Boxing, marathoning, surviving…

Posted on Feb 08, 2010 by WHC Bassetti.

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One of the important uses of this letter is to call attention to the ongoing state of the market — when it’s trending and when it’s trading.  This is one of the most important questions in investing (and, obviously, trading).  Amazingly many traders don’t know when the market is in a trading mode –except for the fact that they are making money.

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At it, hammers and tongs…GLD, SLV

Posted on Feb 06, 2010 by WHC Bassetti.

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100205gldAs you will see from our discussion yesterday there was in addition to the hammers in the indices a hammer in the metals.  At this point the SLV and the GLD are one day away from confirming a valid downtrend in the metals.  In fact, for the aggressive trader there is already a downtrend.  You will remember that we hedged our metals positions a few letters back.  We had a few trades so small we just left them alone in family accounts.  Indicative of our belief that after this market has cleaned out all the believers it will soar again.  Naturally we will be trying to catch it on lift off, but right now we’re happy to be hedged.  Of course if we don’t make any money on our hedge we’ll be less happy, but that’s life in the fast lane.  Friday could be the day we should have cashed them in.

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If I had a hammer….

Posted on Feb 05, 2010 by WHC Bassetti.

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100205induWe are curious about everything (like Curious George) and skeptical about everything including skepticism.  So we are of course aware of candlestick patterns and watch them with some interest.  But we do not depend on their interpretation.  Finally that comes down to our reading of the good old fashioned chart.  We do show a lot of charts in candlestick notation because we think the black and white candles give emphasis to prevailing momentum.

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Analysis to make your head ache — and a systems aspirin to take away the hurt

Posted on Feb 01, 2010 by WHC Bassetti.

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100201induNegative indications (as previously pointed out):  The downtrend line at the very top, the broken long term uptrend line  from March, the very length of the uptrend from March, the false breakout from the rectangle, the piercing of the support line at the bottom of the rectangle,  the possible interpretation of the present pattern as a flag, the violence of the present downwave…  All these elements would seem to argue for a continued downwave.

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FXE, EEB, CRIS, DJP, SLV, QQQQ, DIA, SPY. We told you so….

Posted on Jan 30, 2010 by WHC Bassetti.

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100129fxe

The list above is only a partial one.  It is a list of issues we have recently disrespected, sneered at, denigrated and bailed out of. Add to it EEB, NYC, and TBT.  And what about GLD and SLV (as we have said we are hedge these, or radically lightened up).

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