Tuesday, January 27, 2009

Did a little selling

Sold the DIG into the strong open yesterday. In 24.99, out 29.20.

Took down another 100 of the TBT at 45.51.

Updated after the close:

Near the open, another 100 of the TBT got taken out by a stop. In at 36, out 44.75. That leaves me with 500 on. Talk that Bernanke would buy the long end to effect QE. I guess the good thing about it is it means he still has a shred of credibility left.

NXG hit a trailing stop, 1.17, looks like a reversal. 5000, in at 0.65, out at 1.17. I'd pyramided some at 1.06 like I talked about last week, took it out at 1.23 on that big up day. Not a lot of money, but a good trade.

Gold's worth watching here. Above 916, you can squint and make it a reverse H&S out of it that targets to 1200. But a lot of the charts I'm looking at seem to have reversals after their big week last week. I could see it going to the low 800s from here.

1 comment:

Nate said...

Good trading! Notice, calling it trading!

Been out of gold stocks, just owning the physical still. Like that long term until I see the jobs get better in 2012 for the next election.

Doing some major swing trades with going long 8000 FAS @ 7.77 on Tuesday with going out yesterday @ 12.

Then, went long @ close yesterday in 1200 FAZ @ 41.3. Closed out 1000 of them @ 49.05 AH with having a hedge of 3 Feb 60 calls sold against remaining.

Made my year already in the 401k brokerage account. Let's buy some popcorn now to see what boone doggle they try next to fix the banks next week.

You know there is another swing trade out there for FAS next week to get long on intraday.