Market Watch - week of Sept. 21st 2009

[Dr. Dave]

Regarding new plays, not sure if you folks are watching gold - there are a couple of patterns in play... they are in effect if we can just get a new high.

I'm thinking of taking on a little bit before hand. Very little, since I'd rather see confirmation, but if we break to new highs, I can see hitting 1382 or so pretty fast on the gold spot.

I've previously traded AUY, but it's likely too expensive for your tastes - it has a lopsided inverted head and shoulders like gold, and also a new little triangle. I was thinking of an option strategy for both scenarios - up or down, but have to a lot of calculations to see if its viable.



I also dug around for a cheaper one - besides BWNR, which isn't moving. PMU is a penny stock, though, not a pink so *beware*, but I think that wouldn't be a bad stock for gold. I'm looking to start a position within yesterday's high volume day. A close below the red lines would be a stop, and a close above would be an add. For whatever reason, my drawing software made the redline diagonal, but it should be straight.

[Dr. Dave]

Man... this PMU channels very well... I bet we could keep trading it based on that.

[billhart22]

EVFL volume is over 2 billion shares. That's 4 times the normal amount. If you can get a buy in at .0001, it may be a good investment of 400 bucks for a million shares and try and turn them in a day or two.

Trying to turn them is a bitch. I have had an order in to turn my 5 million since 9/3/2009. Stang has had one in even longer. The increase in volume is interesting now. I would throw 4 more million in, but when can I get it back? You have me thinking now....

[candleman]

I have a question. I think I know the answer but I want other opinions.

If a stock symbol has a q after the original symbol, does that mean it's bankrupt?

For instance Washington Mutual WAMUQ, does the Q indicate a bankrupt company? And if that's the case.... When a company goes bankrupt don't they usually emerge with no value to the common shareholder? And if that's the case....why would you invest in such a stock.

I'm asking this as an afterthought, since I already own a bit of WAMUQ...LOL

[Alaska Guy]

yeah, spng gave money as an investment, the pr today says gfgu rescinded, could be that spng wanted to much interest in the company for the $$

So if my thinking was correct and spnge gets thier $$$$ back, then why is the stock down? Stock shoulda reacted the other way, right?

I could also see fugu reacting positive if spnge was asking too much for part of the company, and fugu recinded the deal cuz they would give up too much.

Anyways, im selling half of my position in bcle today (100k) at a sizeable loss, I figure I could use the loss to offset some of my gains in siri and behl this year. Why not I say, the other half of my holdings are in my Roth Ira acct and I could trade that without worry too much.

[billhart22]

I have a question. I think I know the answer but I want other opinions.

If a stock symbol has a q after the original symbol, does that mean it's bankrupt?

For instance Washington Mutual WAMUQ, does the Q indicate a bankrupt company? And if that's the case.... When a company goes bankrupt don't they usually emerge with no value to the common shareholder? And if that's the case....why would you invest in such a stock.

I'm asking this as an afterthought, since I already own a bit of WAMUQ...LOL

Q is bankrupt...It most likely is Chapter 11...reorganizing...The trick is to sell it before they issue .V stocks and the Q stocks are worthless, or if they just go tits-up. (I have that Masters Degree talking this morning, lol)

[Dr. Dave]

Bill -

Do you know the link to scottrade's restricted stock list?

Thanks,

Dave

[candleman]

Trying to turn them is a bitch. I have had an order in to turn my 5 million since 9/3/2009. Stang has had one in even longer. The increase in volume is interesting now. I would throw 4 more million in, but when can I get it back? You have me thinking now....

My thinking is that there is some reason that it's running today. Whomever was selling at .0001 has pulled out. So, now we have to clear out the .0002's and that may take awhile. But, it would be sweet to just double the money in a few days or a week or so.

[billhart22]

Bill -

Do you know the link to scottrade's restricted stock list?

Thanks,

Dave

You have to go into Scottrade...then messages..then clearing restrictions...

Hope that helps..

[candleman]

Dave, did I read that right....

You see gold at over 1300 per ounce before too long?