The Surf Report

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OK, I had a look ay Gold and ImO according to what I use I see Gold breaking out of pennant to upside before there will/might be a retracement. Secondly, with stock market being in a way that it is and let's throw in the housing market's need to correct AND a widespread panic with USD's strength, where do people put their cash into? Not stock market, they won't be buying another house, they have already seen their savings 'deflate' against other currencies, so we arrive at the good old favourite - Gold.

We have a pennant in a bull run plus 2hr,4hr,daily, weekly and monthly charts are all bullish at the moment. So why would you expect a retracement here. I've said my bit, I would like to hear yours.
 
http://www.marketwatch.com/tvradio/player.asp?guid={A9C6E49C-DAF2-489F-A832-307405DFD495}

Interesting his take on why the market is not down 20%.
Indeed, every dip so far has resulted in a violent counter-reaction back up (as Surf has discovered first hand !)....giving hope to bullish traders and longer term investors.
Elliades goes on to say that 1st qtr 2008 will be critical....if bears thrive then, the market will go up as we near election time. If not, appears there will be a steady move down for the remainder of 2008.
 
Quote from JSSPMK:

OK, I had a look ay Gold and ImO according to what I use I see Gold breaking out of pennant to upside before there will/might be a retracement. Secondly, with stock market being in a way that it is and let's throw in the housing market's need to correct AND a widespread panic with USD's strength, where do people put their cash into? Not stock market, they won't be buying another house, they have already seen their savings 'deflate' against other currencies, so we arrive at the good old favourite - Gold.

We have a pennant in a bull run plus 2hr,4hr,daily, weekly and monthly charts are all bullish at the moment. So why would you expect a retracement here. I've said my bit, I would like to hear yours.
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Wow, you saw/see Surf's YM Short first hand ... and you're asking this question? :confused:

I would think that your (rather detailed and succicint) analysis would make Surf want to get Sort the metal all the more ... the higher it goes, the more he can Short.

Makes sense to him. :p

JJ

P.S. BTW, Joab gave a (rather detailed and succinct) reply to your commentary elsewhere (someting to do with American companies and some such thing ... LOL), to quote you "he's said his bit, I would like to hear yours". :D ... ah, guess I'll get a nice hot cup of Columbian brew before the Open.
 
ok ok, allright--- as projected the sell off is continuing in the YM--expecting down close today.

holding shorts in YM


looking for entry into GOLD short and OIL.

regards,

surf
 
Quote from syswizard:

Elliades goes on to say that 1st qtr 2008 will be critical....if bears thrive then, the market will go up as we near election time. If not, appears there will be a steady move down for the remainder of 2008.
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So the market will rise or fall?
 
Quote from marketsurfer:

finally, we are approaching BREAK EVEN on this YM short trade at 13174. expecting nice profits by 12.31.2008, will continue to hold.

surf
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Which contract month are you talking about? Have you rolled already? And if so, when?
 
Quote from marketsurfer:

yes, YMH8.
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Just curious. For journal purposes. At what price(s) did you exit your December contracts, and at what price(s) did you enter the March contracts? Further, what was your average entry price in the December contracts? A journal should have this level of specificilty.

The reason I ask is that I thought your average entry price in the December contracts was 13,174. However, you are now referring to this exact average price as being the break-even on the March. Surely you can understand my request for clarification.
 
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