Trading thoughts...
re:
Message 25061448
Adding back a light short on this rally in the DOW and S&P.
Got a nice +15% pop in the SLX & DIG etf's. Taking "some"
profits here, as you almost have to in this tape, because
if you blink... they're gone.
MFN bounced +40 cents off it's $5.00 low, and is up strong
from it's Friday lows. NXG up +12% today, but KGC is flat,
and GG really weak today, but flat from the Friday lows.
Tough tape...
You still have to be hedged in this market, and either
use your short profits to fund & scale into your longs,
or take profits when you got 'em, and fight your way into,
and then hopefully, out of ... the bottom.
Sounds like we're going to get a 2nd stimulus check package
before year end.
HUI trying to form a bottom. Those intra-day lows of 234
and 235 are holding, as are the closing lows near this
HUI 250 level.
Something has to give here people, as we've really
reached a max divergence.
We know there has been forced, liquidation/redemption
selling in gold stocks... we are either positioning for
one helluva HUI rally, or Gold collapses to it's long term
trendline in the $620's and the HUI get's to revisit
that 163/165 double bottom from 2004/2005.
I'm trying to use short profits to maintain a core weighting
in gold stocks. It would be very hard here to maintain any
significant weighting to gold stocks without some offset/
hedged shorts in the broad market.
Anyone else doing any buying, or selling?
Fwiw: You won't hear any criticism from me
for staying on the sidelines here...
probably the smart place to be, as the ole'
whipsaw rollercoaster is fast & furious.
I'll try to get some HUI & Gold charts up later
tonight... as well as some comments on a bright
spot to all of this.
Mo later,
SOTB |
