The Trader Wizard Returns: Take Gold, for Example
On that day, Gold closed at $600 and the Dow 30 at 12475, with an intra-day high of 12,630.
click to enlarge
Friday Gold was trading at close to 670, and the Dow 30 was 12,559. Do you know how many so-called experts call me an idiot for my views on markets? It’s all noise folks. These Talking Heads blow more smoke than Altria can supply cigarettes.
On January 12, convinced I was correct in my view, I opined in the pre-market hours that gold stocks would start to rally. The gold price at that point was about 611.70. This chart shows that I called a cycle bottom (once again), and the blog article and follow up one that day show how I gave you a list of 20 attractive gold stocks (once again).
Friday, I started to move the TraderWizard.com domain to my new web host. I’m going to use it to market the book (partly of that name) plus some premium reports that I have been busy creating.
I love working; what else can I say?
And as long as I have my crystal ball working, I intend to keep working. (smiley goes here)
Crystallex (KRY) has enjoyed a great day with volume to this point over 11 million shares. Those shorts are really hurting. Good on them.
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This article has 1 comment:
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Nova Law
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60 Comments
Feb 12 10:07 AMAmong the Wizard's July 2006 recommendations:
* Buy USGL at 8.75. *POOF* 40% of your money has disappeared!
* Buy Canadian Income Trusts. *POOF* 20% of your money is gone!
* Dow going to close 2006 at 8800 - buy puts! *POOF* More of your money vanishes!
www.billcara.com/archi...
But such "magic" aside, this post again proves the dishonest style which seems to be a Cara hallmark. He says he correctly called gold to go over $750 an ounce in the first quarter. And if we take a leap and assume that he will be correct - a big leap, 87 dollars from the current level of $663 to be exact - he presumably would be right. But - and this is the real point - Cara carefully omits the fact that he guessed gold would go to $750 specifically because the Fed would be cutting the discount rate in the first quarter of 2007:
"I believe that gold will zoom over $750 this quarter because I think the Fed will start to lower the Fed rate." www.billcara.com/archi...
Of course, the Fed has not cut rates. Admittedly there is a Fed meeting scheduled for late March, but there's little sign that a rate cut is in the offing. Thus, gold's advance, such as it has been, cannot be ascribed to the Fed's cutting of rates, which is what Cara forecast.
Cara's post today tries to take credit for a call which he did not make. This is the essence of intellectual dishonesty.