Tues PM update

Evening update 10pm AK time. (AM Charts below)

As I scanned my charts today I saw just about every kind of stick on the candles. 20day MA coming in play for many stocks. Lots of uncertainty... No trades today but considered selling calls agains positions at the open. Was not paying close enough attention.

Chart 1, a close up of the gold action. Support on trendline and 50hr MA. I am looking for 675 680 to sell trading positions into that strength or sell calls against positions.


Chart 2, standout today was MNG, (note below) one that I did not enter at last buy point. Thanks to my friend in Fairbanks, previously had entered at 1.38 in 04 and doubled down at .72, traded out around 2 and reentered at 2.25. last sales around 3.50.

Trade Note: out of curiosity I checked my sell dates and moved out of positions on the 11th and dumped the rest on the 17th. with a reentry on the 19th near the lows at 11 am EST. (also posted at woodshed.)

http://www.siliconinvestor.com/readmsg.aspx?msgid=22443042
http://www.siliconinvestor.com/readmsg.aspx?msgid=22459938

Watching RGLD for a call buy but that guy looks like trouble?
General markets not helping goldies but the volume is quite low, a good sign as no real damage is being done to our miners IMO.

Here's a look at GLD, Looks OK to me. I like the indicators coming off the bottoms from over sold levels. My guess is Chan will show a buy signal soon enough when the MACD crosses up.
Getting near Hoye's buy point.

My style is to anticipate a bit and be ahead of where everyone else trades in. More agressive but rewarding when correct.
















AM Post - Here are this mornings Gold Charts. From Longer to shorter timeframes.
It looks like we go up from here. No clear pivot points yet.

Weekend Update - My Stocks

A few of my current holdings, most all can be bought for further gains.

AUY
http://stockcharts.com/h-sc/ui?c=auy,uu[w,a]dacayyay[pc200!d20,2!f][vc60][iud20!ub14]
CALVF
http://stockcharts.com/h-sc/ui?c=calvf,uu[w,a]dacayyay[pc200!d20,2!f][vc60][iud20!ub14]
CEF
http://stockcharts.com/h-sc/ui?c=cef,uu[w,a]dacayyay[pc200!d20,2!f][vc60][iud20!ub14]
GG
http://stockcharts.com/h-sc/ui?c=gg,uu[w,a]dacayyay[pc200!d20,2!f][vc60][iud20!ub14]
NXG
http://stockcharts.com/h-sc/ui?c=nxg,uu[w,a]dacayyay[pc200!d20,2!f][vc60][iud20!ub14]
PAL - just re bot 9.14
http://stockcharts.com/h-sc/ui?c=pal,uu[w,a]dacayyay[pc200!d20,2!f][vc60][iud20!ub14]
GPXM - cost basis 32 cents
http://stockcharts.com/h-sc/ui?c=gpxm,uu[w,a]dacayyay[pc200!d20,2!f][vc60][iud20!ub14]

AND... EZM AUY TRE

Gold $650.80 10:58 am NYC time

As promised, here are the pyrapoint charts from Hunt. He made a great buy down near the lows when everyone else was selling. That's how its done should be donw, good job Hunter. Hunt is quite good at using the Pivots and Pyrapoint.

Off to the Matsu Glacier for camping with family friends. Have a safe MemDay and take a moment to remember http://www.alaskalink.us/admin/photo/memPhoto/matsuGl.gif

Posted earlier...

Greetings, another constructive day for the goldies.
Here's some of my posts from the Pivots Trading Room...
Note: Times are Alaska Time (4hrs behind NYC)
Have a nice weekend. I will add another chart from HR on TGB, (he uses pyrapoint) so check back... so far 61 page views today, thanks I hope this is helpful.

JC 4.38.07am gold is rising nicely, i expected a bit more up overnight
JC 4.38.50am we have worked our way past a down trend line and the 50 unit moving average on a 1 and 2 hour bars
JC 4.51.05am I am posting a gold chart on the blog, right now I am still bullish
JC 4.54.09am gold is rising nicely, i expected a bit more up overnight but a slow rise is better Gold has worked its way past a down trend line and the 50 unit moving average on a 1 and 2 hour bars
JC 5.53.35am nxg up 6.7%
JC 5.54.06am GPMX .40 area is a buy or add
JC 6.52.23am NXG EZM Calvf Gpmx at the top of the my list today
JC 8.02.55am Gold Pivot update. a=635.25 b=655.35 c=639.85 for an Entry of 644.875 Pivot of 649.9 and Target of 659.95 basis Cash Gold.
JC 8.03.35am looks like the target is in play now
JC 8.31.19am I have a BID in my trading acct for 1000 PAL at 8.82
JC 8.31.45am latest pivots to the penny, Down C is 8.75
JC 8.32.18am also bot 500 in ira filled at 9.14 today
JC 8.55.57am jay here are the PIVS for PAL
JC 8.56.31am 11.35 9.24 10.13 ---> T=8.02 then..
JC 8.57.00am 8.05 9.1 8.53 ----> 9.58
JC 8.57.53am then 9.59 9.16 9.18 --->8.75 from long to shorter time frames the last is very short
JC 9.00.52am I don't think we'll see the 8.75 but they piv'd to w/in pennys

Gold 651.40 - 9a EST

Here's a close up of the current market, same basic chart setup as below. One our bar, with bbands, trendline and moving average.

Any thoughts or suggestions?

We made it past the 50 and TL but seems like the previous lows to the left are holding it back.

We could fall off the table for another leg down, but I think that would have happend already. Traders will square up positions today and we must note that Open Interest at the Comex has declined quite a bit with this decline.

Anyway, if we go up today and punch that Bband above (656.35) , it may be off to the races.

Seems like everyone is afraid of 620 gold or 590 or some such number, why?

What I notice is that when accounts are down, and negative, ppl are afraid. I had a whole new perspective of the decline bc I was not long. I came back in near the first low. (entries below)

Still long, just in case, the bull starts bucking.
Good trading to you!

Gold $650 holds support :-)

Constructive day for the miners GG +6.5% AUY +8.9% (sold 1000 NG bot 2000 TRE) in the trading acct. Iras +5% on the day EZM, NXG, GPMX, PMU et al. see buy points below.

At the moment Gold now $650 approaching the 50 unit ma on a 1 hour bar. This chart setup is quite good at identifying short term tops and bottoms. This combined with pivot studies provides additional confirmation.

For instance the low on the 21st was the end of a C, begining of an A which Measured to within a $ of the top on the 22nd for a $39 gain. Unfortunatly I got too greedy and did not sell, in fact I left for the day without stops and that was it.

Yesterday, I suggested that a 2x bottom could form and so far that is the case, At the moment we are tangling with the 50 unit moving average and trend line resistance just above it.

My take is we are up from here... US markets closed on Monday so the "boyz" won't be messin around. we shall see as we have a lot of work to get to new highs.

Thanks for stopping in, Jim Beautiful day her in Alaska 76 and sunny, out to the garden.

Gold $644 in Asia

2 hour bar with 50 unit Bbands and moving average.

Time for a trend change?


The link below is a Point n Figure projecting 560 gold target.
www.siliconinvestor.com/readmsg.aspx?msgid=22484729

Who's visiting

Tough day for the goldies today, all those hammers yesterday did not look good and it appears that the miners held up pretty well.

I noticed a double bottom at the 76% retrace for GG over the past few days. "JimCAlaska (5/24/2006 10:55:39 AM): GG has tested the 78.6% Fib Retrace twice now... and is pulling away from the BBands, I say buy bwdik"

The hidden pivot conference room was busy today, lots of good work by all 9 of us. I was calling for a double bottom in the POG and suggesting buying GG et. al.

"5/2406 7:22:37am: when 636.30 goes we're gonna drop quickly" The low today was 535.25 and it appears to have held right now in Asia the current print is 643.95 and rising.

At the close in NYC I proposed a gap up tomorrow and to buy today at the close. "JimCAlaska (5/24/2006 11:45:55a Alaska Time): My prediction is that gold stocks should be BOT here into the close for a GAP up in the AM."

Here's a shot of the traffic that's hitting this blog.
More later...

Have to go outside and buld a garden. Summer has arrived in Alaska 76 and an all time record yesterday.

Morning Chart

Here's a 1 hr bar, with a 50 unit bband.

Gold 663 in Asia 1a est.

Been a long day... Just learned that a new ETF symbol GDX a fund of miners fund opened for trading today. There will be options available. and it mirrors the AMEX $GDX index.

The latest ABC had a target of 676.2 while Tueday's high reached 674.50, just $1.70 below the target. Should we call it 'target reached'? giving some flexibility I'd say so. Interestingly enough 674.5 is an exact kiss of the lows on the 7th and 15th.

This is an hourly chart captured at the close today. The Bollengerbands are 50 unit with a 50 MA, the trendlines are off the highs and lows.

Here's a link to Jack Chan's public pages on Stock Charts. Jack always has a good read.
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID530404&cmd=show[s43761805]&disp=O

Enjoy, and please feel free to post some comments or send me some feedback on this work.

Thanks again to Rick and the gang in our daily conference room. Later I'll post some of our better conversations.
JC.

Gold $665.60 7:39 EST - times on this page are 4 hrs behind NYC

Nice action in the gold markets today. Seems the late day sell off was the obligatory "close the gaps". I am cautiously bullish, quite an interesting market.


Only bot a tad of PMU, no sales.
more later...

Gold $661 traces small abc hourly over night

Tues. AM. I still believe that a ST bottom is in for the POG. Last night, an abc on the hourly chart with A 638.1 (one off low) B 663.3 and C 651 for an Entry 657.3 Pivot Point 663.6 and Target of 676.2 basis Cash Gold. Rick says we are not out of the woods yet. see www.rickackerman.com comentary

Tues. 10:30 am EST. Goldies all green, nice gains so far from entry on Friday. This chart illustrates the ABC above.

BOT some PMU today. and CALVF yesterday.

Gold 656 - holds 636 pivot low

Another buying oppty this morn with an opening gap. held fast, nibbled a bit on CALVF, pivots project to .26+ we shall see, the guys in the woodshed follow that one.

Evening update: Nice move into the close, A Saudi buys $480 mm of Gold, savy trade.
Gold now, 661.70 testing 661 area in Asia, no other trades, lookin for some fun with call options to position for fall timeframe. One enticing strategy is a synthetic long. Short Puts Long calls... so I'll post a paper trade on TRE - short the Oct 7.50 PUT long the Oct 7.50 CALL for a credit.

MUST READ: www.jsmineset.com Daily...

Someone's pretty smart...

Saudi firm buys gold for $480m
Posted: Monday, May 22, 2006

Private Saudi Al Othaim Jewellery Factory Group said it had bought 36 tonnes of raw gold from an African central bank for SR1.8 billion ($480 million).

'The price should include 20 per cent margin for the sharp fluctuations in gold prices in international markets,' Suleiman Al Othaim, board chairman of the Riyadh-based firm, said.

Delivery of the gold would start in the fourth quarter of this year, he said.

'We concluded the deal directly with the African central bank. The trade has its secrets, I can't tell you of which country it (the bank) is,' Al Othaim said.

Woodshed

A place where I also post.

Gold $657 Friday Trades

Whence gold took a drubbing early am Friday I sold my RGLD puts about 1/2 hr into the trading day. After 11 am the selling subsided in the miners. (went to full cash) on Monday previous, I feel fortunate that I did.

Having gone to cash, I reloaded with NXG AUY GG NG and EZM all are nicely positive with all accounts totalling 1.85 from 1.60 appx.

EZM 1.96 AUY 8.75 & 8.83 NXG 3.13 GG 28.88 NG 12.52
These trades will be managed with stops after estimating pivots. Could this drubbing be over this quick? Some are projecting down to 590, I see 650 as trendline support, perhaps a dip to 633, I hope it happens in Asia and Europe rallys POG.

Need to buy some Silver Coins.

PIVOT NOTE: EZM did a nice Down 'abc' A=3.10 B=2.31 C=2.63 resulting in Short entry of 2.4325 Pivot of 2.235 and Target of 1.84 Target was within a penny for the low on Friday... Long at 1.96 on the reversal.

NXG Pivots down to 2.82 but this may be negated due to it's impressive rally of the lows

Looked at the xau gold ratio and it's pivots worked exceedingly well..
The up move from the lows progected .2778 target high actual was .28 AMAZING.
The current down move projects to .2027 we are close, see chart. This Ratio is a BUY to me.

Welcome to Hidden Pivots - Jim's Picks

Gold $710, gold stocks finished where they were when gold was at $550. Someone knows something about gold or I'm the greater fool because that extra $160 is pure profit, except for the uncertanty in Boliva see CDE and "hedged miners"

This space is dedicated to finding select opportunities to trade and or identify excellent entry points using Hidden Pivots, poineered by Rick Ackerman www.rickackerman.com

We have a small group of students including Rick who share in real time during market hours. this site will serve as a public space for our group.

All aboard and thanks for stoppoing in.

Happy Mother's Day!