Goldfinger
Goldfinger
UPDATE 9:43am EST: I’m looking at Gold this morning and thinking – how can you pass this one up?
Actually, I meant this one:
I call this a defensible position. I know, I know – Gold has been stubborn but as a trader I love to take trades at support/resistance lines.
GLD puts it is…
UPDATE 10:23am EST: If the tape of the past few days is any indication the current script is this:
- Really bad news happens (i.e. earnings reports).
- Futures drop like a rock over night.
- Market falls off the plate at the open.
- Hope/Greed/Speculation sets in – leading to erratic buying.
- Market recovers partially.
- Rinse/lather/repeat.
The trend continues down for now – let’s not lose sight through all the noise. Noise is bad during bear markets – it makes you doubt yourself and that leads to dumb actions you’ll regret later.
Let’s stick with our script, shall we? So far the wave count has treated us fairly well. It’s not a crystal ball, but probabilities are the name of the game.
UPDATE 11:22am EST: We just crossed the 892.6 line. This changes a lot of things and I’m out with a small loss. Long positions are now possible, but I’ll see if it sticks.
