January 29, 2009 3:11 am

Mack,
I beg to differ. PMs held up very well during the brutal 2008 trading year, while the stocks got clobbered as usual. I don’t know if the fed and other governments can vacuum up all the fiat money once the deflation comes to an end, but I don’t see PM’s going out of style in any event. I think they are a rock and eventually the miners will be back in fashion just like the PMs they deliver to the market.

Mackinaw
Mackinaw
Reply to  Johnny
January 29, 2009 3:19 am

The one thing I agree with, Johnny:

“I don’t know if the fed and other governments can vacuum up all the fiat money once the deflation comes to an end”

What IS their exit strategy?

Johnny
Johnny
Reply to  Mackinaw
January 29, 2009 3:38 am

Hey Mack. I think the governments have a “Hail Mary” play in mind to cleanup after the flood of fiat money they have unleashed. It’s why many of us are expecting inflation eventually, since there is so little faith in government to actually be competant. Good trading to you, it’s my bed time.

By the way, I would actually buy physical gold and silver, but I trade out of my Vanguard IRA and the Vanguard says they can’t hold bullion. My idea was to buy a PM contract and have it delivered to Vanguard’s offices.

Johnny
Johnny
January 29, 2009 3:00 am

Nikkei 225 8,240.57 +134.28 +1.66%
Hang Seng 13,296.51 +717.91 +5.71%
Straits Times 1,761.69 -4.39 -0.25%

Mackinaw
Mackinaw
January 29, 2009 2:44 am

Was it today? Obama invited these three to the White House for a photo opp. and some glad-handing. Might be important to understand who the new admin. views as the corporate leaders going forward.

terryC
terryC
January 29, 2009 2:35 am

I don’t think we are being too simplistic in suggesting that it would only be necessary to pass a law to make all CDS illegal? The result would be the unwinding of the existing source contracts that were “insured” by these non-transparent and fraudulent securities that were derived in such a way as to hide risk and pass on the risk associated with the originating securities that were themselves fraudulently packaged, fraudulently risk-assessed, and designed with the intent to cheat those who were on the buy side of these transactions. This law would also avoid adding another layer of bureaucracy… Read more »

David
David
January 29, 2009 2:31 am

Besides “doing the work” while I sleep, limit orders also help me separate emotions from my trading. If I watch the market that is moving up in real time, then I often have a desire to chase the prices. But historically, that has been a losing decision. The better decision (historically) has been to set limit orders at bargain prices prior to the market action and not be affected by the “dust” the market throws into my eyes in real time.

Johnny
Johnny
Reply to  David
January 29, 2009 2:45 am

David, I agree, I won’t be able to keep this constant attention going forever. Setting the stops/limits is very good. At the moment I feel I have more control, as I can immediately see, adjust and act to buy/sell if the market moves higher or lower than my preset limit. With TZA (I shouldn’t fool with those 3Xs) the other day and ERX weeks back, I got out on very brief, etheral spikes. I did it at a small profit, as I bought too high and guessed wrong. Fortunately I didn’t lose any money. It’s a bit freaky but I… Read more »

Johnny
Johnny
January 29, 2009 2:26 am

DryShips Inc. (DRYS:US) momentarily Trading @9.56 -21.77% presently. The commodities transporter said it has violated some financial requirements of its loans and is seeking a waiver from its banks. (Partially retrieved from Bloomberg.com)

Mackinaw
Mackinaw
January 29, 2009 2:34 am

When I have some time I’m going to troll the archives and put together an Index relating the daily post volume here and the market level (turning points?). I suspect it’s quite eerie. Has anyone else noticed this? I’ve always believed that it’s this kind of advantage and value that Google and other “consumer information companies” (e.g. Air Miles, in Canada) have.

Johnny
Johnny
January 29, 2009 2:09 am

Up +2.42 today but down -3.20 10.80% presently. See reported $1.1B Loss http://tinyurl.com/cu8p3m I wish I was setup for afterhours trading.

Johnny
Johnny
January 29, 2009 2:04 am
Johnny
Johnny
January 29, 2009 1:10 am

U.S. Draft Law Would Ban Most Credit Swaps, Cost Banks Billions
http://tinyurl.com/cxyv5j
I am missing something here. Shouldn’t we want to KILL CDSs not just cripple them. This article sounds like it is sad day? Are not these CDS’ and other opaque, unpriceable, voodoo derivatives at the root cause of this global disaster?

vinod
vinod
January 29, 2009 1:06 am
BillySundance
BillySundance
January 28, 2009 11:39 pm

Graduating from my list of developers to producers is Atna Resources (ATN.TO). From today’s announcement: http://tinyurl.com/cfrwnn “The 2009 Briggs budget plan anticipates the production of approximately 19,000 ounces of gold during its initial production ramp-up year. In addition, the plan estimates that by year end, the mine will have built a recoverable inventory of 8,900 ounces of gold in the heap leach pad and 2,100 ounces in the crusher stockpile. By year end, it is anticipated that the mine will be producing gold at a rate equivalent to a 40,000 ounce per year production rate.” “The budget anticipates that mine… Read more »

jock
jock
Reply to  BillySundance
January 29, 2009 2:23 am

Billy –

Per attachment, your new producer ATN.V just broke out of a cup&handle base that would have William O’Neill jumping up and down. Have you found similarly strong technical patterns with juniors on the cusp of production?

Johnny
Johnny
Reply to  jock
January 29, 2009 2:38 am

ATN is up $2 USD in two days on light volumn IMHO, which is quite a run and my biggest concern. Book value looks good, quick and current ration of .8 are a tad on the low side, as are return on equity/assets & capital. Price/sales 1.10, price/book 0.92 and price/cash flow 3.90 are very attractive. Interest coverage is comparatively low. I added to my watch list. Thank you!

dberryclan
dberryclan
January 28, 2009 10:58 pm

Look at that volume!!!

a wave to ride??

shark_attack
shark_attack
January 28, 2009 10:46 pm

People,

A couple of daze ago I made a wildly optimistic call in AUY and SLW which did not pan out. In addition, or perhaps causal of that fact, gold itself has not performed well lately, even in the face of the mother of all bailouts. My point? It looks like a good time for old fashioned “stocks”. Here are a few I think may go up IF the general market rises.

JOYG
ALL
ACI
AXE
YHOO (of all things)
RIMM
S
ABK (maybe)
ANN
BBY

tango6
tango6
January 28, 2009 9:47 pm

Vinod

Interesting. i would be sidelines APOL, bullish on COCO and selling BIG but they’re not on my list. Interesting stox tho.

2nd_ave
2nd_ave
January 28, 2009 9:45 pm

man, these things always move further than you think…congratulations…

i think the rally continues a little longer; the buy-and-hold half of the portfolio kicked some — today 😉

vinod
vinod
Reply to  2nd_ave
January 28, 2009 11:22 pm

January will end in positive-my take

David
David
Reply to  2nd_ave
January 28, 2009 10:56 pm

“man, these things always move further than you think…” Yeah, I agree. I had a feeling that a 50% gain target would be appropriate for the FAZ short, and that’s why I set the buy-to-cover limit price at 1/2 of the original price. Similarly, I am keeping a buy-to-cover limit order at 1/2 of the FAZ price I shorted last Thursday. But that’s only because I think my entry last Tuesday was a very good one. If I had not had such a feeling, I would be content with a smaller profit target. However, if one shorts FAZ after a… Read more »