I am currently flat currencies.
Friday, January 21, 2011
1/21 pre-open
I sold 2% SSO at 50.17 when SP hit one of it's hourly M/As. I still hold 6% SSO.
While I don't have a position in crude, it appears that support is at 8780 basis March futures. Crude is following the stock market which is betting on dollars finding their way into speculator's pockets from the giant whoopee machine.
I'm currently short gold futures with support around 1305 on the daily chart.
The dollar will turn bullish on a 24cent penetration of it's first hourly M/A (blue line):
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Hi Steve, I am with you on shorting gold, except that it is with silver, more precisely with ZSL, and even more precisely with call May2011 on ZSL. Mind to say where is your stop on gold (or silver if you have any short position there)? Good luck- Carl.
ReplyDeleteI've got a stop at 1365.50 but it's gradually moving down. I'd have a stop on silver at 2952 basis March. I know that's wide but silver likes to take big rides.
ReplyDeleteThanks for sharing Steve. I guess your gold stop is your MA380 5 minutes + 1.02% or something. My stop on silver is 28.
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