We had a nice retest of the trendline this morning with a successful bounce. I’m staying long.
Joined Jan 27, 2008
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watch gold… resting on trendline.
GLD straddle is on, with a slight bias to the downside. judging by the XAU and the demand that the miners must be getting, along with the recent deflation, and devaluation of oil, I’d say it’s set to breakdown here, but it could bounce pretty big too. Not sure if the fact that it didn’t go up when the market was crashing is a sign that it’s undervalued, relative to market action, or if it’s a sign that the panic move into gold simply isn’t their, and it would have been down a whole lot more, had the markets been more stable.
If I had to guess, I’d bet it would fall, but since I don’t have to guess, I’m doing a strangle on the Mar 09 options.
Bought SDS @ 89.24
Sold @ 90.24 for a quick point.
Perfect Bounce indeed… nice call.
Hey it looked good at the open. Once it failed notice i took advantage of the downside via SDS.
My bias is still to the longside, but thanks for stopping by.
Guys I just wanted to mention the move in CHK continues higher. I like it up to 27. This is a name we got into at 12.50 and 16.50 just a week and a half ago.
Yes indeed sir gappingandyapping
CHK is going to 30 before Halloween
V just flipped the upside switch, this could be telling. Also notice SNDK is up on the day.
perfect bounce, the setup was there, but you have to adapt to the failed retest…
Straddle is back on
Looks like a breakou, but maybe on the bounce we didn’t give enough respect to the volitility? Lets try this one again.
nice momentum picking up
bought nov calls RIMM, GS, AAPL love the setup in rimm
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