After a Brief Head Fake Down Metals are on the Move

By: Bill West | Sun, Jul 13, 2008
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7/13/2008 9:15:02 AM

Hello Everybody, Welcome to my market letter.

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We got stopped out on PAL which was an individual Stock not an ETF but we replaced it with two ETF'S on Gold. The metals appear poised for an upward advance. Even though Palladium was the first out of the box, it is now the lager. We will just stick with the Gold trades for now.

Trade Actions:

There are no trade actions for now. Very difficult environment.

Market Outlook/Potential Opportunities:

Not sure about the market right now. I cannot be bearish here but I cannot be bullish either. Should be a trading range with a lot of volatility. The trend for the stock market is still down but too much risk to be short. FBT Biotech should be a leader in any up move and is showing good relative strength. I would love to be in an Oil ETF, but when I started this letter the oil market was already trading pretty high. Chances are that it is going to trade higher, which is all the more reason to stay with the Nuclear and Biofuel Funds.

Current Long Portfolio:

Long CGW Global Water @ 25.55

It closed at 22.24

No Stop

Long GLD (Street TRACKS Gold) at 90

It closed at 95.16

 

Buy GDX (Market Vectors Gold Miners) @ 46

It closed at 48.71

 

Long NLR Nuclear Energy @ 32.59

It closed at 32.55

No Stop

Long FUE Elements BioFuel @ 10.0

It closed at 11.67

No Stop

Long FBT Biotech @ 23.2

It closed at 23.32

No Stop

Current Short Portfolio:
None

Recently Closed Positions:

Long (4) PAL Palladium Stock @ 5.97

Stopped out at 4.75

Long COW Livestock @ 44

Covered 43.25

Short REM Real Estate @ 25.2

Covered at 19.85

Long SRS Ultrashort Real Estate @ 84.80

Covered 99.44

Thank You

If you have any questions you can contac me: bill@stockbarometer.com

 


 

Bill West

Author: Bill West

Bill West
Fat Pitch ETF Advisory

Bill West

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