Saturday, January 24, 2009

Gold pops his trendline

Of all the stock groups, that seems to be big story of the day. It obliterated the downtrend line that'd been giving it trouble for weeks.

I sell the rips. I'd let my gold positions get up to almost 15% of the account. Nothing, never ever, for any reason, goes above 20% of the account. I sold down 150 of the 1000 DGP.

In my ideal little chartist's world, we'd see a low-volume pullback to that trendline, where I'd put on some more. But, a 20% move has to be taken in this market.

Got hit on 400 DIG, bid 24.99 for it just to be difficult. Pisses me off that I could've paid 24.50 a couple of days before for all I wanted. That wouldn't have gotten hit. He ran all day, got stronger and stronger. If there's a strong open for oil on Monday, I may have to take that position down... can't turn away 10%, especially with these worthless double long/double short instruments.

Took off another hundred of the TBT. 36 handle to 45 handle. Suze Orman's recommendation has me freaked. Plus, you know, WE'RE IN A FUCKING DEPRESSION where, you know, LONG BONDS ARE HISTORICALLY THE SINGLE BEST ASSET CLASS. I'd just feel a lot better taking a little something off the table.

I was really regretting not hitting the SRS bid above 70 last week, so when we had a weak open, I let 200 of my 400 go near the open at 67 and change. Of course, it fell the rest of the day. You have to take every little win you can get.

The only thing I'm really down on here is the DDM I've been using as a partial hedge. Have to decide what to do with that... hate to take a 20% loss, hate even worse to let him turn into a 40% loss.

Now, in reading over this post, it sounds like I'm playing like a cornered animal. Which, when I think about it, is really the case. The job is getting very iffy at this point. If it goes away, this is how I'll have to make my living.

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