Wednesday, February 20, 2013

Hunker Down, Prepare

I have to start this evening by letting everyone know that I just started writing a short time ago because I felt most people have their head stuck in the sand, not by their own fault but from what they hear and see from the media. People who know me, can at least for giving me credit for calling the crash in 2007 and the fact that I have been a strong advocate of GOLD since 2003. I am not bring this up because I need credit or a pat on the back! I realize that I have people reading me and are just getting to know me, I am being sincere when I say that I want to help as many people as I can. It is a tough world out there and I just want everyone to see what is really going on. I have always had a good sense of the markets, made lots of money and lost lots of money. I took off trading before the election here in the states and almost the whole month of November and took it easy in December with the holidays and the Fiscal Cliff approaching.

I had plenty of time to watch the markets and do a lot of thinking about my future. I have been trading for more than a dozen years and I cannot believe what we are all witnessing. Part of my thinking was doing this writing thing because I THINK I know what I speak of and I could be of help to people who read me and word would get out and I could help a much larger audience. Anyway I hope you realize that our economy is not what THEY say it is, do not be fooled.

I was going to do a post this weekend on OIL but I passed, I'll bring it up now though. On Sunday, I was in the car with my wife and we were at a red light, I looked at the gas prices and could not believe I saw $3.89 a gallon. I turned to my wife and said," so I hope you enjoyed those low prices before the election and during the holidays, didn't take them long to shoot right back up". The next day they were up to $3.95 and what do you know, it is the lead story on the news. I have to admit, I was shocked by seeing the price, I guess my mind is going crazy with other things lately but I know I have been mentioning Oil being close to $100. How many times in the past few years have you heard Obama speak about alternative energy and about all that shale oil in our own backyard. It's not only him, we have been hearing about cheaper energy for the past 30 years, wake up or keep living in the illusion!

Sorry to change the subject but I have had that on my mind for the past 3 days. Back to me taking off from trading and writing this blog. Please go back to my first couple of posts and see how I started writing and what I was trying to get out there. I felt we were at a major inflection point with the stock market and Gold. I STILL DO and the cracks are starting to show in the economy if you have been paying attention to what I am saying. Even though I cannot believe where GOLD is today, and it may go lower-  I still absolutely love it! As for trading purposes I would not be a buyer just yet. If you do, you better be prepared for a spike down through the 1520's. I warned this morning and I preach PATIENCE if trading. Physical purchases and stock shares, I would all over these prices  and more at lower levels if it does happen. You will know when the bottom is in and I feel we have to be close.

I know there is lots of guys with all these charts with trend lines and fancy indicators, I'm sure most of you are tired of looking at them and quite frankly so am I. I just want to stand by my conviction and be CAREFUL at the same time, and help you watch certain levels. 1580 I am interested only if it holds there for more than a couple of hours. If you buy, you better be disciplined with stops. Know what your RISK is! As for the downside, let us see what happens if we get below 1550.

Real quick rundown for the rest of what we like to follow. Have a look at the US dollar
Technically, as I have been warning we are at 81. I have mentioned 13280 in the Euro, again it is good to watch sometimes and see how the market reacts! PATIENCE.
Ok the CAD is slightly above 98, finishing the day @9815
The Aussie which looked great yesterday tumbled over 100 pips to settle @ 10225
Oil did close the day below 95 and the DOW as I refer to as HUMPTY DUMPTY closed down over 100 points. Let's see what the evening brings and I will post in the morning to give a read.

I Thank You all again for reading, I really appreciate it.

BE STRONG!

No comments:

Post a Comment