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main1event
30th October 2008, 21:57
Just like I thought and why I exited my silver positions today. Silver is down .40 overnight. Keep in mind that miners are down not only because of the price of metals but the general market. So if the market goes up commodity stocks could as well.

Now for my thoughts. I'm still under the impression that Silver has bottomed. That hammer the other day was pretty telling. I'm fairly confident that the dollar has topped too, even though its rallying now. Hey it fell $3.00 from its high its bound to bounce.

The market in general isnt looking to bad, internals look pretty good for now. So here is how I'd play the game. All eyes should be on Gold, if it breaks 71 decisively Silver may fall below 9. I really think 8.90 or 9 is the last line in the sand. Also watch the big players like PAAS and NEM, they both closed pretty strong today even with the silver weakness. That is a good sign but we'll have to pay close attention tomorrow. The metal stocks will lead the metals out of this.

Tomorrow Silver should reach 9 or so. In all fairness the gap will be closed at 9.05 so anything around that would be a great buy, assuming that the bottom is in. Which I am still under that impression.

I've seen many people ask why bottom fish. The truth is that every entry point has its risks. I've been in stocks with powerful uptrends that turn quickly. I see many bargains here but if this market goes lower there will be yet more bargains, which is entirely possible. We are in a cyclical bear market, we might rally for the next 3 to 6 months but I believe we will resume this trend later in the spring.

Tribal Warrior
30th October 2008, 22:03
Yeah, I was going to dump some more money into my Mining Fund today as I seen the metals prices falling, but then I checked Mining Stocks they were all up 4%+. I'll see how tomorrow goes, maybe I'll dump in tomorrow.

skijake
30th October 2008, 22:28
Just like I thought and why I exited my silver positions today. Silver is down .40 overnight. Keep in mind that miners are down not only because of the price of metals but the general market. So if the market goes up commodity stocks could as well.

Now for my thoughts. I'm still under the impression that Silver has bottomed. That hammer the other day was pretty telling. I'm fairly confident that the dollar has topped too, even though its rallying now. Hey it fell $3.00 from its high its bound to bounce.

The market in general isnt looking to bad, internals look pretty good for now. So here is how I'd play the game. All eyes should be on Gold, if it breaks 71 decisively Silver may fall below 9. I really think 8.90 or 9 is the last line in the sand. Also watch the big players like PAAS and NEM, they both closed pretty strong today even with the silver weakness. That is a good sign but we'll have to pay close attention tomorrow. The metal stocks will lead the metals out of this.

Tomorrow Silver should reach 9 or so. In all fairness the gap will be closed at 9.05 so anything around that would be a great buy, assuming that the bottom is in. Which I am still under that impression.

I've seen many people ask why bottom fish. The truth is that every entry point has its risks. I've been in stocks with powerful uptrends that turn quickly. I see many bargains here but if this market goes lower there will be yet more bargains, which is entirely possible. We are in a cyclical bear market, we might rally for the next 3 to 6 months but I believe we will resume this trend later in the spring.

How much of this is election timing driven? I don't remember the exact day but since the Olympics this summer there hasn't been much good news. Could the end of the election cycle allow fundamentals to prevail or are we stuck with the rigged markets for the forseeable future?:confused:

main1event
30th October 2008, 22:36
How much of this is election timing driven? I don't remember the exact day but since the Olympics this summer there hasn't been much good news. Could the end of the election cycle allow fundamentals to prevail or are we stuck with the rigged markets for the forseeable future?:confused:

The market is rigged to a certain degree. However, not every stock or commodity is manipulated. Panics can cause everyone to throw common sense away. That could be happening in gold and silver and some people take advantage of it. Beyond technicals are fundamentals and those fundamentals have never been better, Ted Butler named a few of the supply line concerns going forward.

Once this market gets to where it needs to be whether its 8000 or 5000 or perhaps 500 into a great depression, market forces will reassert themselves on commodities. The US might be the main driver but whether work programs are initiated or its other countries that lead the way, commodities will be needed to move forward.