A Table Is Worth 1,000 jaw drops …. not a good day for the TSX Venture as big money takes money off the table prior to long weekend …. With Canadian markets closed on Monday, nobody wants to be exposed to debt-default risk.
If you’ve got the guts and think Obama / Boehner will hammer out a deal this weekend, now is the time to take advantage of short term trading opportunities.
Klaus, once your finished accumulating, let us in on your buys. Thanks for sharing your philosophy and specific market outlook. I like a guy who takes a position, rather than sit on the fence.
George
George, I’ve never been a good stock picker, so I just concentrate on general market and sector themes. When it comes to individual stocks, most traders use a rifle, but I use a shotgun. I simply buy a large basket of stocks in sectors I like – I’ll buy anything with a constructive-looking chart. It takes me a while to accumulate all these stocks, so I start as soon as it looks like the bottom is in (I’ve been accumulating juniors for a month now). I’ve been buying precious metal and base metal stocks of all types.
Regarding Washington – even if they don’t make the deadline, the effect on the markets should be short-lived, so I’m not going to sweat it. I’ve kept a bit of cash in reserve so I can take advantage of a mini-panic.
I think most markets will break out to the upside in 2-4 weeks, and we’ll have a nice rally similar to last year’s (probably not as impressive, but well worth playing). Venture should at least get back to 2400 (the April peak). At that point it will likely pull back, but could easily have another leg up before January. My crystal ball gets cloudy 5-6 months out, so I’ll have to check it then, lol.
Klaus, thanks for the great info. We’d love to hear what you’re accumulating and what you’re expecting over the next 6-12 months.
Regards,
George
Venture exchange has been outperforming TSX & S&P for a month. That’s a tell, IMHO. Even today, Venture, home of the riskiest stocks in the market, is doing no worse than the rest of the market. I continue to accumulate juniors.
One way or another there will be a resolution in Washington. Deadlines help to clear the mind. Either the children grow up quickly or they will get spanked.