I have been away all day. I was promised promises. None came through. My programmer is missing (in a hospital I hear?), and the new site lays in limbo. So I will do my commentary on here, extremely bummed until I get that phone call. So to those that were hoping for a site today, sorry. I will know more later tonight. I apologize that I have cried wolf on this like 20 times, but I am at the mercy of the computer literate right now that, so I have been told, one month longer on ANY website deadline should be added as a rule of thumb. So any day now I guess. Fuck sakes.
Again, if I do not comment throughout the day I keep very busy on the twitter account located at the left of this screen.
Where to start.
I would like to start with the physical demand of both the metals, which is NOWHERE even CLOSE to being represented in the paper metals. Below I have taken this clip from Jesse's Cafe Americain...:
"Tightening the Noose: France Bans Cash Sales of Gold/Silver over $600
By Mac Slavo
September 23rd, 2011
"...It looks like this trend of restricting the peoples’ ability to acquire assets of real monetary value is expanding. If a recent report from France is accurate, and based on the French governments official web site it looks like it is, then as of September 1, 2011, anyone attempting to sell or purchase ferrous or non-ferrous metals, which includes gold and silver, will be required to pay for their purchase via a credit card or bank wire transfer if it exceeds 450€ (~ $600 USD)..." click here to see entire article...
I now want to reiterate what I have been telling my loyalists for about 2 months now. Morgan Stanley will be the next to go. I will now call it Margin Stanley from here on out. If anyone listened to the Bears 7 video about Bank of America, you are now much richer from shorting it BAC.
So all you really have to do is look at that yellow trend line and until we see a trend reversal, its a sell. I am NOT a buyer of ANY bank stocks. NONE. Will they bounce hard and squeeze johnney late commer shorts, sure they will and it will be accompanied by rumors of Greek saviors or Fed printing that will be short lived unless QE4 arrives out of the blue.
Here let take a look now at something that we may want to start looking at. For example, the Canadian banks. Let take TD's weekly chart (see below):
We never did re test those 2009 lows did we? Well, you guessed it, if you think we are goign to have another serious credit crunch, we will test those lows. Place your bets accordingly, we did not have the Ben Bernanke PUT back then.
As of right now, in which I wish I had more time to implement these trades into the VIP section of the new site (which will not be functional yet), I own the $70 PUT on XOM. I have had this since Thursday. Most would have sold the candle when it pierced the $74 and through the MA(aka the fuckjob candle), but I held as the market was rolling over and I saw the bots triggered short stop losses as per usual on the MA play. Keep trading simple guys look at this chart. Channel trading is very confusing to most people as they try to buy and short the breaks instead of the opposite. Its actually a free money gift given to you by the algos.
Clearly you see the trend right? The top end is easy to exit and re short as the bottom on this one. Most of the 'wicks' through the trendline and the FJC (Fuck job candles). You need to understand the fuckjob candle before daytrading. It may the most valuable tool you can learn.
This is the stuff I want to develop in the VIP section of the trading section, as I hope the beginners can see value to it.
I have not yet received that phone call for the new site, so I'm off to smash some skulls and figure out WTF is going on.
Trade safely, and always read my disclosure when trading. I am a clown. Do not read these charts and expect to make money from clowns.