Trading thoughts...
Message 25293431
"It's going to be all about jobs and earnings, and I don't
think January is going to be very good for either."
Repeat after me:
Jobs and earnings, jobs and earnings, jobs and earnings.
...it's going to be all about -- jobs and earnings.
And today we saw a horrific revision to the jobs numbers,
along with more negative earnings news.
re: Gold stocks and the HUI gold stock index:
I still think my comments from 12/29 will come to fruition:
Message 25283876
"I think you can buy it (them) back cheaper in the first
couple weeks of January."
The gold stocks have nearly doubled, with the HUI Index
up +77% in the last 6 weeks.
...we were due for a correction.
Ideally HUI 250, which was a key resistance point earlier
in the cycle, and was again during the last week of November,
can now become new support.
Friday the new job/unemployment numbers come out, and it could
be a rough week for gold stocks and the broad market.
And that's the reason I liked "selling puts" here of late, even
in energy stocks; as I think we're going to see a good buying
and re-entry opp here in early January.
We got close today, but I would still use "selling puts" as
my initial buying/re-entry strategy, and let's see if HUI
250 becomes "new" suppport.
Nothing has changed for the longterm fundamentals for gold, or
gold stocks, as the Fed is now "all in" and has entered
the quantitative easing phase.
Use "selling puts" for your "initial" re-entry here, and
save some powder for a potential test of HUI 250ish.
Mo later,
SOTB |
