Take Profits on Gold

By: Bill West | Sun, Aug 9, 2009
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8/8/2009 3:16:45 PM

Hello Everybody

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Trade Actions:

Sell both GOLD positions symbol GLD at the Market
Sell the OIL position symbol USO at the Market

Sell Short COW (Meats) @ 28 or better
Sell Short TAO (Chinese Real Estate) @ 19.2 or Better

Market Outlook/Potential Opportunities:

Another interesting week for GLD. Gold is stuck in a pennant formation, torn between two arguments as to which way it will turn. I think we should take profits here on Gold until it officially resolves itself. We might risk not being on board of a breakout but I would much rather be late and right than early and wrong. The stock market is overbought but projections are still for an SP of 1060. It is very tough to chase this market. It does not give a great entry zone. China showed some poor relative strength on this last up move. Once the market falters, this could be the first to stumble. Once again I will send out some more recommendations during the week if situations warrant it.

Current Long Portfolio:

Long GAZ Natural Gas @ 45

It closed at 15.4

Sell Stop @ 14

Long USO (Oil) @ 32

It closed at 37.6

Sell at the Market

Long GLD (Gold) @ 88

It closed at 93.7

Sell Stop @ the Market

Long GLD (Gold) @ 90.1

It closed at 93.7

Sell Stop @ the Market

Bought ITA (Aerospace) @ 41

It closed at 43.9

Buy NLR (Nuclear Energy) @ 23.4

It closed at 23.4

Current Short Portfolio:

Short RJA (Agriculture) @ 7.1

It closed at 7.3

Buy Stop @ 7.5

Recently Closed Positions

None

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Thank You

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Bill West

Author: Bill West

Bill West
Fat Pitch ETF Advisory

Bill West

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