Wow - what a crazy day again today. And to think our situation is going to just get better is mind blowing.
Anyway, I made three sales today and three purchases. This first chart is my sale of the Global X Silver Miner ETF (SIL) at $22.87. I was looking for a pullback, based on the TSI, but I was hours early. It is presently occurring in the after hours market this evening.
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It really bothers me that I cannot have the opportunity to time these sales and purchases to my satisfaction - due to my full time job - but as long as I keep taking profits and not losses I should do OK in the end.
This sale was of the red hot Proshares Ultra Silver ETF (AGQ) for $129.85. This too is finally pulling back in the after hours so I most definitely did not trade out at the top.
Finally, I sold Paramount Gold Mining Corp (PZG) for $1.86. I purchased it just last Thursday and think I timed the sale pretty well - earning a modest 6.5% gain.
Late in the afternoon I figured I had taken too much money off the table and needed to do some buying so I acquired shares of Silver Dragon Resources (SDRG) at 22 cents as it looked to have a strong technical setup.
I also re-bought Timberline Resources Corp (TLR) at $1.18. Excellent set up.
And I re-bought shares of Santa Fe Gold Corp (SFEG) at $1.00. The setup is not quite there, but pretty close.
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This is going to be an exciting month. Fasten your seat belts... you will need it!
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My TSI Trading record has been updated.
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Hi John,
ReplyDeleteAre you expecting to see a (sizable) correction in Silver now? I am still holding on to my AGQ and not sure if I should realize some gains now. The problem is that mine is not a margin account. So if I sell tomorrow, I cannot trade again for another 3 days (thus missing opportunities in the short term).
Thanks,
Fung
Hi Fung -- Stay right where you are and hold AGQ. No, I absolutely do not expect any correction that is worth sitting out three days.
ReplyDeleteJohn,
ReplyDeleteYou trade too much. You said you were buying and holding your silver stocks, and you held them for precisely one day. My advice: buy and hold. This move, as you rightly point out, is just getting started. You now own one crappy silver miner, instead of two good securities (AGQ, SIL).
Thank you for your advice.
ReplyDeleteJohn, I LOVE your charts and analysis. I do think PZG is about to explode upside though , after a LONG consolidation. Get back in tomorrow buddy, the volume today ( which will be reflected in the wkly) is powerful.
ReplyDeletebest wishes, Robert
check it out - my article about Gold's 7 Parabolic C Waves is now featured on the FRONT PAGE of jsmineset.com
ReplyDeletenow that is a first for me!
Looks like the two good securities I sold yesterday closed lower today than what I sold them for. One was lower by 6%. Ouch.
ReplyDeleteAnd the crappy silver miner I bought to replace my sales closed today with a 9% gain.
I don't think I trade too much.
Luckily, I got out of my AGQ at near the top today @142. Thanks for sharing us with your views earlier. Else, I would still have held on to my AGQ!
ReplyDeleteWhen do you reckon should be the next entry point?
Thanks.
Yeah John, let your trading records speak for themselves.
ReplyDeleteJohn,
ReplyDeleteAlthough I personally cannot trade as frequently as you do, I appreciate that you can do it and show such great results. Maybe folks who think you trade too much would post their trades and results so we could compare. I have watched you trade "too much" day after day for the past 5 months in total awe and appreciation.
Congrats Fung. You are getting very good at this!! I reckon the next entry point will be around the second week in December.
ReplyDeleteHi John,
ReplyDeleteWhen you say "the next entry point will be around the second week in ", you ´re talking about AGQ ? You mean that we wiil see a correction till there ?
Carlos - at this moment I am feeling defensive, going to take down some long positions and preserve some of my gains. Again, I do not have a crystal ball. At least not one that works consistently LOL but I do react to what I see and imagine going forward. Yes, I think there is a good possibility that a PM correction could ultimately take us to that time frame. I have worked hard to make gains and as that is a possibility, it does not hurt me to be careful - buy back when things are less murky in my mind.
ReplyDelete