Protect Profits Here

By: Bill West | Mon, Jan 4, 2010
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1/3/2010 10:52:41 AM

Hello Everybody

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Trade Actions:
None at this time
Tighten up stops on positions

Market Outlook/Potential Opportunities:

The up thrust is here. It appears very muted. Possibly due to Holiday trading. Where it finally stops is difficult to ascertain, but it does appear to be running out of energy. This is a difficult decision but we must tighten up our stops in order to protect our profits. We are running the risk of getting stopped out only to find that the market resumes its upward thrust and we are left out. That is the chance we must take. The minimum upward targets on the indexes have been meet so a correction could come at anytime. Also the market is quite complacent here so any little trigger could surprise people. Do we get short here ? I am not convinced that is a good strategy right now, but I could change my mind in a couple of weeks.

Gold will end up trading between 1500 and 2000 dollars an ounce. Corrections will come like what we saw the last few weeks but we will stay with it through thick and thin. There could be more of a correction coming. Right now Gold is taking a pause as it allows the other metals like Platinum and Palladium to catch up. If you look at these two metals, they are off to the races. Once they are all in sync again, I expect Gold to resume its upward course.

Ditto for Copper. We are now long a Copper fund (JJC) . Recession or not, there is always a high demand for copper. We will have a stop working on this trade though. On an interesting side note: Did you see that China has negotiated a long-term contract with Afghanistan to develop their copper mines. We do the dirty work and China picks the fruit.

Current Long Portfolio

Buy SSO (Proshares Ultra SP 500) at 36.6

It closed at 38.2

Sell stop at 37.8

Bought JJC (Copper) at 42.1

It closed at 45.8

Sell stop at 44

Bought ITA (Aerospace) at 48.8

It closed at 51

Sell stop at 50.8

Bought RYT (Proshares Technology) at 41.8 

It closed at 45.7

Sell stop at 45.3

Bought EPI (India) at 21

It closed at 22

Sell stop at 21.6

Bought GLD (Gold) at 107.2

It closed at 107.3

Bought GDX (Gold Miners) at 46.7

It closed at 46.2

Bought QQQQ (Nasq 100) at 44

It closed at 45.7

Sell Stop at 45.2

Current Short Portfolio:


Recently Closed Positions:

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Bill West

Author: Bill West

Bill West
Fat Pitch ETF Advisory

Bill West

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