GLD now below 80. Spot gold still above $800. What would make me think "bottom" is for some of those newbie gold buyers to throw in the towel and dump their holdings. Instead, anecdotally from the coin board, many of the newbie crowd seems to be doubling up, or even making first purchases. This is not a good sign for gold bulls.
The stock market and me are out of sync. I have looked at quite a few trades and every time the warning buzzer goes off in my brain and I do nothing. That's okay. Option premiums are going down because late August tends to be a quiet time in the American stock market. I don't want to make that assumption, because much of the world seems to be on their own timetable.
The Israel/Iran situation remains on the burner and while there is a chance that it will be a non-event like when Israel took out a Syrian nuclear reactor, it might be a major market mover. In my mind, the most likely time is early October, after the high holy days in Israel, and before the U. S. election. Everyone else also knows this, so it isn't a tradeable edge.
Positions: long BUD, IBM both looking good for tomorrows expiration
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