Tuesday, July 17, 2012

GLD Follow Up

I closed a bit more than half of the GLD position yesterday at about an 18% gain, the rest closed this morning

 The second half should still be at a small gain...

 Starting with the 30 min chart, there's been improvement in GLD, I'm primarily focussed on short term GLD trades now to the upside rather than downside as this chart improves.

 The 15 min chart also improving.

 Now as to the reason for closing the rest of GLD, the 3 min chart continued to deteriorate.

 As did the 2 min chart

The 1 min is perhaps going to show a new opportunity to enter a new long later, however it is too early to say at this time.

We should have more clarity today as Bernie testifies, so far it seems like they'll be grilling him on the LIBOR scandal.

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