svenlar,
I am still looking for a possible jump in the HUI/XAU, but now fear, based on last two days TA action in those indexes, that we may have a washout event first. At any rate, the 200 MA seems to be a good possibility and that is around 53 XAU. Good support in that vicinity also.
But in any case, I cut positions that were at risk of showing a loss, while holding most of my options.
In fact, my current position is 80% cash, exact opposite of yesterday when I was 80% invested.
What I have left is extremely low basis stuff that I think is safe from all but the biggest bear and has a good bit of leverage to it if I'm wrong and the golds rally before I can react.
One reason I flip flop so much, besides being a st trader, is I have long periods when I watch/trade the market and long periods when I can't. I have a peculiar work schedule. So I tend to be a "Weekly Trader" instead of a Day Trader (Not to be confused with a weakly trader, ggg). In any case, I'm going in to one of those long work periods, so I'll be scarce for a week or so.
Best of luck all,
Roebear |
