DIS Disney down, after a brokerage downgrade and a $63 million dollar opening weekend for its new animated feature "Cars." Tough crowd. MVL Marvel Entertainment didn't get a pop when the movie X-Men (licensed property) had a good run. So even though seemingly everyone knows movie attendance is down, expectations still run high. Sometimes there is information that everyone acknowledges, and yet the market has not taken it into the price.
GLD the gold ETF dipped below 60 on Friday. It was tempting with the discount from spot ($608 at that time), however, the chart still looks lower to me. I don't trade enough size to warrant the arbitrage risk for $8 on $600. The discount may persist or news may move the market.
As always it is dangerous to try and be the hero and call bottom, even on intermediate declines. Usually a second entry, on a retest of the bottom is a much safer entry point. V-shaped bottoms do occur, but only like 1% of people can boast they bought at the bottom. I don't like those kind of odds.
No comments:
Post a Comment