Tuesday, May 25, 2010

Testing Gold on the Short Side


As I have said before regarding this deflationary global garage sale, when there is no bid for anything else, they will hit the bid on gold. Given this technically we have a descending channel inside of a descending channel on GLL which caught my eye. I do note there is no question that we could re-test the lows made back around $38.5

As my notes above indicate I am enamored with the high volume push off $38.5 and the recent 2 day low volume consolidation. Thus, I am prepared to test the water and short gold here this morning. I wish to do so via a long position in the Proshares ultra short gold ticker GLL here at $41.30 with a stop at $39.88

I am keeping an eye on the $43 level as an area to add when taken out.


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


Open Positions:
Long 1 unit Direxion Large Cap 3X Bear ticker BGZ @ $19.34
Long 2 units Direxion Small Cap 3X Bear ticker TZA @ $12.06
Long 1 unit Direxion Emerging Mkts 3X Bear ticker EDZ @ $60.50
Long 2 units Direxion Financial 3X Bear ticker FAZ @ $19.65
Long 2 units Ultrashort Xinhua China ticker FXP @ $42.45
Long 1 unit Ultrashort Real Estate ticker SRS @ $49.10
Long 2 units Direxion Tech 3X Bear ticker TYP @ $10.52
Long 1 unit US Dollar Bull ticker UUP @ $22.52 stop @ $22.52
Long 1 unit ishares Barclays 20yr Treas ticker TLT @ 92.15 stop @ $92.15
Long 1 unit ishares Barclays 20yr Treas ticker TLT @ 93.48 stop @93.48
Long 1 unit Proshares Ultrashort Gold ticker GLL @ $41.40 stop @ $39.88

2 comments:

Anonymous said...

Hoping that Harleydog is just taking a much deserved break from blogging....

You still out there H-Dog ?

Harleydog said...

Anon,

Just away for some R&R. Back from vacation now.

HD