Time to Short Gold.
I was looking at the weekly chart of GLD and touching 15-WMA. I don’t think it will go much higher from here because it’s been going up on low volume and near resistance. My plan is to buy DZZ tomorrow if it provides me a good setup.
Daily Volume Surge
FMCN
ENDP
MLNM
RTRSY
ONEQ
TM
TX
FCSX
ABX Research
ABX is down 24.53% since 03/14/08 and I did some study on other occasions when ABX was down +20% before it bounced.
09/24/02 to 10/10/02: -24.02%
04/02/04 to 05/10/04: -25.33%
05/11/06 to 06/14/06: -25.90%
09/06/06 to 09/15/06: -23.46%
11/07/07 to 12/20/07: -22.36%
Quarterly Watchlist
WFMI
DTLK
EWA
HGRD
IGTE
LTON
RDTA
VSNT
XSI
WHG
SIM
WWIN
GVP
FDP
PMU
APFC
ORH
UTHR
EEI
ABAT
MDM
ATVI
ANDE
HSR
RUSHA
CMCO
WLFC
NLCI
CELG
SIM
MFRI
RPRX
ICOC
DYII
AYI
HAST
DGICA
RMTI
BIIB
ZMH
TESS
OUTD (S)
GLD
GLD been down 4 days in a row and if it gaps down tomorrow morning I will buy some GLD for potential turnaround.
Positives
- Near 15-WMA.
- Down 4 days in a row.
Negatives
- Might be catching a falling knife.
- Not heavily oversold.
“You can’t tell till you bet.”
Filed under: Portfolio | Tags: edwin lefevre, jesse livermore, reminiscences of a stock operator, SPY
Comments(0) That is the line from the “Reminiscences of a Stock Operator.” Which is exactly what I did today when the market gapped down. This was based on my research, and should end the month in green. I bought SSO & ISL today, and covered my PFGC.
