Chat with Joe Ross
U.S. Chat log from: Wednesday, September 16, 2009
Live Chat with Joe starts Wednesday at 8.00 PM U.S. Central Time! |
| JoeRoss joined. | |
| JoeRoss | I will be there in 3 minutes |
| JoeRoss | Hi all |
| Airtime250 | Hi Joe |
| EugeneA | Good evening Joe |
| Joy | Joe: Good evening! I hope you feel better - no more headache! |
| sprink | Hi Joe |
| Drago | saludos from mexico |
| Moose | Good Evening Everyone |
| JoeRoss | Joy: Headache is gone. Most of it after a nap and the rest when I worked in the garden |
| JoeRoss | We have finally had some cooler days to get out and work. |
| Joy | Joe: Yeah, that is wonderful - fresh air and exercise: lovely evening! |
| JoeRoss | we even have had some rain. Before that it was brutally hot and no rain--a real drought. |
| Joy | Joe: I am so glad for you - you will have a wonderful fall garden, and I get to visit when coming to the Dallas seminar :) Woo hoo! |
| JoeRoss | Joy have you picked out a place to stay here in Cedar Park? |
| Joy | Joe: Yes, thank you! I am all set --- booked the airline ticket and got all transportation and accommodation arranged. Just cannot wait to come and learn from you in person!! |
| JoeRoss | Good, maybe I'll learn too |
| Joy | Joe: LOL --- maybe a few Chinese words: that is all I am good for, dear Joe! |
| JoeRoss | Joy: uh oh, I probably can't pronounce them |
| Joy | Joe: LOL! I will stop here so everyone else gets to ask you questions :-) SORRY to take up the time. |
| sprink | Joe,do you think this move in gold is gonna go farther? |
| JoeRoss | sprink: Yes it will go farther, how much and when is anyone's guess. I believe gold will at least build a base around 1,000, maybe more. |
| Joy | Joe: When you daytrade TF, do you trade during the opening 5-10 minutes? I have been trying to day-trade UWM (ETF version) as small $ practices but find it hard to figure out the direction during opening --- I usually either miss the directional move or get caught when the momentum is not pushing hard anymore. Any advice for the opening minutes, please? |
| EugeneA | Joe, ?an I apply the Law of Charts on intraday volume charts (the number of contracts traded is constant for every bar)? |
| JoeRoss | Joy: I used to trade TF during the opening 5-10 minutes. Now I wait to see what is going to happen. The first minutes are wild. |
| JoeRoss | Instead of 8:30 I am now getting trades at 9-9:30 sometimes even later. |
| JoeRoss | Eugene: Yes, you are talking about tick charts and TLOC works there too. |
| Joy | Joe: THANK YOU! I have switched to watch the 15 min-chart and find entries between 9:30-10:30 this week, too. THANK YOU for your guidance! |
| Joy | Joe: In your teaching it is not wise to trade if it is a gap open --- and I am constantly amazed at how your wisdom is shown on the daily charts. But how about day-trading? Do you avoid day-trading a market if it gaps open? Or do you day-trade it but with more caution and perhaps go with the move back to fill the gap? |
| JoeRoss | Joy I avoid gaps unless i can prove through testing that gaps in the market and time frame I 'm using actually are tradable within my comfort level. |
| JoeRoss | Hello amontes, tell us what you like to trade. |
| Joy | Joe: THANK YOU! I will remember your teaching. |
| AMontes | I like forex |
| JoeRoss | amontes: what do you trade in forex? |
| AMontes | EURUSD |
| Joy | Joe: Speaking of forex, I know you keep your trading account in foreign curriency. If I may ask, do you keep your account in Euro now or in a basket of curriencies? |
| JoeRoss | Joy: Australian dollar since around March of this year. |
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| AMontes | USD currency |
| JoeRoss | Hi wonc |
| Joy | Joe: Ah, that is so smart - of course for Joe!:) Thank you! |
| netwonc | Hi Joe, late again:):):) |
| Airtime250 | Joe, Do you think that a correction may be coming for the dollar? |
| netwonc | how about that gold, just keeps going up |
| JoeRoss | wonc: No one can say they were not told about gold. |
| JoeRoss | but just remember, gold is always a rough ride. |
| JoeRoss | One thing that is helping gold right now is that the Central banks are buying it. That means they have lost faith in paper currencies. |
| Joy | Joe: WOW! It is not long ago the central banks were trying to sell gold and keep its price down, isn't it, Joe? |
| JoeRoss | Joy: It's a complete about-face. |
| netwonc | I heard on the nightly business report recently that Goldman Sachs and one other bank were shorting gold, did anyone else see that |
| Joy | Joe: Yes, hearing those central bankers congratulating themselves as heros was all I could take two weeks ago! :-) |
| Joy | wonc: No, I didn't see it... is there anything GS is not keeping its dirty hands in these days? |
| netwonc | Joy, probably not , I thought that was really interesting while gold was rising in price, so I am thinging that there will be a correction, in the near future |
| JoeRoss | wonc: I heard that same story. And I'm sure to a certain extent it is true. GS is the spearhead for the PPT, and they are buying stocks and selling gold to keep pressure on gold. If gold would rocket higher, people would start throwing away their paper money, which is going to happen sooner or later. |
| Joy | Joe, wonc: And we know GS will make sure they pick our pockets one way or another :-) |
| netwonc | Joe,, I agree and have a feeling we will be discussing that subject in the near futiure, probably sooner than any of us would like to, |
| netwonc | Joe, do you think they could sell enough to cause a correction, and an opportunity to buy |
| JoeRoss | Have you noticed that the volume of shares being bought for fannie mae, freddy mac and citi, exceed the entire volume for all other shares on the NYSE? |
| Joy | Joe: I remember your caution about buying stocks now and standing aside. What do you think of oil/energy investment trust like PVX in this environment? Will it be the type of stocks (oil, energy) that can survive in the pending down turn? |
| JoeRoss | That is the PPT buying those stocks and creating a fake bubble rally in the stock market. |
| JoeRoss | Joy: I really don't know. When the water level drops all the ships ride lower. |
| netwonc | you know I either heard that on the TV or read it somewhere online a couple of days ago and it really caught my eye , something is happening and it is difficult to stay up with so much activity |
| Joy | Joe: Thank you! That is very true. |
| Drago | please Joe explain a what is a fake bubble? |
| JoeRoss | Drago, for over a year, I have been saying that the stock market could not rise until the financial stocks rise. Now the Plunge Protection Team (PPT) are pouring taxpayer money into basically 3 financial stocks, fannie, freddie and citi. With those 3 rising most of the market is rising, but the rise is fake. As the market is rising, the insiders are bailing out. Insider selling is 13 times greater than insider buying right now. So this phony rally is giving the insiders a chance to bail out before the market crashes. Apart from financial stocks, everything else is being bought by the little guys and the funds who have to do something with the money they have. |
| JoeRoss | But when you look at GS and other financial companies that are not hurting, there is little volume compared with the money being poured into only 3 companies. |
| JoeRoss | This is not coincidence. It is a manipulated rally--a bubble that will burst and more people will be wiped out. That in turn will bring more regulation and give the socialistic democratic government another excuse to take over more companies, and to take over your 401K and IRA plans and merge them into the bond market. Your money will be put into treasury bonds and the bonds of favored companies. Of course the money will be in increasingly worthless dollars. |
| Joy | Joe: Perfect plan! Since no one else on earth will buy our bonds and support our debt, we will forever slaved for the BIG Government. |
| JoeRoss | That's the idea Joy |
| netwonc | Joe,,, the average worker with a 401K and investment will get the ax again and what is going to happen to our standard of living. The talking heads keep saying all is well, but the people out of work and loosing their assets are still taking the brunt of all this,,,,, |
| Drago | ok, if i understand, this bublle in some time is gonig to pop? ( sorry foy my english) |
| sprink | Joe,if the markets tank will gold follow? Or will it go up? |
| JoeRoss | People find it hard to believe that this whole thing is a setup, but it is. My sources tell me it is, and I do a lot of my own research as well. |
| JoeRoss | sprink: there is no way to know if gold will follow or not. At some point in the future, gold will be $3K/ounce maybe more, but I am not a prophet, and I don't know when. |
| sprink | Thanks Joe |
| JoeRoss | All of what is happening is prophesied to happen in the Bible. You may be surprised that at some point prophecy says that we will be throwing our gold into the streets because it will have become worthless. |
| JoeRoss | You can't eat it, and its value is mainly due to scarcity. |
| netwonc | Joe, well, you have said more than once that gold will break $1k again and it sure has, now how many of us will chase the moving ball and get caught in the correction????????? |
| JoeRoss | If you really want to understand what is going on, you have to become a student of the Bible--if you do, so much more of what is happening will make sense to you. |
| JoeRoss | wonc: The correction will surely come. |
| netwonc | I know, and only hope I respond correctly this time,,,,, |
| JoeRoss | We live in frightening times if you don't have something to hang onto. But if you understand who is in charge, there is no reason to fear. It's all part of a gigantic plan. |
| netwonc | Joe, does your charting indicators still show gold could go to $850, on the next correction? |
| Joy | Joe: That is comforting and enlightening --- thank you! |
| JoeRoss | In the meantime, you must take all the steps you can to protect what you have. I believe you should be at least 25% in gold and silver. |
| netwonc | I am thankful that I have "three hots and a cot" as my brother use to say, |
| Joy | Joe: If the Chinese is hoarding gold and precious metal, so should we! :-) |
| JoeRoss | wonc: I haven't looked lately. I've been simply grinning and enjoying the upside. |
| JoeRoss | Joy: Yes and if the banks are hoarding gold so should we. |
| JoeRoss | I have to go now. I have a lot of reading to do. |
| Joy | Joe: THANK YOU, as always, for a night of education and inspiration! |
| netwonc | A most interesting conversation tonight folks ,, am getting sleepy, we should meet again next week , same time, same station:):):) |
| Joy | Please find some time to rest from your reading! Love and kisses! |
| Airtime250 | Thanks Joe...Bye All |
| EugeneA | Thanks Joe. Bye. |
| JoeRoss | See y'all next week. Oh, by the way! I was miraculously healed of deafness this past Sunday. Yahoo! |
| netwonc | Congrats!!!! |
| Joy | Joe: WOW! Please, you will have to tell us more next time! No, I will write tomorrow :-) |
| JoeRoss | I went to a healng service and now I can hear much better. |
| JoeRoss | Good night all. |
| Joy | Joe: Sweet dreams! Love to you!! |
| sprink | Nite everyone |
| netwonc | good night and thanks again,,, |
| Moose | Thanks Joe |
| JoeRoss | bye |
| JoeRoss left. |
Next Chat with
Joe Ross:
Wednesday, September 23 , 2009
Time: 8:00 - 9:00 P.M., U.S. Central Time.
COME BACK WITH YOUR TRADING QUESTIONS & COMMENTS!
