Technical Analysis of Stock Trends

At it, hammers and tongs…GLD, SLV

Posted on Feb 06, 2010 by WHC Bassetti.

As 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.

Continue Reading

Busy, busy, busy…bought Platinum, lifted gold, silver hedges for personal accounts

Posted on Dec 16, 2009 by WHC Bassetti.

There is every possibility that this could be a flag in PGM which could augur another leg down in platinum and the metals.  But, ever adventurous we lifted our gold and silver hedges and bought platinum.

Busy, busy, busy, as Kurt Vonnegut’s bokononists would say.

Continue Reading

Fun stuff. Gold, silver, platinum

Posted on Nov 30, 2009 by WHC Bassetti.

Tis the season to begin thinking about wearing this stuff instead of  trading it.  But first we have to manage our trades before we hop off to breakfast at Tiffany’s.

Continue Reading

Gold. Gaps. Golly–gee–whiz.

Posted on Nov 24, 2009 by WHC Bassetti.

Stock investors are now looking at something in GLD that futures traders are long familiar with — repeated gaps.  These rarely occur in stocks, but are common in commodity blow-off situations. (See SLV and PGM also.)

Here we have a breakaway gap followed by a power bar (!) followed by two runaway gaps.  Well, obviously there must be some cook book which tells you what to do when this occurs.  Not.

Continue Reading

Platinum. Sigh. A mismanaged position.

Posted on Nov 20, 2009 by WHC Bassetti.

Here is an example of a mismanaged position.  We bought platinum in January.  Obvious isn’t it?  Broken downtrend line, clear neckline over a clear bottom.  As can be seen we have handsome profits in the position, made even more handsome by metals going parabolic (sigh, soon to be corrected).

Continue Reading