I had a pre-open post explaining that I was travelling to Albuquerque today, but it did not publish. The gist of it is that I believe that the dollar has bottomed along with the top in gold. I went short Dec gold 1364.90 and am holding with a 1369.10 stop. I a m also long ZSL.
Apparently you're comfortable shorting gold here. My concern would be that --IF-- we get a severe stock market decline, gold may not follow the market down. Instead, it might get a bid on "flight to safety". Gold has not always gone lockstep with inverse dollar.
ReplyDeleteED could still be alive. Maybe the 4th wave of the ED completed at today's low... or will complete will one more slightly lower low.
ReplyDeletepimaCanyon
ReplyDeleteI'd be interested to hear what positions you have in the market currently or are you just playing devils advocate?
Jack C
Jack, I am currently long PM's and miners (longer term trade, but will take some off if gold trades below 1315). I am short crude via SCO and long VXX.
ReplyDeleteIf stocks begin a decline after this ED completes (if indeed it IS an ED), I plan to add SDS and more VXX. May consider a small option position. AAPL, for one, looks ripe (ahem...)
pimaCanyon
ReplyDeleteThanks for sharing.
Jack c