This week gold futures touched a new record high $1100. The stock market went up about 3%. I mostly sat this one out.
Looking back, it is a bit stomach turning to have sold near the lows both for AAPL and GLD. It is more stomach turning to let a single trade turn into an account buster. Stubborn I am not. The other side? Well, that may be accurate.
At least for this week, congrats to the longs. Enjoy.
Looking ahead, for gold, the path of least resistance remains higher. $1150 by December was the initial target from the $950 breakout, and that looks to be another good call given months ago here on this blog. SPY 1100 looks to be resistance. I waver on whether it is strong resistance or just another minor local high on the long rally road that began in March. It may be worth a shot at the short side of SPY as the rally nears 110. As always, only in hindsight will we be able to say for sure.
As I wrote earlier, I'll have less time for blogging and trading during November and December. I will still chime in when time permits. Hopefully I will offer up some more good calls, such as calling the SPY top at 110 to the exact day, and the breakout for gold from $950.
Long SPY, GLD
No comments:
Post a Comment