The Week That Wasn't

It's been a very ordinary week my focus on gold stocks has seen some lost opportunities elsewhere however I still believe over the next 12 months gold stocks will provide the largest gains.
Trading has been almost non existent this week a lack of motivation and some earlier week sunshine is to blame a tan is starting to redevelop.
ROL is still ahead a sudden rise in the price of gold will see it take off. Entry into IAU at $1.735 on Tuesday is holding up, the stock has support at the $1.70 mark and closed at all time high during the week $1.78.
PSP and CHN have dropped and only a gold price increase combined with news will get these moving in the short term.
US markets currently not inspiring and could go either way very much news driven presently and so sensitive.
Correlation between XAO and DOW not so evident have no data to back this up just an observation. There have been periods when both indices have not followed the same path, it would be fine thing if the Aussie did go its own way.
Gold moving back up as I write a few early trades may be possible tomorrow morning.

Golden Week Ahead

Gold decided to retrace almost 50% of its previous leg up and fell to US$1315.50 its now trading at US$1339.50. We will see over this present week if the fifth wave has now commenced, I am suggesting that it has and with the DOW up 70 odd points this morning the All Ords will surely break 4800.
A few gold stocks have maintained good support after recent strong rises IAU has kept its head above $1.70 and looks poised to go over $2.00, ROL even with its capital raising has held onto $2.00.
I was not active in the market yesterday and have not been for a few days now.
Unfortunately I will miss this morning opening action which will see some positive gains again for those who had the ability to buy low Friday.

US$1450 Gold Soon

Looking at gold it would appear that the forty dollar pull back in the US Tuesday night has seen a forth wave complete. Its possible that the bottom of this wave was reached at US$1335 and that now a fifth wave up has commenced with a target of US$1450.

Australian gold stocks recovered somewhat today OGC is a stock that disappoints. ROL still in a trading halt, hopefully tomorrows announcement will coincide with an overnight lift in the gold price. No trades conducted today, it was a bit of a day off may have missed an opportunity to buy low guess someone has to have a life sometimes.

A Nothing Week

Well last night the DOW was down 165 points and gold fell US$40. I have been sitting on the fence a bit the last few days and exited a couple of stocks yesterday afternoon OGC and ADU, both loss makers for me, glad I did now. ALK went this morning hit my stop another loss. ROL is the only positive trade, still holding as it went into a trading halt, no doubt a capital raising but not to worried about that as only 65 million shares on issue and I can't see any real dilution of the stock with what it has down the track and some success stories in the near future hopefully.
IAU still held, the market has not really hit this one hard compared to many other gold stocks down only 1.45% for day at present while the likes of PRU is down 4.53%, SBM down 4.94%, CGX down 4.48%, NGF down 8.33% and the big boy NCM down 1.88%.
PSP, CHN still held not major capital in them, thinking about these two I can afford to tuck them away for a while till we get the next wave in gold, will post a gold chart tomorrow time with further projections.

What Happens Next

Well the week finished with the DOW down 32 points and the S & P 500 up 2points for the day. The DOW held over 11,000 points certainly a trend in place. The All Ords is still stuck on the 50% line of the whole gain of the last bull market 2003-2007. The QEv2 hopefully sees some money finding its way into US equities pushing them higher and hence where Mary (DOW) goes her little lambs will follow (XAO etc).
IAU freaked me out Friday dropping to low $1.70's which I could handle believing the stock was taking a breather, then it fell to $1.62 and back up again within two minutes (bot trading) I had no stop so my stock was held, the trade is still negative though. This stock with its huge story will certainly climb back up with its 10 million ozs of gold resource, which will certainly increase with more drilling.
OGC is just in positive territory and I expect it should make recent highs of $4.17 again. ROL gained 15 cents to $2.15 on a good volume day for this stock with it almost trading half a million shares.
ALK and ADU fell back, CHN and PSP it seems the market has forgotten them.

End Of The Week - Nervous

The IAU trade went well yesterday with an exit at the opening auction when it was bid up to $1.85. IAU then fell back during the day and closed at $1.76, re-entry was made at $1.78.

Entered ALK during the morning which now sees me holding several gold stocks.
Yesterday saw some upwards movement in OGC and ROL.
ADU has been a disappointing trade with an entry at 68 cents and 65 cents being its current price.
Consideration will be given during the day to reducing exposure to the market with the DOW being almost neutral overnight and gold reaching out towards the target I projected on this wave. Its possible this wave might extend however the DOW looks like it may may pull back too and gold might follow the DOW down.Options expiration tomorrow in the US which could see the market drop. Gold seems to change it relationships all the time, it never marries and just teases a host of partners. I feel though that if the DOW drops gold may follow it hand in hand, hence my nervousness.

Nice Day Ahead

Dow up overnight by 75 points and gold trading over US$1370 looks like a good day ahead for the Aussies market, I reckon we will be up 35 to 40 points.
Holding IAU bought before close last night at $1.78 looking to exit again at $1.84 during day. Bid in on ALK for a quick trade.
Here we go market open in 2 minutes.

Market Not Very Flash Today

Its very much follow the leader the DOW up we go up but yesterday the yanks had a day off and our indices don't know what to do today so the All Ords is down 53 points testing 4700, think this will hold and will improve through the remainder of the day.
Entry into IAU again at $1.665 partly sold at $1.69 waiting on the balance to execute.
A lot of gold and resource stocks are down today and appearing in my bottom 20 market movers % price change with a value over $2mil. IAU is the top20 movers up using the same criteria. Seems no stopping this stock at the moment.
Will spend the rest of the day checking another 20 gold stocks for potential.

No Action Yesterday

A very poor day yesterday bought into ADU and CHN 10,000 of each needless to say both went backwards by the end of the day.
ADU and CHN are both African gold miners but on different sides of that continent one Ghana and the latter Eritrea. These two are not short term trades as I fancy both companies to exceed $1.00 by the end of the year.
Other short term trades are all negative with PSP dropping 2 cents from entry to 22 cents.
OGC still been dumped at around $3.75 hopefully whoever is dumping will be depleted soon.
ROL still trading up and down mid/low $1.90's with little interest in it.
Had a bid in on IAU at $1.645 it dropped to $1.65 and traded back up so I missed it went shopping instead.
Hopefully today is a better day.

Not A Stunning Week

Picked up a little profit on IAU Thursday morning then saw it soar ahead after selling. Bought back in this morning and again took a nice profit only to see it soar again. I really can't complain as I making some money on it.
PSP is static needs some news to get it rolling but happy to sit on it.
ROL almost at my stop but not big volume in it I am sure a buy at $2.00 will get me $2.50 just some sellers taking some profits from the rise up once these are exhausted this should break through resistance at $2.00 and move up again.
OGC might have a number of sellers taking profits who may have the benefit of a capital raising issued at $3.54, just can't understand why this one is not flying.
Bought a slice of CHN after a tip from a good mate at $0.76 who has reason to believe its grossly under valued even after a good rise, expecting around $1.00 as that looks the current value of the company.
Off for weekend.
IAU chart follows.

Stunning Performance

The Rugby League Grand Final saw St George beat Eastern Suburbs 32-8 in front of a crowd of 82,000 with a stunning second half performance on Sunday 3rd October.
There was no way of stopping the metaphoric St George Dragons and its seems that there are no barriers now to stop the metaphoric POG rise.
The week has been slow with the exception of IAU so I am looking forward to a better performance in the latter part of the week and hope to emulate the St George performance in my trading.
Still sitting with OGC which closed again at $3.75, news of capital raising has nullified the recent rise in POG, if this continues to move sidewards will exit to move capital to a West African selection.
Entered back in PSP and sitting waiting.
IAU holding overnight looking to bank a profit again.