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I laughed when bnn put up the gix chart…they had the v.gix which of course was 89 cents….gosh thought I missed a run….btw I asked about the etf..hou because I thought it odd that this etf had to do a reverse split…..normally with a co. that’s a fundamental problem showing thru , but with an etf…maybe they thought it was going down further than what might be acceptable if oil bust 35??? Anyhow on that one I’ll wait for the rs and then see how it does for a short bit.
Terrific Show ! Especially appreciated the comments on DXO. Spent all last week, accumulating shares to the extent that it’s the largest single position by far that I’ve ever held. Thanks for a great show and all the info. Happy New Year and best wishes to all looking for a gradual return to prosperity.
Thanks Peter for your excellent analysis of the markets. Double thanks for making your opinions available to us no charge. We, the readers, must never forget this. This blog is worth its weight in gold
wolfgang – Thank you. I’m glad you didn’t say the blog is worth its weight in junior resource stocks.
Peter , you look much better without that mustache, thank you for you honest take on the markets overall !
Hello Peter,
Would you mind post on this site “WHEN” you’ll buy PST and TBT? You mentioned on TV that you reccomend it but you still don’t own it
Thanks
Challie – Please tell my wife that about the mustache. But I noticed my hairline has retreated more than commodity prices. It took me a while to realize it but Mark Twain was right – If you always tell the truth you don’t have to worry about remembering what you said!
peter, have you heard of rogaine ? lol Also try looking down and bending your head forward and down, it will look like you have a fullerhead of hair and and a smaller forehead ! LOL OR try creative combing like in the Romanesque movies combing it forward and maybe put in a few curls !
Ha, ha, Challie, but NO! Bald is good… just go with the flow, Peter. The less hair you have, the shorter you cut it until you shave it. Bald is good… and no mustache.
Peter, you mentioned buying major oil producers. What do you think of Penn West Energy Trust which is a pretty large producer and it pays monthly dividends? There are also some other large oil and gas trusts as well. They have all been beaten down badly and it looks like a good time to get in and enjoy dividends that are quite attractive.
Geez, I liked the mustache….
Great show Peter (as always) – especially the little revelation about the cash on the sidelines being less significant than most realize.
Regarding DXO and leveraged ETFs in general, if you correctly catch a powerful trend, they are great, but failing that, they are portfolio destroyers. Due to the way they are reset daily, during periods of sideways price movements, they lose value quickly.
I wonder why someone couldn’t just create a set of leveraged ETFs that simply act as expected (twice the normal performance).
Klaus, you are right on DXO. Simlilar to many leveraged ETF, they are trading stocks. It does not reflect exactly the longer term movements of the industry they represent.
However, it does go with the direction of the trend in the short term. If you know how to trade, these are profitable counters. If you let your emotions rule, invariably you will lose money
I hope you enjoyed Christmas.
THANKS that was ian nformaitive interview.
Are you also considering the ETF (TBT) that is ultra-short the 20 year Trsy? M
Peter, do you think things are in control or out of control …. is this an accident or is it a well orchestrated shift of wealth?
What I have seen so far is that the banks had a “financial meltdown” … during that time a select few made huge amounts of money … a very small %age of the population … I wasn’t one of them … I dont suspect you are either.
After they robbed the banks through public deception they went to the other well known entity who robs the public … the government … they instead of taking control of things have hidden things. The fed which as we all know is not owned by the people are now becoming the owners of all financial institutions and for that matter the auto companies. In other words they own everything and the government interest payments in the future will be made to whom? The central bankers of the world who back roll all governments and use them as the government to police us regular people.
Usury goes against biblical principles both OT and NT yet it is fundamental to the Banking system who is the real creator of “money”.
The swindle continues …. who will be the voice to tell people to invest in real goods …. things that can be traded with real value. Jim Sinclair and Ted Butler have done a wonderful job in exposing how paper is bing made worthless … in fact Ben Bernanke is doing a better job than anyone with the notion that we will just tranasfer worthless assets or whatever, so the system doesn’t “break down”. The system is broke and it is to benefit the same people who have been hijacking the wealth and the freedom of teh greatest nation in the world.
My heart is heavy mainly because those with the capacity to understand the swindle instead of opposing are essentially defending the system unwilling to believe in the great corruption of mankind. (lets face it if you are inclined to swindle there is no better target than the people of what once was the richest country in the world and the easiest way to do so is to use the “freedoms” against the citizens to entrap them.
Since I first had these suspicions I have always hpoed to be wrong, the evidence is overwhelming … the prince of darkness rules.
The prophet.
EVEN IF IT LOOKS LIKE A DUCK, QUACKS LIKE A DUCK, & WALKS LIKE A DUCK….IT MAY NOT BE A DUCK AT ALL
Downside momentum has been diminishing on each of the probes toward lower levels over the past few months, certainly an encouraging sign. Then we have what appears to be an ‘Inverse Head & Shoulders Bottom’ formation well underway for the major indices, especially the S & P 500. After such a dramatic decline over the past 15 months, at least a significant counter rally appears probable. If you’ve watched the market over the past few months or so, it’s reacted poorly when the fortunes of the auto industry were doubtful. So it’s on life support for perhaps a few months, and all of this would seem to suggest the potential for a bottom, and perhaps an advance at some point after further consolidation. It could be that an A-B-C decline has come to an end for the major indices.
Tops and bottoms look the same and this may merely be a consolidation of the decline after breaking the lows of late 2002, an intermission before heading lower. There’s a business article on my desk that projects nearly 3 Million job losses from an auto industry shutdown in the first year. If the auto industry sheds 50% of capacity it would be nearly as bad. Then there was a recent news cast in the back ground that projected 2,000 banks will fold in 2009. Perhaps that’s a Worldwide figure. It’s noise in the background, but another news blurb said that there would be 2 Million business bankruptcies in 2009.
Rather than a Head & Shoulders Bottom, could the S & P 500 be forming a continuation pattern called a ‘Symmetrical Triangle’? It’s too early to say. Then there’s the matter of ‘Wave Counts’ which is uncertain. Really a chart does not control the direction of the market, but rather it’s ‘Corporate Earnings’ and economic prospects that governs market direction along with buy / sell strength or weakness. There’s nothing mystical about charts which are not of much use until the entire decline has finished. Then someday, we’ll be able to look back with certainty to see whether it was an A-B-C decline or a major five wave decline. It’s difficult to determine whether the ‘Third Wave’ has ended or if there’s more ahead. Someday, when the bottom is in, Small Cap issues should rise first while big Dow Jones Industrial type stocks behave lethargically. No sign of that yet.
For the general market, indicators can be useful and there are some that accurately showed each decline and counter rally in this Bear Market. Right now, they are poised for another change of direction – down. It could be as soon as the first day of trading in the New Year, but not much more than a week or so further. The indicators will not say how far the market will move. They are only useful to identify the trend.
So you can see the indecision, but there’s another matter that caught my attention and is the reason for this missive. The S & P 500 is selling right now for 18 Times ‘Trailing Earnings’. That’s just about the Price / Earnings level in 1929 prior to the start of the major decline. Most stocks are still expensive, but some are quite inexpensive. Certain commodities and perhaps resource issues may move inversely to the general market form here. We shall soon see.
Happy New Year
Org – The prince of darkness roams like a hungry lion. But if you have the great shepherd you can defeat the evil one (I’m not speaking about Cramer).
Hi Peter. This regards NDM; There are quite a lot of companies with a similar copper gold low grade deposits. My question has to do with why NDM and not another.
Thanks