Churn's Twitter RSS icon Home icon

  • I’m Buying on Pullbacks

    Posted on February 24th, 2009 No comments

    Yesterday we saw some more modest pull back in the metals, creating a nice setup for buying. I’ve taken advantage of the situation and I’ll hold out the next few days to see if things continue to break upwards. Anything below $968 in gold will test this bull trend. Until then, I’m still loading up.

    Silver is looking still looking far more bullish then gold, any pullback below $13.90 can reverse that trend. Until that point I will be loading up on various silver miners and the silver etf, SLV.

    The Plays

    • Yamanna (AUY) long position, still holding and buying on pullbacks.
    • HMS Holdings (HMSY), exited my short position after a $2.00 drop yesterday.
    • GLD and SLV, buying on all pullbacks with a stop loss set around $940 and $13.30 respectively.
    • Watching General Electric (GE) for another major pullback, if so, I will enter long.

    Happy trading everyone!

  • An Interesting Week & Day

    Posted on February 20th, 2009 No comments

    As good as today should have been (2 predictions met), I didn’t really cash in. I was up slightly on the day, but nothing worth celebrating over. I also entered into positions I’m not really comfortable with after looking over the charts. Let me recap the day. First off, 2 of my 2009 predictions have been met…

    • Dow collapsed under 7500 in Q1
    • Gold broke the $1000 an ounce mark in Q1

    At the time of those predictions, many people doubted me. Clearly, both were nailed with precision. That aside, I’m still a little concerned with how things turned out for me today…

    • Shorted HMSY
    • Debated on going long on GE, but ultimately opted out of doing so. Things looked icky on the charts.
    • Bought shares of AUY (will explain later)
    • Built my position on GDX
    • Boughs shares of NGD

    It was a full day to say the least. Let me review my AUY position… ¬†Ultimately, I’m bullish on this stock but my entrance on AUY was horrible. I sat analyzing the charts for 2 hours after I entered and decided I’m going to hold it over the weekend. Typically, I wanted to wait for a clean pullback in the miners like we witnessed yesterday. Two straight days of pullback would of cleaned up my charts and had me off to the races. So why did I buy AUY? Well gold made a dramatic break upwards and the gains on the miners were modest. I don’t love the trade, but I’m going to live with it.

    On another note, we saw another bone crushing day on the stock indexes. The DOW reached new lows, but the midday bounce back has me thinking we are going to see some more volatility going forward. I didn’t touch GE for this exact reason, next week could see sub 7000, and if dramatic enough, that’s when I’ll feel more comfortable taking long positions on consumer staples. Until then, I feel safe in the miners, specifically Silver and Gold stocks.

    I hope everyone reaped the gains that I should have today :) Making only 1% on a day like today feels like crap!

  • Silver & Gold Keep Pushing Higher

    Posted on February 18th, 2009 No comments

    Unfortunately I didn’t get the pull back I was looking for in the S&P¬†but we got extremely close. Around 10 AM we were down about 100 points and I was about 30 cents off my entrance on DOW Chemicals, which would of been a great play. I didn’t get close with General Electric (GE), but that’s expected with their dividend payout coming Thursday night.

    On the other end, Gold and Silver kept pushing higher. I was really hoping for a pull back here, just to keep my charts healthy and create a buying opportunity for myself. Instead I picked up a small amount of GDX (Gold Miners) since it didn’t make the break upwards like the actual metal today. I’m still anxiously waiting for a pull back in gold or silver, these are not plays I want to be sitting on the sidelines for. I will continue to build on GDX or HGU as the miners make pullbacks.

    Tomorrow I’ll be specifically looking for entrance points in gold, silver and the miners. GE and DOW would need to make huge gaps downwards if I purchase in them.