By: Scott Redler
It’s been a long road for me and Gold, dating back to last December 17th. However, I am now selling my last tier of gold on the open as it has met my price objective. Gold can continue to move higher, but it will do so without me. Every trader has a learning experience (sometimes everyday) and this was a major one for me–it was the longest hold of my life. I was basically forced to hold the position, out of my comfort zone as an intraday and swing trader–for the media so that I can disclose, and backup with action, my long position every time I made an appearance on CNBC.
Anyway–
- S&P is knocking on the door of new highs for the year–1,113–a 60 minute close above that level will open the door for the 1120-1125 level.
- This rally is not easy–banks continue to have problems–we need to take our trades quickly.
- Oil continues to lag–there is a downtrend line that still controls the trade. Today is a big number and could be the catalyst to break the channel.
- The Agriculture group is feeding fast–however, the compelling buys already happened (i.e. POT at 105–now it might make new move highs).
- The casinos are a bit perky.
- Our filters are starting to pick up high volume little guys. This usually happens in December and January. That’s how we found SEED, RINO, AONE, SNTS, DYAX, GSIT, TSTC and many other great trades.
- AMZN might be worth a short on the open into this upgrade for a trade–the long price was $134.50.
- One of these days BIDU will trigger through the $440-444 area for a powerful breakout trade–but, it needs HUGE VOLUME for that to happen.
