Asian markets collapsing...Nikkei down nearly 10%
StopYurWhining
Posts: 719
CNN is reporting (breaking news) Panic selling. Oh jOy.
0
Comments
Tomorrow AM should be interesting to say the least.
Some Suggestions:
Be VERY cautious........ no matter what you are buying/selling.
GLD looks safe on the LONG side for a little bit. SLV might not be.
The FED is going to do a "surprise" rate-cut. It may take DOW 8000
for them to act, but I doubt it.
Anybody who has been LONG of SKF should close their positions each
day. The rate-cut may come pre-market - any day - and SKF will be
temporarily crushed.
AA and X are good SHORT trades, but they should be closed at the
end of each day. The rate-cut will explode both. Same with BHP,
ACH, FCX, RIO.
EBAY earnings are next week. Single digits could come first. I would
NOT suggest SHORTing it here, unless you are VERY brave.
Both DUG and DIG are fairly safe to hold in SMALL quantities.
MOO will do well soon; but, the position should be built slowly and
on weakness.
Don't think F and GM are "bargains," just because they are cheap.
Wait a while.
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The winds of war ARE blowing. Defense stocks need to be in the
portfolio. Many are tanking and should be gathered slowly.
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We could VERY easily be days away from a 1500-point run-up in the DOW.
When the run starts, it will be FAST........ and likely brief. PMs will take at
least a temporary hit.
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If they lift the SHORT prohibition on Thursday, EVERY bank is good for a
SHORT trade that gets closed before day's end.
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CAUTION TO SHORTS: A rate cut at anytime of the day, will kill your positions.
If you can't sit in front of the screens, it's best to stay out of the game.
Platinum 985
My Adolph A. Weinman signature
<< <i>What are your thoughts on gold stocks? >>
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They are mostly NO GOOD.
If you like gold, buy some. You don't need a crooked stock-promoter
or a corrupt-BOD as a middleman.
<< <i>Storm are you meaning no good as far as the group or do you mean so many small frys are scams? >>
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The small ones are SCAMS.
The BIG ones face all of the same problems that ANY public company faces.
Instead of producing widgets, they produce gold. They are just in a different
line of production than the other troubled companies; but, they get hit with
the same bad things that any producer of stuff gets hit with.
............
ABX (long) and AUY (short) are the only two miners I have ever made money
on. Lots of other attempts; all worthless. Just not worth the trouble/risk when
you can so easily speculate on the commodity itself.
went and sent my BP up.
Camelot
It's still stronger than foreign currencies.
However, I still expect it to crash and burn when all those dollars come home to roost.
Oddly enough, silver and gold are moving up rapidly as well.
Silver up over 10% since this AM and gold back over $900 and climbing.
Seems like all bets are off anymore.
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
Solid producers include Goldcorp, Kinross, Yamana, Agnico-Eagle, Newmont, Freeport McMoran (copper and gold play), and others. These companies were making good money at 2X their current stock prices. The PPT and hedge funds are offering up a 50-65% off sale. These are proven producers with real reserves, not balance sheet hocus pocus like the bankers have. If you believe gold is headed higher, the miners will eventually lead the way.
Sinclair has "upgraded" his "this is it" call to "this is out of control."
roadrunner