Monday, August 11, 2008

Getting Long Gold and Silver.

I am hearing the calls that gold is dead and hence I am drawn to it. We look to be finding some support so I am punting gold (ticker GLD) on the long side here at $81.45

The same goes for silver here ticker SLV which I am also punting on the long side here at $14.50



Good speculating to you all and never ever forget that "an investor is a speculator who made a mistake and will not admit it".

Open Positions:
Long 1 unit Ultrashort Dow ticker DXD@ $50.12 stop at $58.62
Long 1 unit Ultrashort QQQ ticker QID @ $37.05 stop at $42.87
Long 1 unit of Powershares Agriculture ticker DBA @ $34.50 stop $32.79
Long 1 unit of XTO Energy ticker XTO @ $43.85 stop at $39.62
Long 1 unit Currencyshares Swiss Franc @ $92.70 stop at $89.27
Long 1 unit SPDR Gold Trust ticker GLD @ $81.55 stop at $75.82
Long 1 unit ishares Silver Trust ticker SLV @ $14.60 stop at $13.28
Short 1 unit Int'l Bus Machines ticker IBM @ $129.05 stop at $131.54
Short 1 unit Sun TrustBank ticker STI @ $44.50 stop at $46.18
Short 1 unit Fedex ticker FDX @ $87.40 stop at $91.18
Short 2 units of Visa ticker V @ $71.30 stop at $75.16
Short 1 unit of Lehman ticker LEH @ $19.65 stop at $20.76

3 comments:

Anonymous said...

Maybe I'd better tighten up my stops on DZZ :)

This market is completely irrational. Russia invades Georgia and gold tanks, pardon the pun.

Harleydog said...

anonymous,

if I am not mistaken isn't DZZ the double short gold. big congrats on your gains. Never hurts to tighten stops. continued success to you.

HD

Hard Right said...

I can't tighten now. The bid is six cents over my last stop. Let somebody else get clobbered on the open. Besides, I just found out that Cramer likes gold. I can't think of a more bearish sign :)