Wearing 20/20 hindsight goggles, Friday's 10/2/09 open was a short term low for stocks and a decent buying opportunity for GLD. I was looking for another full point lower on SPY to 101 (vs. the low around 102) and a deeper dip in GLD to the 50 day moving average, instead of the 20 dma.
I missed both moves. At the moment, I am tempted to do a small GLD position, but it is near resistance at the recent high, and the move in gold today is mostly due to dollar weakness.
Long SPY
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