Thursday, May 30, 2013

GLD

GLD is looking very good for a continued bear market rally run to the upside, however near term it will likely fill today's gap. I don't have signals beyond intraday 1 min that suggest that yet, but if GLD does fill the gap, that pullback would be a nice entry for a GLD long, however you choose to play it.

If I had GLD calls I'd be out by now and am, but if I had a leveraged ETF or GLD equity long, I'd ride out the gap fill and keep those positions, maybe add if we get the gap fill. Normally I'd say 90% we get it, but until I have more signals confirm,ing, I can't say that and the gap could be filled on the way back down as this does look like a bear market rally in GLD.

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