re:["slider, buying gold and gold stocks today?"]
Nope. No buying.
But, I am doing some selling, ringing the cash register
just a bit, and banking some more chips.
We've had up day, after up day, after up day of late.
And I've seen a few interesting things technically
that I'm watching closely.
The demand story is being "pushed" -- that gold
demand is down...and that's also a "tell."
Not cutting and running by any means - especially,
with gold still up. But, I am cashing in some chips.
I've raised some stops up tighter under certain stocks.
450ish vs. 434. And I added a couple of puts here today.
I still think we still have a very good shot at
this leg moving up through HUI 520-560ish without
breaking any trendline, or major support.
But, HUI 500 should bring some natural resistance...and
with these 10-15 point "up days" we're really potentially
only a day away from that.
And with oil down, the DOW getting whacked, and some
negative news about physical demand... I'm playing closer
to the vest.
We could "blink" and the HUI could be right back at 400.
Money came in very hard and very fast here of late...
and there's a lot of traders who loaded up on that August
pullback, and/or at the HUI 370 support level, who are going
to lock in gains first...and ask questions later,
at the first sign of fatigue here.
I'm just trying to stay ahead of the herd and out
of their way - should they get spooked.
Still bullish, still optimistic... but, always - prudent.
I guess you could say that my fear of loss here -
is greater than my desire of gain (vbg).
I'm going to sit tight here and see how we handle
HUI 500...and how my tigher stops at 450ish hold.
Technically, 434 is "the money line" for trading, and
I've moved up tighter than that to 450...but, the next
real technical test is to see if HUI 400 holds... I think
we really need to go back and test the old high - to see
if that holds as new support.
My ideal scenario... is a little fatigue here. A quick
retrace to 434ish... then some choppy selling with a
test of HUI 400 (old highs) that's met with - STRONG BUYING,
that comes in hard and fast, taking us right back up to 450...
and from there... off to the races to HUI 560 as the
Fed starts another wave of rate cuts.
The move from HUI 400 to here - was almost too fast,
and too easy. I really think we NEED to go back
and re-test 400.
S.O.T.B. |
