The market is bouncing off from Friday high. That will be a support level for now. I have feeling that the market will try to chip away the 200 points loss day from last week.
Gold stocks are doing great right now. I am glad that I was able to buy AEM almost at the end of Friday. I am wondering which target will be hit soon, SPY at 104.20 or QQQQ at 41.57.
If gold stocks pull back in next hour or so, I am going to go long for an end of day trade. GLD is getting close to an all time closing high and gold stocks are lagging.
GLD needs to break 100.80 area for a breakout. That means spot gold will break all-time high. The reasons the gold stocks are lagging because of the general stock market. Investors treated gold stocks just like other stocks in the market. Also oil will go back up. Gold and oil are somewhat correlated to each other. Then the U.S. dollar currency will continue to go lower.
Still volume is below normal. More people short, cover high, short more cover high until real sellers come in. Right now market marching higher. That is what I see.
Gold stocks are pulling back as I expected. Also SPY had 104.20 as expected. Now SPY are pulling back. Sorry for QQQQ didn't hit 41.57. I was expecting to hit that target when SPY hit 104.20.
If the SPY opens high tomorrow morning, wait until it is going back down, then short it. I don't know if SPY will touch 105 area. This is where the 13 day moving average.
Gold stocks will pull back. If gold stocks opens lower, wait until it starts to move back up, buy it.
I have rules when buying or selling. 1. Always buy on the dip. Never chase the stock up. 2. Always sell on the rally.
Those are good rules. That's why I did not get back into GOLD after I missed the "big" move right after I got out. You win some and lose some, but no sense in chasing a stock and increasing risk of a loss. btw, I made money on the GOLD trade, just not very much:)
I bought AEM almost at the low on Friday. It seemed like on Friday action AEM is about to break down. But I bought on the dip because I knew gold stocks will bounce back up. Make a ton on it too. I think GLD could back down to 99.25.
gcl, thanks for your comments. I am long SSO and GOLD this morning. I have hard time going long, but you help me keep an open mind to market
ReplyDeleteJust be careful with GOLD, GOLD is the most volatile gold stocks of them all. It swings big back and forth.
ReplyDeleteyes, I am trading small share lots on GOLD.
ReplyDeleteThe market is bouncing off from Friday high. That will be a support level for now. I have feeling that the market will try to chip away the 200 points loss day from last week.
ReplyDeletesold my GOLD, do not like the action in oil/UUP
ReplyDeleteSold half my SSO
ReplyDeleteGold stocks are doing great right now. I am glad that I was able to buy AEM almost at the end of Friday. I am wondering which target will be hit soon, SPY at 104.20 or QQQQ at 41.57.
ReplyDeleteWow, oil did a nice reversal, and dollar turned lower too. I had a bad exit on GOLD. Still holding SSO
ReplyDeleteIf gold stocks pull back in next hour or so, I am going to go long for an end of day trade. GLD is getting close to an all time closing high and gold stocks are lagging.
ReplyDeleteGLD needs to break 100.80 area for a breakout. That means spot gold will break all-time high. The reasons the gold stocks are lagging because of the general stock market. Investors treated gold stocks just like other stocks in the market.
ReplyDeleteAlso oil will go back up. Gold and oil are somewhat correlated to each other. Then the U.S. dollar currency will continue to go lower.
This morning volumes are running below normal levels. Market will continue to move up in the direction as it is going now. No reversal is expected.
ReplyDeleteI'm out at 66.90 for AEM.
ReplyDeleteI'm out at 41.17 for QQQQ.
ReplyDeleteWasn't AMZN on our short list a few days ago?
ReplyDeletegood move gcl, i'm getting a lower close....40.80 on the Q's.
ReplyDeletehead fake got ya?
ReplyDeletespy 103.63 is R2 today..kind of acted like support on the dip.
Something is pulling back QQQQ. SPY is breaking all day high and QQQQ is lingering behind.
ReplyDeleteI am waiting for gold stocks to pullback again.
i closed out on my UPRO on this last push up of spy to 103.92.
ReplyDeleteso was in upro 121.969, out 122.923
I guess SPY at 104.20 could be reach first before QQQQ at 41.57. Something is holding back QQQQ. I don't know what. SPY had hit 104.17.
ReplyDeleteSold all SSO
ReplyDeleteoh well, bailed a little too soon on that. didn't have much hope for this afternoon.
ReplyDeletefigures ;)
Re: QQQQ,
ReplyDeleteAMZN, RIMM, MSFT all near lows of day
Still volume is below normal. More people short, cover high, short more cover high until real sellers come in. Right now market marching higher. That is what I see.
ReplyDelete104.20 for SPY had been hit. QQQQ should be at 41.57 by now. Like JDT said, AMZN, RiMM and MSFT are in the QQQQ index.
ReplyDeleteI am buying a bit of SDS here. We shall see if that is such a good idea:)
ReplyDeleteGold stocks are pulling back as I expected. Also SPY had 104.20 as expected. Now SPY are pulling back. Sorry for QQQQ didn't hit 41.57. I was expecting to hit that target when SPY hit 104.20.
ReplyDeleteI will be looking for a gap and crap tomorrow for a 'turn-a-round Tuesday". gcl, you have any thoughts on that??
ReplyDeleteI have to see how it closes today. Then I can give you my thoughts on tomorrow few minutes after it closes.
ReplyDeleteIf the SPY opens high tomorrow morning, wait until it is going back down, then short it. I don't know if SPY will touch 105 area. This is where the 13 day moving average.
ReplyDeleteGold stocks will pull back. If gold stocks opens lower, wait until it starts to move back up, buy it.
I have rules when buying or selling.
1. Always buy on the dip. Never chase the stock up.
2. Always sell on the rally.
Those are good rules. That's why I did not get back into GOLD after I missed the "big" move right after I got out. You win some and lose some, but no sense in chasing a stock and increasing risk of a loss. btw, I made money on the GOLD trade, just not very much:)
ReplyDeleteI bought AEM almost at the low on Friday. It seemed like on Friday action AEM is about to break down. But I bought on the dip because I knew gold stocks will bounce back up. Make a ton on it too. I think GLD could back down to 99.25.
ReplyDeleteSo far the first three trading days in October almost identical to the first 3 trading days in September. Let's see how it plays out tomorrow.
ReplyDelete