["Looking at the charts it's hard to find a good idea from the long side. I'm going to sit out for a while and watch."]
...that's what stops are for ~ kind of a self-impossed "yellow card" (vbg) that forces one to sit out and watch from the sidelines.
I've taken some profits & got stopped out of some more today... technically; a re-test all the way down to the $282 range off of an Israeli-Palestinian and/or Indian/Pakistani peace accord (Bin Laden capture etc) wouldn't worry me, or negate the macro move of the gold bull.... trigger stops ? - yes. But, I'd still be holding physical and would re-evaluate buying "that" (not all) dip in the $280's for a LT "sitting bull" position....it would just be a 10-15%ish portfolio weighted position & no longer a 60% play.
I still think Gold will trade between $375 and $450 ultimately within 9-18 mos - even without any nukes, significant domestic terrorist incident, or derivative meltdown.
But, I will NOT be holding, or adding all the way down - I could be stopped out quickly of 90% of my PM "stocks" here soon(not my physical) and would either add at a re-test of the $272-$282 range (limited partial repurchases) or wait for a new breakout thru prior resistance to re-establish positions on new highs....depends on economic news, the way the dollar is trading, global geopolitical risk etc.
Trade deficits, geopolitical risk, ramping money supply, derivative risk/short positions, debt implosion - are all still present for Gold...I merely have a plan in place to prohibt giving any significant degree of profits back.
THEY AINT GETTIN' IT BACK - period.
And for any dip chasers here:
Just remember how swift & how violent the last 2 OSX cycle shakeouts were in June 1998 and June 2000.... those were dips that were followed by dips and more dips.... the bottom fell out.
Don't let that happen here - put the $ in yo pockets ~ |
