AUY

[tokyopua]

Target #1 - 11.32 - October 24 "Nested" H&S Breakout - MADE Nov 6
Target #2 - 11.90 - November 22 Bull Flag Breakout (Top of Flag) - MADE Nov 27
Target #3 - 12.06 - November 1 Larger H&S Breakout - MADE Nov 29
Target #4 - 12.70 - November 22 Bull Flag "Measured Move" - MADE Nov 30
Target #5 - 13.01 - July 31 H&S Breakout "Lost Target" MADE Dec 1
Target #6 - 14.94 - November 8 "W"-Bottom Breakout- Still IN PLAY

14.94 finally MADE.

I talked myself out of this rally because of the last two rallies in the POG, and the lack of response in the gold stocks.

Curses! 

Congratulations to those of you who have it. 

I cant credit myself for getting in, nullzero first brought the stock to my attention, then when I kept hearing Eric Bolling on CNBC talk about gold almost nightly, I finally bought.  That guy is a major NYMEX commodities trader who seems to be always right, he is on Fast Money nightly now, one of the few guys on TV who actually uses charts to explain the action.  He swears gold will take out its high.

[nullzero]

Target #1 - 11.32 - October 24 "Nested" H&S Breakout - MADE Nov 6
Target #2 - 11.90 - November 22 Bull Flag Breakout (Top of Flag) - MADE Nov 27
Target #3 - 12.06 - November 1 Larger H&S Breakout - MADE Nov 29
Target #4 - 12.70 - November 22 Bull Flag "Measured Move" - MADE Nov 30
Target #5 - 13.01 - July 31 H&S Breakout "Lost Target" MADE Dec 1
Target #6 - 14.94 - November 8 "W"-Bottom Breakout- Still IN PLAY

14.94 finally MADE.

I talked myself out of this rally because of the last two rallies in the POG, and the lack of response in the gold stocks.

Curses! 

Congratulations to those of you who have it. 

I cant credit myself for getting in, nullzero first brought the stock to my attention, then when I kept hearing Eric Bolling on CNBC talk about gold almost nightly, I finally bought.  That guy is a major NYMEX commodities trader who seems to be always right, he is on Fast Money nightly now, one of the few guys on TV who actually uses charts to explain the action.  He swears gold will take out its high.

Nice to see you are doing well in AUY. Glad I could help you find this stock .

[tokyopua]

Yes, and it was well worth a belated applaud just now too nullzero!

[Holygrale]

Nice work everyone for staying with this winner..........

POG entering parabolic formation ..........IMHO     

We should experience limit up move days soon............

[Holygrale]

Another solid day, consolidation continues............

[Holygrale]

Ouch, talk about a sell-off................

Just when I thought selling in the early a.m around 14.94ish was brilliant..........I then decided to get back in at $15 thinking the bottom was in...........OUCH.........

Stayed in, waiting for her to settle to triple down...............LOL

[Holygrale]

Well the triple down worked at 13.98-14.00..............

These price swings are as wild as my mother in laws mood swings......LOL

No matter how you slice it, VOLATILITY will always give you OPPORTUNITY...............

Hope some stayed with it and reloaded...............

[Melf Elf]

Hope some stayed with it and reloaded...............

Holygrale,

I haven't played any of the gold stocks lately, for the same reason that I mentioned last week:

I talked myself out of this rally because of the last two rallies in the POG, and the lack of response in the gold stocks.

Curses! 

Congratulations to those of you who have it. 

The gold stocks, as a group, still haven't responded to the big move up in the POG.  Last Friday, for example, The HUI (Gold Bug Index),  made a nominal new high above the November 362.53,  by five cents, at 362.58, then fell back to its 50DMA. 

And, it's still below the September high of 369.38, and well below the May high of HUI 401.69.

Given what the POG has done, it would seem that this index should be gone on the upside, but it isn't.

 

Maybe it's just putting in another bullish pattern, the Ascending Triangle (pattern in green), then it will finally breakout, and take out HUI 369 and HUI 401.

If it breaks out, that would put something like HUI 450 IN PLAY.

Glad that you're doing well with it. 

[Holygrale]

Melf, I will say this, you have to be baby sitting the stock to make any money with this right now, but for me its been working out...............

I am just daytrading it for now, and have been pretty successful at it......whewwwww

Its not easy, my buyin from yesterday was dumped today at 14.40-45.........

Bought back at the close today, 1/2 my postion, hopefully she holds, we'll see.........

[Holygrale]

What a day, wheres support?   

LOL

My buyin from yesterday at close was sold at 13.92...........ouch

I then shorted at 14.06 and bought back at 13.89.........I bought back way too early!   

Bought back BIG with a Triple down yet again at 13.51-.52 and sold 1/2 of the position at 13.80............

This is not easy...............exhausting.

When POG decides to bounce and the buying starts from the commercials ..................LOOKOUT!

This will be a Rocket............IMHO

[Holygrale]

Wow, I double down where I think the botom is $13.00 and sell at $13.40..........only to see it close to the low of the day............

Still hanging tough, bought back in at the close $12.96.............1/2 my position.

Gitte up, wheres the rebound...........??

[tokyopua]

Wow, I double down where I think the botom is $13.00 and sell at $13.40..........only to see it close to the low of the day............

Still hanging tough, bought back in at the close $12.96.............1/2 my position.

Gitte up, wheres the rebound...........??

I believe gold is going to trade down together with gold stocks as the current global correction progresses.  Things like the yen carry trade unwinding are part of the selloff in high yield equities and commodities.  In addition, there has developed a large net short position on gold.

An overall market bounce expected in the next few days should provide some relief, but after that its likely downward again with the market correction.

I like the way Eric Bolling from Fast Money puts it:

"Gold is a hedge againts inflation, it is not a hedge against the market."

Hope this perspective helps, best of luck to you with AUY!

[Melf Elf]

Melf, I will say this, you have to be baby sitting the stock to make any money with this right now, but for me its been working out...............

I am just daytrading it for now, and have been pretty successful at it......whewwwww

Holygrale,

I'm glad that you're doing well with AUY.

When I sold it for 13.96, I was stymied over whether AUY would be able to drag lousy looking stocks like GG higher, and the targets of 14.94 and 15.15 would get MADE, or if lousy looking stocks like GG were going to drag AUY lower.

Answer: Both.

AUY rallied, GG got dragged higher with it, but GG only chased the bottom of its broken Bearish Rising Wedge, and didn't even come close to making a new high, while AUY went significantly higher, and both targets (14.94 and 15.15) got MADE.

GG then tanked off the re-test failure, and dragged AUY down with it.   

GG closed below its January low, but on a Possible Bullish Inverted Hammer yesterday, so it might make a run for the broken Ascending Line (blue).  It tried to hang on there three sessions ago, but failed.

The Inverted 50/200s are up there near that trendline, as well.

[Holygrale]

Melf,

Not sure how I've managed to be close to even when comparing todays price against when she was trading in the $15.00+, but its worked out. Whats kept me alive is the double and triple downs for the day tades these last few sessions.

The best part is any and all upside gains from here will be uncharted account gains.........LOL

Thanks for your charts and insight.............

[Holygrale]

Excellent follow thru today, sold 1/2 my positon including the day trade position for a nice profit between $14.01-.03............Nice!     

I always hold 1/2 overnight in case of News or a gap up in POG.............and then simply avg down.

I will call it now and say $670 POG will be here sooner than we think...........JMHO.

Too much confusion in the markets, flight for safety always is a best bet!

Got Gold?