UPDATE August 11
Quick post, and just a reminder iam BEARISH, this is a bear market rally - a good one (as I predicted) but it is nearing its top. Sometime next week? Time is the hardest to predict (that's why you always give yourself some extra time in options) but mid August was my turning (market peaking) point (around the 20th).
So what is driving this rally?
If you want news I have none and don't care. The driver is all the people who are short, that continue to pile into positions with tons of money sitting on the sidelines (and a bunch of new money, thanks chips act![]()
and soon the completely misnamed inflation reduction bill![]()
). You see when Congress passes a bill, money gets allocated- this new money is created out of thin air and gets deposited by the FED into "public" banks where it is "distributed" into the economy. This gets returned to the government through TAXES paid by YOU, that's why inflation is a TAX ON YOU, it is a monetary issue caused by government printing. THIS IS WHY iam BEARISH, I know how this ends, and it's not pretty. that's why:
OK enough soap box, this was going to be a quick post. RALLY ON!!!
because the miners are the best way to play gold (but own it physically) MINERS $VanEck Gold Miners Equity ETF(GDX.US$
$Schlumberger(SLB.US$ Good buying day.
I rarely ever buy on green days, buy on red days so on a green day your already up and another red day your not as far down.
AND NOW - BUM BUM BUM The secret of STEEL
$Steel Dynamics(STLD.US$ $ArcelorMittal SA(MT.US$ $United States Steel(X.US$ $Nucor(NUE.US$ $Alcoa(AA.US$ pick a steel any steel, my favorite. Steel had a big run, separated a little too far from the MAs so should pullback and settle on them for another run. Remember we are nearing a top, this very well could be the top, I doubt it, but it could. It did hit some initial targets but this rally seems too strong to relent at the first price target![]()
I think we see a pullback from profit takers and minor panic, but then the profiteers should come back.
$Cleveland-Cliffs(CLF.US$ Cliffy the big GREEN dog (treated that way by "analysts" - these people are paid to deceive not help you)
$Alibaba(BABA.US$ Took a hit, from Softbank selling, BUT THEY ALREADY SOLD, that was the last drop - this is a gift. And don't get me started on Softbank "soft" is right, Japanese investment company stay away they are zombies (broke and roaming the earth creating havok) they will all fail, Japan should be the first major domino to fall.
$Qualcomm(QCOM.US$ microchip manufacturer
That was going to be a quick post but I woke up in a mood I guess![]()
Running late, down the mountain I go, as always.
Good Luck ![]()
it's a great day to buy, if the market isn't done rallying
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Thelord : Good post. By the way, when you say gap closed, which MAs are you looking at
iamiamOP Thelord: lots of gaps
those are mostly gaps between the candle and the MAs
iamiamOP : I'm actually upset the market is running again, I wanted to reposition
不忘初心方得始终 : if you are shorting means ur playing against the world richest group.
TinkerB3ll : Do you still think oil is still the play? ERX? Haha I have been out for awhile and noticing it going against the market oil sentiment. Wondering should I enter, in fact a couple of ideas came through like KOLD ERX XME wondering any advice?
bwjx : Wow. you are really spot on most of the time. haha. I think I am late in the game for the indices but I hope that entry to $iShares Silver Trust (SLV.US)$ at this point is still ok.
iamiamOP bwjx: i do ok
I actually had my best day of the month so far. That silver spike mid day was awesome, I had just bought another 277 contracts and boom Silver shot up! it was great 20+% in a matter of minutes...
Silver is good, it may outrun the market, I'm not sure yet.
iamiamOP Thelord: now that I have a little time I can explain better.
When a candle (either the bottom or top) separates from the Moving Average(s) it creates a gap and gaps close. So when the bottom of the candle is separated from the 9,11,13(whatever your fast MAs are) that is a gap that must close... The reason is that the price is much higher than the recent average so investors sense a top and sell or just take profits. Either way eventually gaps close... it works both ways, if something gets sold past its average usually buyers sense a deal and buy and the profiteers come in.
Here is an example with QCOM
iamiamOP TinkerB3ll: ERX
Quickly not a lot of time left on it.
KOLD
XME
TinkerB3ll iamiamOP: Haha okay boss :) I thought the natural gas will be dumping but apparently UNG is gaining traction. XME will do, hopefully I can be back in green again was out on paternity duty for the past few weeks didn’t really actively trade. Thank you so much hope you have a great weekend ahead