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Old 08-27-2013, 12:51 PM   #1
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As promised...

Earlier i promised i'd say something if I thought we'd get a correction.

IMHO, I think we will see a little pullback here that should start in the next few days (or possible even today potentially). Just a guess, but I'm thinking the 35-40% retracement of the move off the lows. 1180 was the low so where ever we finally start the correction from, I think we will get that kind of pullback. Should be over pretty quick and after that we should be good to go into year end. Just looking at my indicators, it seems we are probably a little stretched and taking back 35-40% of the move off the lows makes sense here.

I'm a trader and the opinion I express are my own. I am not making any guarantees and don't claim to be a guru.
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Old 08-27-2013, 01:55 PM   #2
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Events in Syria might have something to say about that. We'll see.
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Old 08-27-2013, 02:15 PM   #3
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Originally Posted by PMBug View Post:
Events in Syria might have something to say about that. We'll see.
I'm taking that into account.. I am not telling people to sell but to temper their expectations. Syria is a big deal but we probably wont get a pop IMHO.. I am also not recommending shorting or anything. The trend is now up but we need some backing and filling.
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Old 08-27-2013, 07:33 PM   #4
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I bought some short term (October) silver puts yesterday with a 22 strike, so I`m on the same page as DSA.
I still don`t believe that Obama and the EU are willing to play Russian roulette with Putin, so the Syria situation should calm down in a few days.
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Old 08-28-2013, 03:53 AM   #5
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Swiss, you might want to buy some more puts this Friday as I expect silver to top out at around 26 on/about Friday. After that I expect 8 weeks of sharp down drafts before it stops, probably in the 19/20 area.

As you well know from your own TA, there is no reason for silver to go higher than 26 on this bounce, and every reason for it to go back and test the recent lows after it stalls around 26 this week.

Good luck with whatever you decide to do.
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Old 08-28-2013, 09:12 AM   #6
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Wish I hadn't closed the put leg of my straddle. Oh well.
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Old 08-29-2013, 08:52 AM   #7
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Options are a good way to play this. I wouldn't assume that the correction will last too long nor be a full on retest. I think we are starting a relatively strong move UP so the dip might not be nearly as bad as you might expect.
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Old 08-29-2013, 09:45 AM   #8
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The miners hit some of my short term targets already today (38%-50% retracement). The shares are really starting to trade predictably which is a good sign. Doing some buying there today. Just a trade.
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Old 08-29-2013, 12:43 PM   #9
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well.. that was a nice 5% swing.
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Old 08-29-2013, 03:26 PM   #10
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Support at 24 crumbling? I still think there is one more good dip coming in the 4-5 months, that will get it down to around $20~ again where there seemed to be hardcore pushback for the most part. If it gets under 22-23 in the next month then I think it's even more likely that it will hit that low again, if only for a brief period. That's why when you can get it cheap, stack it deep.

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Old 08-29-2013, 03:34 PM   #11
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Originally Posted by mmerlinn View Post:

GOLD is the money of KINGS.
SILVER is the money of GENTLEMEN.
BARTER is the money of PEASANTS.
DEBT is the money of SLAVES.
- Norm Franz

Like that quote. I think he should add in PAPER is the money of the GULLIBLE, or something like that.

Problem for me is I have traded in all of those at one time or another! Not to mention it's pretty hard to buy any kind of house without going into debt. (the American dream involves going into debt!)
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Old 08-29-2013, 05:34 PM   #12
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I use all of the first three. I'm proud to be a *free* peasant. Or as free as you can be in the USA. Which isn't so bad if you live in a county with 20k people, one stop light, and a government you can beat up in person - less than 10 of them altogether.
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Old 09-04-2013, 09:07 AM   #13
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Originally Posted by 11C1P View Post:
Support at 24 crumbling? I still think there is one more good dip coming in the 4-5 months, that will get it down to around $20~ again where there seemed to be hardcore pushback for the most part. If it gets under 22-23 in the next month then I think it's even more likely that it will hit that low again, if only for a brief period. That's why when you can get it cheap, stack it deep.
I don't have a crystal ball but I think we will at least go sideways for a little while. They will find some excuse to keep it down for a little while longer. I still think 40% retracement of the move off the lows is in order.

As for stacking... If you aren't already stacked deep 13 years off the bear market lows, you have waited too long.
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Old 09-04-2013, 12:20 PM   #14
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Originally Posted by DSAbug View Post:
I don't have a crystal ball but I think we will at least go sideways for a little while. They will find some excuse to keep it down for a little while longer. I still think 40% retracement of the move off the lows is in order.

As for stacking... If you aren't already stacked deep 13 years off the bear market lows, you have waited too long.
Well, it's a term used for ammo. Where anytime you can get it cheap you stack it deep, even if you already have it. I would not tell someone not to start stacking now just because it's off it's low, or not to stack more even if they have a lot, but you certainly don't have to buy more either.
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Old 09-10-2013, 01:12 PM   #15
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We have almost completed the correction IMO.. We might only touch 1330 overnight or intraday so don't get too greedy. I'm nibbling on miners again.. If we gap lower tomorrow i'll be a big buyer.

I think the debt ceiling and budget issues are going to start being the focus over the next month so this week is probably the right time to get positioned.
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Old 09-10-2013, 06:10 PM   #16
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Is Gold Price Manipulation About to Begin Again?
Toby Conner

http://www.marketoracle.co.uk/Article42181.html

Quote :
The next week or two are going to be dangerous in my opinion. If the bears can get some downside traction, traders need to get out of the way, get back to cash, and prepare to jump on board the bull at $1000 which I believe is probably the ultimate goal of this manipulation event that has been going on all year.
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Old 09-10-2013, 06:43 PM   #17
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Maybe I should forestall my plans to take a couple of 330's up to the Klondike to dig for gold....
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Old 09-10-2013, 06:56 PM   #18
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good plan ancona

just gotta dig in the right place
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Old 09-10-2013, 10:20 PM   #19
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My thimble is almost full but I will try to squeeze in another gram. thanks for the tip.
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Old 09-10-2013, 10:59 PM   #20
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Originally Posted by rblong2us View Post:
good plan ancona

just gotta dig in the right place
"If it can't be done with a digger, it can't be done".

I want to [post some pics of an ultra high reach third member shear we used to "de-construct" a 135 foot tall single story structure we "salvaged" a few years ago. The equipment was CRAZY!!!
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