Hey E:
Good to hear from you. Too long since we last chatted.
I recall you saying don't sell gold till 425 and you hit it right on the head. Did you sell?
With what looked to be a topping out, I sold NEM when 46 didn't hold and GSS at 6. Still not bad profits. NEM has solid support at 40 and GSS at 5.25 and I've been trying to trade them a bit since.
The dollar seems to have halted its slide; is the gold run over?
OIH is unreal. Oil just closed over 37 and while it's good for OIH, it's bad when I go to the pump :)
As for semi's, they look a lot like gold, having stalled early Jan. I still think they can have a good run later this year but I've sold all my IGW and other long positions. I think we're in an area now where the big run is done and we can settle in to some range trading. LSI and IDTI look like they're in a decending wedge, is that the right term? As I recall, they're likely to break strong one way or the other soon? I have traded ISSI, IDTI, and CY several times and I think CY has the best relative strength and ISSI the best Volatility. Support looks good for LSI at 10, though I don't watch it much.
While techs look relatively weak, my small cap funds are still hitting new highs.
What are your best plays? Think this year is a good one to "sell in May and go Away?"
I've raised up to 50% cash in some accounts and feel more cautious. My initial call was for Naz 2200 and we almost made it. I don't think we'll see it now till fall.
Best to you,
cb |
