Friday, April 12, 2013
Wednesday, April 10, 2013
CELG
CELG just awesome just traded $120 and I am all out
Biotechs have been on fire for the last two months and spoke about it many times- BIIB also a nice play
Biotechs have been on fire for the last two months and spoke about it many times- BIIB also a nice play
Goldman shorting Gold
Goldman Sachs downgraded its 2013 price target for gold
(Exchange:XAU=) and advised investors to short the precious metal, in a
commodities report out on Wednesday.
"With our economists expecting few ramifications from Cyprus and that the recent U.S. slowdown will not derail the faster recovery they forecast in the second half of 2013, we believe a sharp rebound in gold prices is unlikely. Given gold's recent lackluster price action and our economists' expectation for higher U.S. real rates, we are lowering our U.S. dollar-denominated gold price forecast once again."
"As a result, we recommend closing the long COMEX gold position that we first initiated on October 11, 2010 for a potential gain of $219 per ounce, with the risk reversal overlay expired on March 25. While there are risks for modest near-term upside to gold prices should U.S. growth continue to slow down, we see risks to current prices as increasingly skewed to the downside as we move through 2013," Courvalin and Currie said.
UBS also cut its 2013 outlook for gold this week to $1,740 from $1,900. However, the bank held its 2014 forecast steady due to uncertainty regarding the euro zone and a possible end to the U.S.'s ultra-easy monetary policy.
Gold bulls however have stuck to their guns in the face of several downgrades for the metal.
Resurgence in euro area risk aversion and disappointing U.S. economic data ,
gold prices are unchanged over the past month, highlighting how
conviction in holding gold is quickly waning," said Goldman Sachs
analysts Damien Courvalin and Jeffrey Currie in the note.
The
analysts cut their gold forecast to $1,450 per ounce for 2013 and $1,270
for 2014, the second cut in their price target this year. "With our economists expecting few ramifications from Cyprus and that the recent U.S. slowdown will not derail the faster recovery they forecast in the second half of 2013, we believe a sharp rebound in gold prices is unlikely. Given gold's recent lackluster price action and our economists' expectation for higher U.S. real rates, we are lowering our U.S. dollar-denominated gold price forecast once again."
"As a result, we recommend closing the long COMEX gold position that we first initiated on October 11, 2010 for a potential gain of $219 per ounce, with the risk reversal overlay expired on March 25. While there are risks for modest near-term upside to gold prices should U.S. growth continue to slow down, we see risks to current prices as increasingly skewed to the downside as we move through 2013," Courvalin and Currie said.
UBS also cut its 2013 outlook for gold this week to $1,740 from $1,900. However, the bank held its 2014 forecast steady due to uncertainty regarding the euro zone and a possible end to the U.S.'s ultra-easy monetary policy.
"Gold has faced many challenges already in 2013: market concerns on the longevity of the Fed's quantitative easing, a rotation into equities, benign inflation
and the focus on better economic growth are valid threats to gold's
upside potential. A stronger dollar (Exchange:USD=) also poses a
challenge... These realities warrant less aggressive price
expectations," UBS analysts wrote on Tuesday.
Spot gold prices (Exchange:XAU=) have fallen six percent
year-to-date, while the MSCI Gold Index has fallen 21 percent. On
Wednesday gold traded at $1,579 per ounce. Gold bulls however have stuck to their guns in the face of several downgrades for the metal.
Philip Silverman, managing director of Kingsview Management in New
York, advised investors not to bet against gold last month because central bank demand remains strong .
According to the World Gold Council, central banks' gold purchases in
2012 were the highest for nearly 50 years, as banks sought to diversify
their reserves.
"You don't fight the stock markets when the Fed
is easing, so you wouldn't want to fight the central banks when they're
buying gold, because they have deep pockets," Silverman said. Martenson
http://finance.yahoo.com/blogs/daily-ticker/p-500-may-fall-more-40-fall-chris-120957460.html
Tuesday, April 9, 2013
New hIghs
Been sick with my sinuses so I haven't been up to posting much in the last week. I am still in the high mode and think we can still make new highs. It is evident the market is in a trading range at the high area and since pullbacks have been swallow it is therefore in my opinion we will trend a bit higher.
Now Ii have been asked about when do I think the market will be a deep pullback, well that question might be difficult to answer since we are well over the 50ma but I will be looking for a top when I see the general public start saying they are going back into stocks. Yes usually the 90% of players are wrong so when the masses are all long then it is time to be extremely cautious.
In the mean time we just start earnings season so the next 2-3 weeks should be neutral to bullish providing we don't have a diasterous earnings from a heavy weight.
Still Biotechs are on fire!!!
Now Ii have been asked about when do I think the market will be a deep pullback, well that question might be difficult to answer since we are well over the 50ma but I will be looking for a top when I see the general public start saying they are going back into stocks. Yes usually the 90% of players are wrong so when the masses are all long then it is time to be extremely cautious.
In the mean time we just start earnings season so the next 2-3 weeks should be neutral to bullish providing we don't have a diasterous earnings from a heavy weight.
Still Biotechs are on fire!!!
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