Tuesday, September 15, 2009
FrightMare on Wall Street. Not, not yet at least
Look at the above chart and ask yourself.....................
Meanwhile the smartest guy I know [ Guy # 1 ], who has called the best turns, managed to find himself upside down in 2008 by 20%, a heckuva comeupance for a guy who is so bright, so who is to gainsay anyone. Which is why I stick to the 2 day to 2 month time frame. My longer term winners just take care of theselves nicely and keep me from having to make decisions [ and mistakes concerning their trading][ makes them a good "Fire & Forget" type operation]. This works as long as I keep up my constant scanning.
Guy #1 helps me keep my sanity. Guy #2 gives me clues and insights
I just took the time to decipher some of the cryptic comments of Guy #2, one of favorite writers whom I consider one of the best short term callers out there. Funny tho, he calles markets and indexes well, but his individual picks dont seem to do as well. This writer does a lot of localized or short term projects, too many of which turn out to be on money, right on the nail. However, in deference to this persons skills and feelings, most of his acolytes dont hold his 'way off' projections to his face. No need, the guy is humble and knows he is human. Here is my interpretations of his latest comments:
" The 15th marks one high [ in gold][local high] from which there will be a pullback[again localized ], and a turnaround and reversal into a local upmove marked by the 24th of SEP. Again, a local pullback will occur in gold, based on US Dollar strength, and then strength will return and another upmove will create a double top
during the First week in October. Gold and stockmarkets will be moving in tandem.
Those are my projections."
Interpreting these paraphrased remarks, it looks like the moves are all one week or shorter. Hi in gold SEP 15, decline and another Hi SEP 24, Decline and another hi, this time marking a double top, First week in Oct. WEll that is either Thurs Oct 1 or Fri Oct 2, or could continue into the first FULL week in OCT. Given these inaccuracies and inconsistencies, almost seemingly programmed, if your playing this Intermediate to LONG TERM, well you tighten up your stops Starting Mon SEP 28, and let it run.
Since I am balanced Short, Med and Long term, I wont be making any moves based on this. I know so many of my readers want a roadmap like we all do, well here is a "strip map" from the best guy I know. No way I would attempt anything like these calls, but rather simply be in the stocks I like with proper stops. I have found this system works for me, and so stick with it, which is what how I created PEAK PERFOMANCE PICKS. No need to wonder where your profits are coming from, they are there in PEAK PERFORMANCE PICKS.