Monday, June 27
Chat Transcript for Sunday, June 26, 2005
I wasn't able to chat for long on Sunday night because something came up... sorry about that. Thanks to everyone who came by! Here's the transcript for those who couldn't make it:
Posted on June 27, 2005 at 8:00, GMT
| Isasia1 | good evening |
| C_Maoxian | hi asia |
| Isasia1 | how goes it |
| C_Maoxian | not bad, yourself? |
| Isasia1 | good thanks saw you mentioned on trader mike thought id come and join in the fun |
| runs2xs | greetings cm.... |
| Isasia1 | hello everone |
| karin | good evening all |
| 6thworld | hi all! good evening! |
| C_Maoxian | yes, if we're lucky tradermike will come himself |
| RedEyes | afternoon folks |
| 6thworld | hi redeyes, cm, victor |
| C_Maoxian | i have to leave for an unexpected meeting at 8:45 BUT if mike is here he should be able to hold forth |
| karin | mike said he would come |
| victor | Hi, All. |
| C_Maoxian | only if he doesn't have a hot Sunday night date |
| karin | hot dates are not available on Sundays |
| Isasia1 | hmm i remember those |
| C_Maoxian | they are in atlanta |
| karin | you are supposed to start your calling on Thursday |
| 6thworld | it's plain hot |
| karin | otherwise, rejections |
| C_Maoxian | is that from that Rules book? |
| scoot | hi guys |
| C_Maoxian | hey scoot |
| 6thworld | hi scoot |
| karin | that's what I heard in the gym from single ladies |
| C_Maoxian | it's 75 degrees in Atlanta with 83% humidity so he may very well have a hot date |
| karin | there he is |
| C_Maoxian | guess not ;-) |
| TraderMike | sup |
| 6thworld | hiya mike |
| TraderMike | hi Tom |
| karin | nice to meet you Mike |
| 6thworld | oh i get it karin, if you want to go out on date Sat night u should call Thurs nite |
| karin | exactly |
| karin | otherwise it is a mercy date |
| Isasia1 | that'll be where i've been going wrong then |
| TraderMike | LMAO |
| karin | :) |
| 6thworld | oh i like mercy dates |
| 6thworld | really helps my self esteem, lol |
| karin | if you can get it |
| C_Maoxian | since i have to rush off at 8:45, let's dive right in and not wait for the full 200 chatter roster to fill |
| Isasia1 | so what's first ? |
| TraderMike | don't wanna kill your server anyway ;-) |
| C_Maoxian | i'm gonna talk about some energy stocks |
| karin | just down my alley |
| 6thworld | i went long XLE this week |
| C_Maoxian | (it has a 50 chatter limit anyway) |
| 6thworld | i entered that long term investor space |
| C_Maoxian | here's the fist chart: |
| C_Maoxian |  |
| Isasia1 | what a run thats been on |
| C_Maoxian | hit CTRL+ the link if it doesn't open |
| Isasia1 | so many people still trying to call the top |
| C_Maoxian | 2nd chart: |
| C_Maoxian |  |
| 6thworld | i see an idiot wave in that |
| C_Maoxian | so with those two charts in mind we'll look at Enron first |
| C_Maoxian |  |
| C_Maoxian | Enron Oil & Gas I should say |
| karin | oy |
| Isasia1 | volume seems to be fading a little on this last move |
| C_Maoxian | they have a lot of proved natural gas and crude oil reserves, mainly in the US and Canada |
| C_Maoxian | it's a monthly chart asia, so the last bar isn't completely done, but yes |
| Isasia1 | yep agreed cmao |
| C_Maoxian | it looks stretched to me, but what do i know |
| Isasia1 | lots in barrons this weekend about global economic slowdown coming to a wal mart near you |
| C_Maoxian | if oil continues to climb they'll obviously continue to do well |
| 6thworld | got to go for a bit! bye |
| Isasia1 | personally i think there still more topside because there are still so many non believers in the oil story out there |
| Isasia1 | looks like it will be a hot summer in the usa |
| karin | and with the newly elected Iranian government, angst sets in |
| runs2xs | and hurricane season is upon us.... |
| C_Maoxian | anyway, keep an eye on old Enron... EOG I mean |
| scoot | marketmonk says around 62 is the top or it is going parabolic |
| karin | hmmm |
| chud | what's monk up to these days? |
| TraderMike | sounds like everybody here is an oil bull |
| scoot | not much posted lately |
| C_Maoxian | another chart to consider, Southwestern Energy: |
| C_Maoxian |  |
| karin | I like DVN |
| Isasia1 | u gonna fade us trader mike ?! |
| TraderMike | LOL... no, just making an observation |
| Isasia1 | lol |
| Isasia1 | im bullish but not long |
| Isasia1 | got away from me |
| karin | I still like XTO too |
| Isasia1 | another great chart cmao |
| runs2xs | same here...like PETD and CHK in the past... |
| Isasia1 | scary really |
| C_Maoxian | again it looks stretched to me |
| Isasia1 | yeap a big range on that last bar |
| C_Maoxian | these guys have property in Texas, the Gulf Basin, and of course Arkansas |
| karin | yeah |
| karin | I live in Texas! |
| chud | doji on the weekly chart |
| C_Maoxian | all these companies have both oil and gas |
| C_Maoxian | that's why i posted the natgas chart as well at the start |
| C_Maoxian | last chart: XTO Energy |
| C_Maoxian |  |
| scoot | $1.45 wow |
| C_Maoxian | this one looks a little more measured to me, a little less strecthed, maybe more to come here |
| karin | they are in Dallas |
| C_Maoxian | XTO likes to split, scoot, so that's a split-adjusted price |
| Isasia1 | if u cant make money in that uptrend your probably in the wrong profession |
| scoot | oh |
| C_Maoxian | XTO has a net profit margin of over 30% |
| TraderMike | you're starting to sound like a fundie |
| Isasia1 | lol |
| Isasia1 | funny mentals |
| Isasia1 | as ed seykota says |
| C_Maoxian | these guys also have property in TX, OK, NM, KS, AR, LA |
| karin | I like NFX for gas too |
| karin | know management |
| karin | sorry, fundamentals |
| TraderMike | :-) |
| C_Maoxian | obviously all these guys are making money hand over fist at the moment, and the charts reflect that |
| C_Maoxian | if you were knowledgeable about the oil and gas industry and anticipated this explosion in the price of crude, you would be doing well |
| TraderMike | this sector feels a lot like the homebuilders to me... so many non-believers out there |
| C_Maoxian | but that's an IF |
| karin | that's good mike |
| Isasia1 | yeah plus everyone seems to be comparing it to the internets but the p/e's price revenue measure just not in the same league |
| C_Maoxian | are there fewer SUV's on the road in American now? |
| Isasia1 | for both those sectors |
| karin | not yet |
| TraderMike | I gave up trying to trade oils a long time ago b/c I'd always get shaken out by some report or news. maybe I should have been trading off the monthly chart |
| Isasia1 | not till 100 dollar crude i think |
| chud | more and more of those sissy front wheel drive suv's |
| runs2xs | nope they are all on used car lots... |
| scoot | i think there are quite a few on the lots |
| chud | = better mpg |
| TraderMike | I see plenty of brand new Hummers daily |
| karin | yeah |
| karin | I thought the same thing today |
| Isasia1 | yes trader mike these were the quintessetial buy and holds much harder to day trade |
| karin | saw plenty of big Explorers today |
| karin | those people are not switching to small cars |
| C_Maoxian | not unless their neighbors make the first move |
| karin | nah |
| TraderMike | maybe $4/gallon gas will do the trick |
| runs2xs | true, but there are quite a few of them hitting the secondary market... |
| karin | momma wants a big car |
| C_Maoxian | if Monksdream were here he could give us the scoop on the auction market |
| runs2xs | i think some people are getting worn out taking the hit in the pocketbook.. |
| karin | plus people get sucked into the big deals with Ford and GM |
| C_Maoxian | Monksdream should be distinguished from the 10,987% Monk |
| Isasia1 | but gas is still so much cheaper in the us than in europe for example |
| Isasia1 | look at the uk |
| Isasia1 | twice as expensive and people still driving everywhere |
| karin | but don't forget, they have better public transports |
| C_Maoxian | it cost me $80+ to fill the tank on a Ford Focus in England when I rented one |
| Isasia1 | not really karin |
| TraderMike | damn |
| Isasia1 | im from the uk |
| runs2xs | wow |
| karin | I lived there |
| Isasia1 | i can tell you its pretty terrible |
| karin | not in London |
| Isasia1 | ok |
| runs2xs | isnt some of that due to local taxes? |
| chud | no fighting |
| C_Maoxian | it was pretty good in my experience |
| karin | nah |
| Isasia1 | its all taxes |
| C_Maoxian | but i'm a very patient person |
| Isasia1 | uk was/is an oil exporter |
| Isasia1 | so if it werent for taxes |
| Isasia1 | it would be cheap |
| karin | don't understand why England doesn't get cheaper oil from the North Sea |
| karin | we get cheaper gas in Texas |
| runs2xs | north sea is a mature field, isnt it? |
| RedEyes | got to run foks, thanks for letting me lurk |
| scoot | bye |
| RedEyes | wife taking me out to dinner |
| Isasia1 | they do karin |
| Isasia1 | they just tax it |
| C_Maoxian | yes asia, and that's the point i'm trying to make with these companies i've featured, they're all producers in North America |
| Isasia1 | heavily |
| karin | tell Blair |
| C_Maoxian | going to Red Lobster, red? |
| RedEyes | and no we didn't go to Red Lobster last Sunday |
| RedEyes | LOL |
| Isasia1 | yes cmao |
| RedEyes | cya |
| C_Maoxian | RedEyes obviously isn't a Darden shareholder |
| Isasia1 | i guess my point is |
| Isasia1 | gas could go up 50% from here and |
| Isasia1 | im not sure how much it would affect demand |
| scoot | people would complain bitterly |
| chud | honk at me on my vespa |
| C_Maoxian | especially the rural poor |
| runs2xs | and demand that the govt. do "something" |
| TraderMike | I bet sales of locking gas caps would skyrocket... I remember those as a kid |
| karin | yeah, with a lock |
| C_Maoxian | you're dating yourself, mike |
| karin | me2 |
| TraderMike | am not |
| chud | hot date with himself |
| scoot | i remember those too |
| Isasia1 | so bush will run out a little of the spr but then what |
| TraderMike | every new Hummer comes equipped with a syphon |
| karin | there is a new book out questioning the actual reserves Saudi Arabia actually has |
| runs2xs | isnt there some thinking that some of this rally was due to the refillling of the spr |
| Isasia1 | u wouldnt believe the amount of hummers i see in poor parts of brooklyn |
| karin | nobody every seen the real numbers |
| scoot | twilight in the desert? |
| runs2xs | from the last time this happened? |
| TraderMike | oh, I would |
| Isasia1 | brand new |
| Isasia1 | lol |
| karin | Chavez is taxing 50% on his oil exports to the oil comapnies |
| runs2xs | that saudi question has been floating around for a while... |
| Sam-nite | does anyone think alternative energy hydrogen companies will benefit from the high oil prices? |
| karin | I believe it |
| runs2xs | yes, already has |
| Zoomie | sorry i am late, time warp |
| chud | hey chairman. what do you use for judging tone when daytrading? or is that confidential? |
| C_Maoxian | it's confidential, chud |
| chud | dag nabbit |
| chud | when's your book coming out? |
| C_Maoxian | if i wanted to use an even fancier word, i'd say it's proprietary |
| Isasia1 | anybody been looking at the pm stocks recently ? |
| C_Maoxian | Prime Minister? |
| C_Maoxian | and what's spr? |
| Isasia1 | lol precious metals |
| Isasia1 | strategic petroleum reserve |
| runs2xs | strategic petroleum reserve |
| C_Maoxian | ok, i'm not up on my acronyms ;-) |
| runs2xs | echo |
| C_Maoxian | i thought it meant saudi prince reserves |
| Isasia1 | lol |
| Zoomie | lol |
| karin | lol |
| Isasia1 | not far off |
| chud | chairman, been reading your archives. why were most of those swing picks you were giving jan, feb 2004 nyse stocks? i thought you didnt do business with those bad people? you like them for swing? |
| C_Maoxian | god knows there's enough of them to go around |
| karin | :) |
| C_Maoxian | i was dabbling, chud |
| karin | I believe the oil service stocks are also interesting |
| C_Maoxian | ok, uncle morty is here and we have to go meet some chinese to argue with for a couple of hours |
| karin | especially the rig companies |
| C_Maoxian | i have one last chart.... |
| C_Maoxian | please feel free to stay and yack away into the night |
| Isasia1 | tradermike ur in atlanta right |
| Isasia1 | thinking of moving there |
| TraderMike | yeah. |
| TraderMike | where are you now? |
| C_Maoxian | can't get this darn chart to upload, one min |
| Isasia1 | right now in brooklyn but im from london |
| TraderMike | server must be getting slammed |
| Isasia1 | just got my green card |
| Isasia1 | cant believe how cheap property is there |
| karin | congrats |
| TraderMike | ah, good old Brooklyn |
| Isasia1 | relatively speaking of course |
| Zoomie | I just got my American fiance pregnant...even better...lol |
| karin | come to Texas, even cheaper |
| TraderMike | depends on where you buy |
| Isasia1 | yeah true |
| Isasia1 | id probably rent first |
| C_Maoxian | no mike, i just don't know how to type |
| runs2xs | karin, which rig companies do you like? |
| TraderMike | I like the slammed server story better |
| karin | XTO, DVN |
| TraderMike | makes you seem more self-important |
| karin | RIG |
| karin | HAL |
| Sam-nite | karin, how is the cost of property in austin compare to the rest of TX |
| karin | and believe it or not, GEOI |
| Isasia1 | forbes did this affordability index of all the cities in the usa |
| runs2xs | thx. |
| Isasia1 | and atlanta was one of the best |
| karin | Austin, is fine |
| karin | nice place |
| chud | anybody read the book The Market Maker's Edge? |
| TraderMike | that's why I moved to ATL |
| Isasia1 | local real estate related to wages type of thing |
| Isasia1 | yep |
| karin | no state income tax |
| Isasia1 | ahh really karin ? |
| karin | yes |
| karin | but it is hot and humid |
| Isasia1 | heard good things abt austin |
| C_Maoxian | crapski, i'm not able to upload it for some reason... |
| C_Maoxian | there's always next time. |
| karin | fantastic |
| Isasia1 | i like it hot n humid |
| Sam-nite | but TX has property tax out the ying yang |
| TraderMike | what was the chart? |
| karin | nah, not that much |
| C_Maoxian | it was the OIH one i emailed you, mike |
| C_Maoxian | maybe you can link to it |
| runs2xs | 6 months of summer, and 6 weeks of winter.. |
| C_Maoxian | ok, i have to run |
| runs2xs | just like everywhere else in the south |
| C_Maoxian | TraderMike is guest hosting |
| scoot | see you cm |
| karin | right |
| runs2xs | bye. |
| Isasia1 | thanks cmao |
| karin | but you don't freeze in the winter time |
| TraderMike | it's on my desktop, upstairs... it'd take me too long to do it |
| runs2xs | you got that right |
| TraderMike | later CM |
| C_Maoxian | i've told admin not to shut you guys down for a good long while |
| Isasia1 | im in brooklyn apt without ac |
| chud | OIH looks just like NFX |
| TraderMike | soounds hot! |
| Isasia1 | so its very hot n humid here |
| Isasia1 | !!!!! |
| scoot | miserable |
| Isasia1 | slumlord |
| TraderMike | reminds me of 'Do the Right THing' |
| Isasia1 | i live 2 blocks from there |
| Zoomie | TM, I have been following your daytrade pics, do you scale out of positions? |
| TraderMike | go get a slice from Sals :-) |
| Isasia1 | lol |
| TraderMike | I scale out if I get a nice gain |
| Zoomie | roger |
| TraderMike | otherwise I just get out all at once |
| Isasia1 | do u raise ur stop to breakeven afterwarsds? |
| Zoomie | i see, EOD like CM? |
| Isasia1 | if uve sold half f/e |
| TraderMike | yeah, or maybe a little higher. I've gotten a lot more aggressive about snatching profits |
| Isasia1 | yeah me too |
| chud | i need to do that |
| Isasia1 | that was a big lesson after going over old trade |
| Isasia1 | left way too much on the table |
| Isasia1 | i think its common mistake for all of us |
| karin | forget about it |
| karin | hit and run |
| TraderMike | now I set alerts to remind me to take partial profits.. like I'll set an alert for if the bid rises 4 or 5% |
| Isasia1 | yep |
| Zoomie | k |
| TraderMike | hit it & quit it :-) |
| Isasia1 | does anyone here scale in on entries ? |
| chud | i either kick myself for staying in or getting out too fast |
| karin | I am refering to my favorite trader! |
| Isasia1 | ahh 'hit and run trading ' karin ? |
| karin | si |
| TraderMike | I trade too small to scale in |
| Isasia1 | right |
| TraderMike | do you scale in asia? |
| Isasia1 | i have started to do so |
| Isasia1 | yes |
| Isasia1 | on longer time frame trades |
| TraderMike | I probably would if I was buying a bunch of shares of a low priced stock |
| Isasia1 | i seem to exit |
| Isasia1 | much better than i enter |
| Sam-nite | scale in? |
| karin | but that's great |
| Isasia1 | so i scale in on my entries rather than my exits if that makes sense |
| TraderMike | makes perfect sense to me |
| chud | what do you use for exit signal asia? |
| TraderMike | does that mean you may average down on a long? |
| Isasia1 | i do |
| Isasia1 | but |
| Isasia1 | only within my original risk |
| Isasia1 | so i i want to buy x |
| Isasia1 | amoubnt of shares |
| TraderMike | gotcha |
| Isasia1 | ill buy 1/5 x |
| Isasia1 | then anohter 5th etc |
| Isasia1 | but if by chance |
| Isasia1 | i buy the first 20% |
| Isasia1 | at the low |
| Isasia1 | ill add agressively |
| Isasia1 | to the in the money position |
| Isasia1 | that however |
| Isasia1 | almost never happens |
| Zoomie | TM, generally, what is your win loss percentage on daytrades, using 15/ 30 min chart entry that you post? |
| TraderMike | so far about 60/40 |
| chud | wow |
| Zoomie | wow. very impressive |
| chud | you still using dummy method? |
| TraderMike | that is? |
| TraderMike | yeah |
| chud | i avg 40% wins with dummies |
| Zoomie | especially considering risk:reward |
| Isasia1 | sorry chud |
| Isasia1 | for exit signal |
| TraderMike | have had a lot of small winners though. I'm still trying to figure daytrading out |
| Isasia1 | i usually have some sort of target in mind |
| Isasia1 | if i reach there |
| TraderMike | the recent choppiness hasn't helped |
| chud | how many you been taking per day TM? |
| Isasia1 | im out of at least half the shares |
| Isasia1 | then just a matter of raising the stop |
| chud | ok asia. maybe i should start making a target. |
| Isasia1 | but if i get a few long range bars in my direction |
| Isasia1 | i'll be selling out agressively |
| TraderMike | chud, they usually come in bunches... maybe 20 trades per week, but I may do 10 on one day |
| Isasia1 | i used to always hold trades way to long |
| Isasia1 | looking for big winners every time |
| karin | I need to go, my dog is pulling on my legs |
| karin | he wants to go out |
| karin | see you next week |
| Isasia1 | cost me lots of untaken profits and |
| chud | TM, do you mix up long/short on the same day; or try to go with the day's tone? |
| TraderMike | bye KArin |
| runs2xs | bye... |
| Isasia1 | terrible emotional rollerecoaster |
| Isasia1 | ciao karin |
| chud | i've been holding too long scared of missing the homeruns. |
| Zoomie | me too |
| TraderMike | I try to stay with the day's tone |
| Isasia1 | yes chud |
| Isasia1 | i did that all the time |
| Isasia1 | but u drain your mental capital that way |
| TraderMike | I've fallen victim to that too |
| Isasia1 | it not just a p n l issue |
| TraderMike | sure do |
| chud | i was holding HANS as a swing trade this week. it got to 87.50 and i got stopped out at 78. |
| TraderMike | yikes |
| TraderMike | where did you get in? |
| chud | 71 |
| Isasia1 | yeah ive been there |
| chud | it ran up pretty fast. so i figured i'd leave the stop loose |
| TraderMike | take partial profits? |
| chud | but i've been kicking myself for that one |
| chud | no. i have to start taking partial profits |
| Isasia1 | yep definitely |
| Isasia1 | even if u sell 20-25% |
| Isasia1 | makes a huge difference |
| TraderMike | I've been there, which is why I now force myself to sell a portion on the way up |
| chud | yea. |
| Zoomie | I have been thinking of taking 1/2 profits when previos high has been hit. Assuming it has retraced 25% or more off high, then let the rest ride till EOD |
| Isasia1 | if u have a 1R profit |
| Isasia1 | u have to sell 25% at least |
| chud | i taped a "take partial profits" note to my monitor this weekend |
| Isasia1 | bang ur head agst it every morning |
| TraderMike | setting alerts right after entry is working well for me |
| Isasia1 | shud drive the message home |
| Isasia1 | lol |
| chud | i'm a slow learner |
| Isasia1 | dont worry |
| Isasia1 | took me |
| Isasia1 | 12 years |
| Zoomie | what is 1R profit? |
| chud | 1 times your risk, i assume |
| Isasia1 | R is the risk u have in the original trade |
| TraderMike | R = amount at risk |
| Zoomie | ahh |
| Isasia1 | the entry minus original stop |
| Zoomie | roger |
| Isasia1 | trader mike |
| chud | now that i'm paying commish by the share instead of by the trade, i feel better about scaling out. i'm cheap. |
| Isasia1 | do u fin the ups and downs of day trading |
| TraderMike | Van Tharp has some great stuff on R multiples |
| Isasia1 | more stressful than swinging ? |
| TraderMike | same here chud.. those commissions make a huge diff |
| chud | yea. they do. i try to avoid the low-priced stuff now. |
| TraderMike | I find day trading less stressful. Can't believe I didn't switch a long time ago |
| Isasia1 | interesting |
| TraderMike | the feeling of coming in in the morning and the market reversing on you really sucks when swing trading |
| TraderMike | how about you? |
| Isasia1 | yep was just abt to say |
| Zoomie | I started just 1 week ago, Been studying for a couple years |
| Isasia1 | the joys of no overnight risk |
| TraderMike | yeah |
| Isasia1 | well im more of a swing trader |
| Isasia1 | but i was effectively a day trader |
| Isasia1 | for 10 years |
| chud | you still holding winners overnight TM? |
| Isasia1 | so kind of u in reverse |
| TraderMike | not in this market |
| TraderMike | why'd you switch? |
| Isasia1 | because i felt i was losing my edge |
| TraderMike | ah |
| Isasia1 | my performance began to deteriorate |
| Isasia1 | and i have a feeling because the time frame is shorter |
| Zoomie | I think my mind would go first.....;) |
| TraderMike | sounds familiar |
| Isasia1 | u have to kind of be |
| Isasia1 | reinventing urself |
| Isasia1 | ur methods very frequently |
| Isasia1 | but i think its also personality |
| Isasia1 | im married got a kid now |
| Isasia1 | somehow |
| Isasia1 | the bigger picture comes much easier to me |
| TraderMike | yeah, I could see that |
| Isasia1 | than it did when i was 25 |
| chud | you watch the market during the day asia? |
| Isasia1 | yep |
| TraderMike | time for me to bounce. good chatting with everybody. |
| Isasia1 | watch everything all day pretty much |
| Isasia1 | cheers trader mike |
| Zoomie | see you all next week |
| Isasia1 | good speaking to you |
| runs2xs | thanks for letting me listen and learn... |
| runs2xs | good night. |
| Isasia1 | but i dont trade too many individual stocks |
| chud | what do you mainly trade? |
| Isasia1 | indexes, gold and silver, currencies, |
| Isasia1 | stock wise |
| Isasia1 | im looking a lot a the precious metals right now |
| Isasia1 | specifically newmont |
| Isasia1 | mining |
| chud | do you trade from charts? |
| Isasia1 | yeah |
| Isasia1 | tho i tend to have a big picture view that gets me interested |
| chud | what interests you about newmont? |
| Isasia1 | in a specific stock or market |
| Isasia1 | two things |
| Isasia1 | gold has decoupled from the dollar |
| Isasia1 | and tho we may pull back here i think well see 500 usd later this year |
| Isasia1 | also |
| Isasia1 | if u look at the daily chart |
| Isasia1 | on nem |
| Isasia1 | the bottom here |
| Isasia1 | is very similair to the bottom last may and june |
| Isasia1 | the daily swings are v similair its almost an analogue |
| chud | yes |
| chud | lots of gaps in that chart |
| Isasia1 | yep |
| Isasia1 | they all tend to get filled |
| Isasia1 | so we stopped at ard 40.40 |
| Isasia1 | in this rally |
| Isasia1 | which is exactly where we stopped |
| Isasia1 | in the first rally of the bottom last may |
| chud | hmm |
| chud | do you look for these kinds of analogs routinely? |
| Isasia1 | nope |
| Isasia1 | first one |
| chud | interesting |
| chud | i'll watch it |
| Isasia1 | ive ever seen like that |
| Isasia1 | i expect a pull back |
| Isasia1 | and then another shot higher |
| Isasia1 | it appears we've scared everyone else off |
| chud | ha |
| chud | are you short now? |
| Isasia1 | no |
| Isasia1 | flat |
| Isasia1 | was long |
| Isasia1 | looking to go long agn at 38 and under |
| chud | looking for move down to 36.50? |
| Isasia1 | yeah i actually dont think well go that far |
| Isasia1 | we already had a pull back to 36.50 |
| chud | yea. |
| Isasia1 | the next logical pullback is to just under 38.00 |
| Isasia1 | i think |
| Isasia1 | so ill start buying at 38 |
| Isasia1 | down to 37 |
| Isasia1 | scale in |
| Isasia1 | dont think it should trade below 36 |
| Isasia1 | well see |
| Isasia1 | that my guess |
| chud | yea. sounds like a good plan |
| Isasia1 | obviously cud easily be wrong |
| Isasia1 | longer term tho |
| Isasia1 | i think gold shares are a huge buy |
| Isasia1 | generally |
| Isasia1 | im long some canadian junior miners |
| Isasia1 | in my schwavb acct |
| chud | what's your reasoning for gold? |
| ks | Which gold mining companies are you buying? |
| Isasia1 | well its been in a very methodical uptrend for a few years but its very low relatively speaking |
| Isasia1 | really small ones in canada |
| Isasia1 | theyre penny stocks |
| Isasia1 | quite toxic |
| Isasia1 | gold went to 800 dollars in 1981 |
| Isasia1 | and down to 250 in 1999-2001 |
| Isasia1 | traditionally its an inflation hedge |
| Isasia1 | but has lagged massively |
| Isasia1 | compare what anything else cost in 1980 to what it costs now |
| chud | yea |
| Isasia1 | i also think the us dollar has much further to fall |
| Isasia1 | but rather than vs the other ccys it will now be agst gold and silver |
| Isasia1 | oil has quadrupled since 2001 |
| Isasia1 | oil is up 60-70% |
| Isasia1 | eee |
| Isasia1 | gold is up |
| Isasia1 | 60-70% |
| Isasia1 | silver is also a v good investment |
| chud | i gotta run. nice talking. i will watch nem |
| Isasia1 | take care |
| Isasia1 | cheers for now |
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