..............GXPI.OB And MGH Look Good
Moderated comments are on by the way.
As discussed previously I'm looking to/might buy/trade a tiny position in GXPI.OB, a gold penny stock that appears to have put in a major cycle low at 0.06 on 10-1-07, in a short term Wave 2 type pullback, see http://stockcharts.com/charts/gallery.html?gxpi. Also, MGH looks good after it's corrects, see http://tradethecycles.blogspot.com/2007/10/mgh-china-goldsilverbase-metals-play.html.
I might wait for even more follow through before looking to buy GXPI.OB in a short term Wave 2 pullback, especially since the gold sector is likely to be very weak. Another strong rally on Monday will definitely be (said probably before) enough to convince me to trade a tiny position. Note GXPI.OB's bullish large inverse spike at 0.06, and, the (borderline) buy signal/very strong rally in recent sessions on strong volume. I'm going to limit my rockets trading to tiny positions for now. I'll gradually increase the position size if successful.
And you gold manipulation theorists, I'm still waiting to hear from you! See http://tradethecycles.blogspot.com/2007/10/to-gold-manipulation-theorists.html.
Cycle trendlines/channels used in concert with Elliott Wave patterns and gaps are the basis/crux of "Trade the Cycles." "Gaps action" is very important.
If one decides to trade volatile stocks/ETFs obviously paper trade for a while or trade very modest positions at first.
As a long term multi-year investor in any stock, commodity, etc. you want to buy near the primary multi-year Secular Bull Market/very long term upcycle trendline. Gold's primary multi-year Secular Bull Market/very long term upcycle trendline is at $475ish right now, so, gold would be a great buy in the $475-500 range. When the vast majority of gold writers say it's a great time to buy or are bullish, as they almost always are, it's rarely a good time for long term investors to buy.
HUI/XAU's Wave 2 Cyclical Bear Market began 5-11-06, see charts 7 and 9 at http://www.joefrocks.com/GoldStockCharts.html. The primary Secular Bull Market trendlines since late 2000 are at 200-220 for HUI and at 85-90 for the XAU. Those are the targets for where the Cyclical Bear Market will bottom. NEM's Wave 2 Cyclical Bear Market began on 1-31-06. ....... http://www.JoeFRocks.com/ .
HUI NEM XAU
As discussed previously I'm looking to/might buy/trade a tiny position in GXPI.OB, a gold penny stock that appears to have put in a major cycle low at 0.06 on 10-1-07, in a short term Wave 2 type pullback, see http://stockcharts.com/charts/gallery.html?gxpi. Also, MGH looks good after it's corrects, see http://tradethecycles.blogspot.com/2007/10/mgh-china-goldsilverbase-metals-play.html.
I might wait for even more follow through before looking to buy GXPI.OB in a short term Wave 2 pullback, especially since the gold sector is likely to be very weak. Another strong rally on Monday will definitely be (said probably before) enough to convince me to trade a tiny position. Note GXPI.OB's bullish large inverse spike at 0.06, and, the (borderline) buy signal/very strong rally in recent sessions on strong volume. I'm going to limit my rockets trading to tiny positions for now. I'll gradually increase the position size if successful.
And you gold manipulation theorists, I'm still waiting to hear from you! See http://tradethecycles.blogspot.com/2007/10/to-gold-manipulation-theorists.html.
Cycle trendlines/channels used in concert with Elliott Wave patterns and gaps are the basis/crux of "Trade the Cycles." "Gaps action" is very important.
If one decides to trade volatile stocks/ETFs obviously paper trade for a while or trade very modest positions at first.
As a long term multi-year investor in any stock, commodity, etc. you want to buy near the primary multi-year Secular Bull Market/very long term upcycle trendline. Gold's primary multi-year Secular Bull Market/very long term upcycle trendline is at $475ish right now, so, gold would be a great buy in the $475-500 range. When the vast majority of gold writers say it's a great time to buy or are bullish, as they almost always are, it's rarely a good time for long term investors to buy.
HUI/XAU's Wave 2 Cyclical Bear Market began 5-11-06, see charts 7 and 9 at http://www.joefrocks.com/GoldStockCharts.html. The primary Secular Bull Market trendlines since late 2000 are at 200-220 for HUI and at 85-90 for the XAU. Those are the targets for where the Cyclical Bear Market will bottom. NEM's Wave 2 Cyclical Bear Market began on 1-31-06. ....... http://www.JoeFRocks.com/ .
HUI NEM XAU
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, XAU
posted by Joe Ferrazzano at
4:21 PM
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