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Quote from michaelscott:

Gold

I believe a pullback is in order. That pullback will be

698-((730-542)/2)= 604

Then there will be an advance that might break the top. In the event of a close over 698 then we have a price target of 698+188= 886

The next Fed meeting will set off the correction to the 50% retracement point. This also makes sense when you connect the 2006 bottoms of 542 and 563 on the chart together. It may not get to 604, probably low 600s. Then it will be time to buy into the AU gold etf.

Notice the Bollinger Bands on the chart and how well they work with gold. A smack on the top means that the price will deflect and make for the middle. If the middle is invaded, then the price will smack the bottom Bollinger line.

My opinion of Gold is that the chart is starting to look like a tech stock from 1999-2000. There is this mania on the televisions and it seems so familiar to 2000. Everyone was saying to buy tech back in 1999-2000, now its gold.

I think money can be made from this trade, but it just seems too familiar with 1999 tech bubble. I'll pass.
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I watch GLD because I can't trade Gold itself, anyway. I think it holds $650, and if that breaks it holds $625.

What is the Fed going to do to hurt Gold at this point? What is left in their arsenal? They could lend money to someone to short it, or get the IMF to sell some, or yap about how they are going to fight inflation, but none of these things will change gold coins into paper. Lucky thing, IMO.
 
Quote from thriftybob:

I watch GLD because I can't trade Gold itself, anyway. I think it holds $650, and if that breaks it holds $625.

What is the Fed going to do to hurt Gold at this point? What is left in their arsenal? They could lend money to someone to short it, or get the IMF to sell some, or yap about how they are going to fight inflation, but none of these things will change gold coins into paper. Lucky thing, IMO.
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Amen to that brother! Gold is a big choice overseas and more and more the disconnect between us and "them" is becoming evident as Eastern countries start upping their Euro reserves and lowering their dollar reserves. Who can blame them?
 
Keep your eyes on the following:

MU Micron- about to snap the neckline of reverse h/s, has to close above 12.25. Price target equals 15.

RVBD- Look for pivot point. Will it break through old resistance?

IBM and AAPL- Both going to 130 I believe.

Im going to review through the 52 high stocks later on and the yahoo top gainers/losers list. Usually I can find a few gems from them as well.

The obvious trend in the market is towards well established mid/large cap companies trading at value P/Es.
 
Quote from michaelscott:

Keep your eyes on the following:

MU Micron- about to snap the neckline of reverse h/s, has to close above 12.25. Price target equals 15.
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I got into MU already...I was clearly staging its comeback move...it's very very strong now. Could go to $13 in the next few days if the markets charge ahead which I'm sure they will be. :)
 
MU is not a good company in a highly risky sector.

Im only playing it until 16-17 and then will dump. I have no confidence that it will get past the 52 week high which is somewhere at 18-19 I think...

16/17 is still not bad for a nice swing trade. Thats roughly 60% from where I bought the shares.
 
Quote from michaelscott:

MU is not a good company in a highly risky sector.

Im only playing it until 16-17 and then will dump. I have no confidence that it will get past the 52 week high which is somewhere at 18-19 I think...

16/17 is still not bad for a nice swing trade. Thats roughly 60% from where I bought the shares.
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I have no confidence in it hitting $14...ha. It's still got a nice chart going for it and a number of sources have said chip prices likely bottomed recently and it's been climbing since then. $14 is within range I think...but I'm going to start taking profits closer to $13...I have calls so I'm in a different realm than you I think.

:D
 
MU Micron- about to snap the neckline of reverse h/s, has to close above 12.25. Price target equals 15.

RVBD- Look for pivot point. Will it break through old resistance? It it does, we go to 43.

IBM and AAPL- Both going to 130 I believe.

DRQ- Going to 60

FTEK- Going to 48

BIDU

JBLU

AMR

WFR

JASO

PTR

BBD going to 36
 
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