PDA

View Full Version : The bottom is in.



main1event
13th November 2008, 14:37
Gold and silver are seeing a classic reversal. We are looking good :)

duneyman
13th November 2008, 16:00
Why is this the true bottom ? According to many analysts I followed the bottom was at 16 or 15 or 14 or 12 or just pick a number. How come it won't go a lot lower ?

main1event
13th November 2008, 16:05
Why is this the true bottom ? According to many analysts I followed the bottom was at 16 or 15 or 14 or 12 or just pick a number. How come it won't go a lot lower ?

Many people predicting the bottom back then werent prepared for the dollar to rally 30%. This is the true bottom because we've had a successful retest, and two classic reversals. Today was a panic buy time.

The dollar collapsed from its double top formation. The dollar is now toast with a target of 80 near term. We should see a pretty good move in commodities from here.

skijake
13th November 2008, 16:32
Gold and silver are seeing a classic reversal. We are looking good :)

Did you get stopped out with SLV? I think you were right around the edge.

jason
13th November 2008, 16:36
Many people predicting the bottom back then werent prepared for the dollar to rally 30%. This is the true bottom because we've had a successful retest, and two classic reversals. Today was a panic buy time.

The dollar collapsed from its double top formation. The dollar is now toast with a target of 80 near term. We should see a pretty good move in commodities from here.


mainevent
I take it you think this is a bear market rally only?? if it happens. what are your views on silver demand for industry during a sharp slowdown

main1event
13th November 2008, 16:45
Yes, I did get stopped out today but then I noticed a sharp reversal taking place in both the dollar and the market. So I actually got back in at the same exact place I got stopped out. It worked out pretty well.

Yes, I consider this to be a bear market rally. However, this rally should last 3 to 6 months. This was a successful retest off the lows on pretty good volume.

My views on silver have nothing to do with production. My view on silver is a currency. I believe during the next collapse that we have that gold and silver will do well because the dollar will not be a safe haven this next time around. I believe a dollar collapse is very possible.

SkinnerVic
13th November 2008, 16:52
My views on silver have nothing to do with production. My view on silver is a currency. I believe during the next collapse that we have that gold and silver will do well because the dollar will not be a safe haven this next time around. I believe a dollar collapse is very possible.

I was out today and couldn't ride the slider trading the dip. I was however using it as a measure to pick up some rolls at low premium if I could get them. As for your suggestion on the next collapse - Watch the dollar decouple from inverse relation on stock market drop. When that happens, Gold and Silver will diverge and make a mad run.

research24
13th November 2008, 17:21
You guys gonna keep me laughing for ever? Sound like CNBC where the bottom is in for the last 365 days.

goldragon
13th November 2008, 17:24
I should agree with main1event.
We have retested the OCT. Low
Dow Oct. Low 7773, today 7965
Nasdq 1542 1428
Sp500 839 818
Gold 681 701
Silver 8.40 8.81
After retested the OCT Low we will go up without hesitation.
This bear rally will continue till March or April 2009.
If you have not positioned like me, tomorrow or next week will be a good time for you to load up!

Frelodr
13th November 2008, 17:35
I loaded today, and I'm already in the black --> Just loving it
Todays Quote: Your either IN the game or your OUT!
Great day to all, FREELOADER

goldragon
13th November 2008, 17:41
It is important to be right, even if you lost some time, it is better than to be wrong in a hurry.
In stock market, if one chance is gone, let it to go, don't chase it. Opportunity is like you want a taxi, when one is gone, there is always another one to come.
chasing a stock is definitely the worst thing in the world.
For example, today if you were late to buy SLV you could buy CDE or KGC, they got much higher % rise.

Frelodr
13th November 2008, 19:34
It is important to be right, even if you lost some time, it is better than to be wrong in a hurry.

I'm new at this --> that is great advice
I also like the taxi ride quote.
Thank you, Lodr

mark2112gum
13th November 2008, 20:15
You guys gonna keep me laughing for ever? Sound like CNBC where the bottom is in for the last 365 days.

Exactly...The bottom or Top of any market is in, but only until the next days open... Though, its good for a laugh when someone starts a thread that claims 'today is the market bottom'.

Hedge funds and large firms are in control, the small guy just goes for the ride.

main1event
13th November 2008, 21:13
Tradeable bottoms are useful. I called the market bottom almost 600 pts lower, you didnt find that useful?

I believe todays low in silver was the ultimate low. The dow on the other hand may travel up to 10500 or possibly 11k before coming down in the spring.

Now if you dont find that useful, and that doesnt impress you if it comes to fruition, then nothing will.

skijake
13th November 2008, 21:26
You guys gonna keep me laughing for ever? Sound like CNBC where the bottom is in for the last 365 days.

It is hilarious , like a heart attack. You better hope to catch the right lifeboat, cuzz the bigboats goin down.
My personal scenario
Always liked coins and of course SILVER and GOLD and CASH
Turn hobby into investment. First serious purchases Silver 5 an ounce Gold 300 an ounce
10 years later---feeling pretty smug Gold 1000, Silver 20
A little correction a couple of months later---I'm going into the PM stocks but of course keep my physical. I'll rock on these low stock prices.
Stocks keep tanking, Gold and Silver get hit.
Lowly cash all of a sudden is the darling of the group.
Now what? I know, you say the world is ending, then again, I shouldn't put words in your mouth. What is the play here. You have serious opinions. I like that. Now without the sarcasam WHAT'S THE NEXT MOVE? {and if it's "wait to be crushed" don't bother because I ain't going down without a fight};)

hiyosilver
14th November 2008, 00:36
all I have to say is: HAHAHAHAHAHAHAHAHAHAHAHA!......buy silver and quit sweating it.

hiyosilver
15th November 2008, 03:23
just wanted to bump this up so I could say this again:


HAHAHAHAHAHAHAHA

main1event
15th November 2008, 05:28
You can laugh all you want but when I called a bottom yesterday PAAS was at 9, it went to 11 yesterday where I was considering selling but I've held. I also bought EXK at .93 and it went over 1.00 today. Even though the dow fell considerably today, it is still up over 300 pts from where I called a bottom.

But perhaps you are right, I often say you learn more about something on a bad day than you do on a good day, and that goes for people as well. Fridays are always interesting because you get to see how confident people are in holding over the weekend. Breathe declined substantially, there were more new lows than new highs by a wide margin.

I was reading Richard Russell and he believes a new low is on its way in short order. I dont always agree with him but he makes some valid points, here is an excerpt.

"Late Notes -- Straw in the wind? -- Recently, gold has been up at night, then gold spends the rest of the day's session selling off. But last night gold was up 30 dollars. Today, instead of eroding all during the session gold retained its strength during the session -- and in dthe after-market, where gold closed up 37.50 to 742.60. Is the gold "corpse" starting to stir? Is the dollar topping? At some point, the US will have printed too many Federal Reserve Notes, more than the rest of the world needs or wants. The Fed has re-liquified the world banking system by printing dollars. Has the Fed printed too many dollars in its desperate fight against deflation? Answer to that question -- as long as the bond are rising, the answer is "no." By the way, is gold finally running out of control of the authorities?

Sadly, I must report that Lowry's Selling Pressure Index hit a new high ;fo the move today. This does NOT bode well for the market in coming days -- I continue you believe that the 2002 Dow low will be closely tested, and that the test will fail in tdhat the Dow will break through the 2002 low or 7286.
"

research24
15th November 2008, 19:35
Hedge funds and large firms are in control, the small guy just goes for the ride.

I'd revise that to panic stricken hedge funds, banksters and other financial gansters are in "control" by their perpetual need for redemptions and deleveraging.

Can anyone seriously believe that G&S will reverse course as long as the dollar is on an upward rampage?

Well, yes, in the event there are treasury auction failures, but that would probably turn the dollar around, too. So either way, dollar up, metals down and vice versa. And those bond auction failures may be coming soon enough. What's the big deal about auction failures? It means the Fed is forced to print money and buy the bonds. Inflation.

LETMYSILVERGO
15th November 2008, 20:33
thanks 24, for the sat nite up date.

goldragon
17th November 2008, 11:03
It looks like we need to retest the previous low. If it fails, then we may go lower!

main1event
17th November 2008, 11:12
It looks like we need to retest the previous low. If it fails, then we may go lower!

Nope, I still say the bottom is in. We'll see 11 very very soon. :)

The GLD filled its gap lower today, if we see higher prices by the end of the day in GLD we'll be seeing a recovery in metals.

skijake
17th November 2008, 11:44
It looks like we need to retest the previous low. If it fails, then we may go lower!

You Sir, are relentless!:p

Greaves
17th November 2008, 11:52
I don't know how you guys can call bottoms or false bottoms when the market is just a manipulated paper piece of &^%*... it doesn't mean anything... when this thing blows up... your bottoms aren't going to mean much. Get in... go long... and don't worry about the noise. I added more last week... paid 15.98 CAD per Silver Maple Leaf. Long and strong baby!

m.palmer1@verizon.net
17th November 2008, 12:02
Main 1, gotta say I respect your opinions & T/A, although I'm not sure your in the maj. here. Broker called 30 min. ago & said if silver doesn't close above the 60's, very probably will retest 8's. Lots of selloff possible.