I'm kicking myself today as I was going to jump back into AUY
yesterday but was tied up at work.

Today we had a >6% move up and I think I'm going to hold out for a bit
of a pull back before acting.

If the Fed opens the discount window to Fannie and Freddie I believe
that the dollar will fall and gold will take off.

I would like to hear opinions on the short term prospects for AUY (up?/
down?) and most importantly why?

this stock is an up and down stock so there are always short term
downside, but not to last much more than a week or so.

I said yesterday that I wouldn't get in on AUY unless it was under
14.25.  That was before Indy Mac went belly up and fannie and freddie
officially went off the deep end.  I think anything below 14.75 is
looking like a great entry point right now.

your downward pressure comes from dollar manipulation by foreign
central banks to help support the value of the dollar.

You get downward pressure from worries that AUY won't meet its
agressive production targets.

You get upward pressure from chaos in the financial markets

You get it from bank failures

You get it from solid growth

You get it from this being a best in sector (at least top 2 or 3)
stock

You get it from insecurity about the american economy

You get it from general insecurity about everything right now.

You also get upward pressure from gold more or less missing out on the
recent bull market in commodities leaving it undervalued compared to
its historical correlations to most commodities.

I am more bullish on AUY right now than I have been since January.
That being said i would never bet against a pull back over 3 or 4 days
before a resuming an increase.

right now its trading consistently in the 13.75-16.25 range, roughly.

I think the current situation in financials represents an event that
will shift gold up into a new trading range and as a result will
probably prop AUY up into a higher trading range as well.  I don't
think we'll have a good grasp on what that range will be until we see
the fallout over the next week or so.

There will not be a pull back at this time in AUY. The market will
open with AUY headed north. Patrick -- Great post! I would add the
insecurity of this election will have an effect on gold and could make
us money. -- bullyah

right on the money as usual

Every trading band is eventually broken.  I believe this one will go
much higher.  If you look at ABX, GG, Kinross, etc, they've all left
the station.  AUY is a step behind due to some minor news.

All Aboard!! Pardon Me Boys is that The Yamana Gold Choo Choo !!
Bu Bu Bu Bu BuLLYaH !

AUY is headed higher. It is still cheap at this time. My opinion based
on nothing -- bullyah

peaked around 16 headed lower and getting cheaper.

This is why I would never bet against a pull back in AUY.  I should
have mentioned one more factor as a risk to the downside.  -> There is
a ton of money sitting on the sidelines right now and they all think
the financials are underpriced.  They are just begging for a chance to
get long and make a run like back in March. <-  Fortunately for us
they are not going to find any footing for their rally until
fundamentals start looking up.  Wells doing not as bad as feared is
doesn't inspire confidence as the foundation of a major bull run.

 Until we actually see the trading range officially broken, I would
stick to a buy under 14.25 and selling over 16.

I think when 16 is crossed it will move into a new range so I'm only
going to take profits on about a third of my position.  If we hit a
new range and start pushing 18 I'll still be in great shape.  If we
make another run for 14, I'll have a third of my position in cash to
buy up even more.

sounds like a good plan to me
good post Patrick

Patrick --Great post! Wells is doing bad, just not this Qrt. Your plan
is great. Keep in mine, in my opinion AUY will not stop until it
passes $17. Thur, durning the light of day, gains today will fall.
Gold will go back up by the end of the week and touch $1000. -- My
opinion based on nothing -- bullyah

good resistance around 17+
but if it breaks that its likely going up
i am thinking it will not break 17
unless gold makes an aggressive move up (which is very possible)
USD is under a lot of pressure and likely will get stomped
real interest rates are negative still at 2% - 5 CPI = -3 percent!
inflation at a 17 year high?
M3 (the big money supply) running about 12%
and reported CPI inflation at 5% (this is totally bogus)
(http://en.wikipedia.org/wiki/Money_supply)
watch the earnings date that will move the stock (up or down)
what it the earnings date anyone? Aug 4 or so?
booyah?

Looks like we're about to bounce off the support.  I may pick more up
here.

I could see oil prices dropping, then gold and the price of AUY
staying down for awhile. This could all change if it spikes back up,
though. Good opportunity if that plays out, will oil stay down, will
gold stay down?

I think Oil and Gold Still have room to go up
The Fed doesnt know what to do , Thats obvious so in an unsure
unstable environment
I have learned to Go Gold and copper is ok too.
I did notice other commodities where alot higher as far as gains.
But I havent learned how to trade those yet
God Bless.