Official Stock Market & Economy Thread

[andycrazn]

Originally Posted by Dey Know Yayo

gold will be >$2k next year, i have no idea where it tops, it's going to go up up up as the us dollar collapses. anything under $1000 is a bargain in my opinion.

for the first time since nixon, keeping your money in cash is a bad position that will make you lose wealth. keep your "cash" in gold.

i was thinking about buying gold when its around 700 cause it keeps fluctuating but im not sure if it will go 1000+

 

[dey know yayo]

gold is easily going above $2k in next ten months and above $3-4k in the next three years.

the usd is goign to collapse. the us treasury market is the last bubble to collapse.

 

[he told on me]

All BS they have altered the charts. Things like the elliot wave or fibonnaci or triangle (flag), and other methods are not working. stocks are breaking thepoint of resistance misleading indices, what type of chart software are you using. Looks like you went short.

 

[andycrazn]

Originally Posted by Dey Know Yayo

gold is easily going above $2k in next ten months and above $3-4k in the next three years.

the usd is goign to collapse. the us treasury market is the last bubble to collapse.

well im buying a couple of gold oz's before i saw this post and i knew its going to make a comeback i just want it to drop to around 700before pulling the trigger

 

[heavily weighted]

DKY, what do you think is the best way to buy gold? Bullion or traded funds like GLD?

 

[grandaddypurp415]

all i know is stay away from the markets right now. especially if you DONT know what you are doing

 

[db west]

I'm trying to watch and learn in here. DKY-Yo you go to U of M? I'll probably end up there next year. Im a freshman when it comes to investing,I've been wanting to try and get in for a while but I keep hearing it's not a good time if you don't know what you are doing...should I even try toget in right now, or just start buying gold? Is silver just as good?

 

[dey know yayo]

dbwest- yes buy gold. silver is good but it also has a lot of uses in industry, unlike gold (gold has uses in jewelry and tech, but very little). allcommodities that have actual use outside of store of value are facing headwinds through recessionary demand destruction (see oil). gold is unique in that itprovides almost 0 utility besides storing value, so it suffers no demand destruction from the economic contraction but a huge demand expansion from inflation.

grandaddypurp- i started trading in january, any time is a good time to get started as long as u learn and research properly.

heavily weighted- definteiyl bullion. buying gold etf's is dumb... they're priced in dollars, so your profits are in dollars, which will be worth a lotless than if u just bought gold.

andycrazn- i odn't think it's going to drop to 700 again.

he told me- patterns are definitely still working. my favorite short ever was shorting DRYS september 3rd on a symmetrical triangle breakdown on high vol. itwas at $68 then and it's in single digits now.

 

[reigndrop]

DKY, is there a way to change the color of the trendlines on thinkdesktop to a different color? I need something easier on the eyes and I've been able tochange other things, but not that. Sorry for the question, I've been using Metastock for a while and I'm tired of paying those heavy annual fees.

 

[ac4three]

My portfolio is going against the grain and actually doing pretty well right now!

 

[dey know yayo]

reigndrop- right click the trendline and click style/color. btw i use prophet charts on thinkorswim, not the actual thinkorswim charts.

at least one multimillionaire trader i know is predicting another big down move to at least the november lows starting in early january, as well. food forthought.

 

[reigndrop]

^^ Agreed. I think it's quite sad that nobody is seeing what's coming ahead. Dennis Gartman though is changing his mind. On his newsletter today, hecompletely changed his outlook on market.

 

[dey know yayo]

gartmans been getting whipsawed the entire way down, i'd stay away from him imo

 

[dey know yayo]

850 in the S&P. watch that level, when we break it we will sell off big.

 

[theone2401]

I am positioned for the rally that I believe is coming. We are in Wave 4 up of the Elliot wave and today I think is the begininng of it. How long i lasts isanyones guess.

I jumped in early on the reflation trade and lost a grip but I made it all back this month and then some so I am ready to go. The fact that everyone is lookingfor a rally makes me believe it is going to not be as big or last as long as everyone thinks. There is a gap on the Dow I think its on the 5 minute chart I amlooking for this rally to fill and then I am bailing I have been to busy with the holidays to check it though.

 

[dey know yayo]

this week means nothing. 0 vol = meaningless moves.

we move down before we move up. the rally won't start until we at least go back to november lows.

 

[nicefro]

SRS down a little more today. They should recover soon from the dividend payout though.

 

[theone2401]

Originally Posted by Dey Know Yayo

this week means nothing. 0 vol = meaningless moves.

we move down before we move up. the rally won't start until we at least go back to november lows.

I dont agree. Or maybe we are talking about a different rally. I am not basing that off this weeks moves. It was setting up two weeks ago fromwhat I look at and it got side tracked by this week.

Wave 3 down ended IMO and I would not be short expecting it to go to the november lows I know I wont be. I have been net long ever since I believe wave 3 downended and I have made money FWIW. I dont think its going to the lows until it fills the gap on the Dow IMO.

 

[dey know yayo]

SRS might go back down to around 50 or so before the big move up. but triple digits in a month or two.

 

[dey know yayo]

elliott wave analysis is all subjective. i don't think wave 3 down has ended, just look at all these stocks and indices selling off at their 50DMAs and thefact that the market is in an obvious rising wedge which is terribly bearish.

 

[theone2401]

Originally Posted by Dey Know Yayo

elliott wave analysis is all subjective. i don't think wave 3 down has ended, just look at all these stocks and indices selling off at their 50DMAs and the fact that the market is in an obvious rising wedge which is terribly bearish.

I dont disagree at all with anything you said it is subjective as hell. Im am actually inclined to agree with you because everyone is calling for a rally somuch so in fact its going to make me watch the levels I am looking for very closely when the volume comes back. Since the volitilty has died I have gotten backinto stock picking and 3/4 of my trades havent gone against me yet so I am riding (hopefully) wave 4 up.

I dont have any issues admiting I got head faked

wont be the first orlast time..shoot if it wasnt for you id still be looking at P/E ratios thinking every stock is cheap..I feel like I owe you a commission...

 

[theone2401]

Ok I just went back and checked my stuff. (I been slacking cause of the holidays and usually those moves are meaningless)

On S&P weekly chart there is a triangle pattern set up with a partial decline that is bullish from a probability standpoint and supports how I feel aboutthe Elliot Wave 4 Up being about to begin.

I dont feel very good about it though because of public sentiment calling for a rally (I am very contrarian) And there isnt a shred of good news and isnt goingto be for some time (Even though rallies are known to start on bad news)

I cant check where that gap on the DOW was that I saw because I dont have my computer and I dont have my charting software but If i remember correctly it wasin the low 10,000's. My guess would be even if it touches the lows before filling the gap it wont break down through them until the gap is filled.

Now even though short term looks bearish as long as it doesnt break below the bottom of the weekly triangle I will still be long..take that to the bank

 

[nicefro]

Originally Posted by theone2401

Ok I just went back and checked my stuff. (I been slacking cause of the holidays and usually those moves are meaningless)

On S&P weekly chart there is a triangle pattern set up with a partial decline that is bullish from a probability standpoint and supports how I feel about the Elliot Wave 4 Up being about to begin.

I dont feel very good about it though because of public sentiment calling for a rally (I am very contrarian) And there isnt a shred of good news and isnt going to be for some time (Even though rallies are known to start on bad news)

I cant check where that gap on the DOW was that I saw because I dont have my computer and I dont have my charting software but If i remember correctly it was in the low 10,000's. My guess would be even if it touches the lows before filling the gap it wont break down through them until the gap is filled.

Now even though short term looks bearish as long as it doesnt break below the bottom of the weekly triangle I will still be long..take that to the bank

 

[andycrazn]

anyone know how to look at gold on etrade? ive been using aol finance to look at the gold prices and i cant seem to find it on etrade.

 

[dunkman23]

Hey DKY

which online broker would I go to purchase gold at? U indicated to purchase at bullions?
could you explain what that mean.

thanks