The one position that has been in my portfolio for about a week now, is the one that I have been relatively quiet about of late. However, if you were near any financial news channel today, you probably heard about gold hitting record highs and when you consider the chart below of the SPDR Gold (GLD), then you’ll probably find yourself hard-pressed to disagree with the bullishness it exhibits. I would expect there to be further euphoria in the coming days, as folks start jumping on the bandwagon as they buy into all the myths out there that gold is going to $5,000 or some other astronomical estimate. Frankly I think gold has a better chance of seeing $500/ounce before it sees something above $3,000/ounce.
Overall on the day, I finished slightly in the green. I had a quick trade in the SPDR S&P (SPY) that netted a small loss. The market was very difficult and hard to predict. Hopefully tomorrow yields better opportunities.
I’ve included my current trading parameters on GLD below.
Here’s the chart on Gold.