It's market participants being stupid here. The Fed's not going to stop hiking anytime soon. And even if they did, THEY WILL HIKE LATER ON THIS YEAR.... Did you know that the DJIA recorded the largest gain in history in spring 2000 after the Fed announced rate hikes? 499.19 points gained, yet the market crashed later on......
Bam down $16. This is great, a bunch of suckers telling you to buy gold stocks and hold them for the long term... Now them stocks are down 30% and they probably need 2 aspirins a day to prevent heart attack.
what a day... totally misjudged / mistimed the impact of the collapse of gold on currencies... down $25K for the day and after a 10-hour trading marathon moving $375mio and with interim p&l positions too scary for disclosure (even on an anonymous board)... i feel lucky... what a bloodbath this must have been...
Chart is starting to look better for gold. The overbought condition is starting to get better, and an abandoned baby / bullish hammer may form I see gold no lower than 640 and then probably start its run back up towards 750 and beyond. 1 contract for now but looking to increase holding up to 4 contracts depending on futures behaviour. Of course, I don't have a working crystal ball so we'll see what this does
in order to succeed as a trader one must be willing to take a loss and or hedge somehow to reduce exposure adding on to a loser usually does not work unless the odds are really in your favor and you have a crystal ball I sometimes break the rules myself ... :eek:
i love morgan stanley - coming out and issuing a warning that mining stocks might correct 20-30 %.released after 20-30% correction already occured. -these guys are hilarious. anytime i need to know what already happened - ill be sue to look up milly
I was once sitting with a young trader who thought I 'knew' something about the future of price. He asked me "So, what do you think the market is going to do?" I was silent. He looked at me again. I was still silent. Suddenly, the light came on in his head. "I've got it, you don't know either...nobody bloody knows." I laughed and said, "Well done!"