Caution now with profit taking. Watch the SPY at $95
Posted on October 14th, 2008 in Stock Market |
I missed the DIG by 0.10 cents and missed out on 33% gains
I am still in gold stocks and it’s pulling back nicely on lighter volume. I am in DGP, GG, RBY and TGB.
Sold SSO, UYG, and some GS. I sold the profits, raised the stop to above my buy point so I have already locked in my profits which are over 20%.
The market turned today on profit taking. I went slightly short and bought SDS and DUG. The SPY is a good ETF to track the S&P 500 which turned down this afternoon. We need to watch what it does at the $95 price point. If it goes below and closes above on lighter volume then the market is heading up and I will flip to buy the SSO.
I placed buy orders for FXP (UltraShort FTSE/Xinhua China 25 Proshare) which I think is heading to $120 from $90.4. This went below yesterday’s swing low and closed above it on higher volume which is very bullish. Bullish if you are short the China index, which this is telling me.
I am buying APWR which wants to go to $10-11.
Sphere: Related Content



One Response
Where do you thin Dug will be heading base on technicals.
I got my at 64 !!
Thanks for your input
John