I am so, so sorry for the audio on this video; even though I used my nice microphone, the stupid program I am using defaulted to my internal laptop microphone, so it sounds pretty awful. Again, I am really sorry; you can hear what I'm saying, but there's a lot of background noise. I just didn't feel like doing the entire thing over.
I think the next time I decide to talk about shorting gold, I'll insult people's religions instead. It probably will cause less offense. I was surprised at the emails I got about my gold shorts. One guy strongly implied I was lying about my profits altogether.
I'm a chartist. I don't care what I'm trading. I have no allegiance to any industry. So you gold bugs really shouldn't get your panties in a bunch if I'm shorting precious metals.
At some point, we're going to get a meaningful rally. And I'd rather not be caught empty-handed when it finally kicks in.
I have selected thirty tickers that seem to have a good potential for a rise and have decent stop prices. These are not "lottery plays". I want to see the market in really bad shape before I plunge into those again. But, for what it's worth, here is my starter set of longs and their stops:
I first mentioned PSYS as a short back in November. It is down huge today, and I'm still going to hold on to this short. This just goes to show that sometimes things take a little time.
I have more cash in my account (doing nothing) than ever. I just don't feel this is a great time to be enormously long or short. I am amassing a list of my potential long positions, but I sure would get more excited about them with an S&P in the low 600s.
I'm going to short CMG here with a stop at 58.
OK, it's irrational trade time! I am, for the nine-thousandth time, taking a bearish position on AZO via puts. How come? Because I hate this stock! (I used to feel the same way about ISRG, and look what happened to it!). Anyway, just for kicks. You should take note this is a really stupid trade.