GLD Update

Closing Friday's GLD calls yesterday for a 60+% gain (one for 600%) looks to have been nearly perfect timing. We have a pullback and I want to open a new long GLD/ Call position, but I think it needs a little time before we do that, even though I think it's likely we see some bullish looking intraday movement, I'd stay patient with GLD and I wouldn't short it here as you'd be betting against some strong probabilities in a market that is seeing increasing volatility and short term unpredictability.

Here's the update for GLD...

 GLD's 2 min chart gave a good signal for a tactical exit yesterday.

 The 5 min chart shows some stronger underlying short term weakness.

 The 15 min chart though is what really makes me say, "Hold on".

This 30 min chart is what tells me we'll be long GLD again soon, I just think it has more consolidation to go first.