It would take a room full of monkeys watching tv, radio, magazines, newspapers and the net 24/7 to keep track of what Cramer is saying. He usually says one thing today in one medium only to say something totally contradictory the next day in another medium. Which conveniently allows him to revisit the past selectively and bask in his gloriously correct assays.
Continues to head south, now trading at $42.00, down 15% from where Krudlow & Krapper were toughting it early last week!
Just so you know, I added a bit more today. Still waiting to really load on a schmissing. Thing to remember is that bull markets often creep up and then have real scary drops to shake the weak hands. You need to just keep adding on the dips and scale in slowly with wide levels. Sometimes, these shakes are tough enough to even scare the real believers.
but I still haven't seen much reason to add here, IMHO, so I'm standing aside and letting this move play out.
formika, i'm glad i got out of gold last week! whooho! btw, are you a pretty good trader? from your postings here on ET, it seems like you have a pretty good grasp of good trading principles, ta,etc. or maybe you are a good talker ? hehe. j/k
Honestly, I'm probably a better analyst than trader at the present but I'm bridging that gap. I'd probably make a hedge fund manager a lot of money by pointing out opportunities but am not yet good enough to be a pure hedge fund manager myself (although I do manage investment portfolios). Good trading requires good management of trades once in them and that's where I'm working on improvements. My strengths are my set-ups and independent analysis, trade entry, trend reversal and risk/reward. Weakness is trade management but making good progress on that. In any event, being honest with yourself is key to improvement!
Did some one stop the printing presses and forgot to tell us?Or did the other members of the G8 start printing and selling their currency by the hundreds of billions and forget to tell us?No. Fundamentally nothing has changed.The only thing that changed was perception.Its my own belief that this isn't even a technical correction.Institutional investors are selling the block trades they bought into in the past 6 weeks,taking profits back into the major indexs.I watched the action on the upside and the downside very closely.We already know that the fed will continue to devaluate the dollar at least to the end of the year.The comments buy Greenspan exspessing confidence in the dollar and the comments by the ECB member who made a statement to the effect that the dollars slide may compell the ECB to sell the euro is what really ignited the selloff.So the gold index has soldoff on basically nothing more than perception.
Making fundamental arguments in the face of negative price action is the way to lose your shirt in the market.