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At least the gold stocks had a good day.....
Gold got squashed again today? Why? No clue. But let's talk about the gold stocks, which acted pretty well in the face of gold being down $20 and a pretty overall shitty market.
Let me tell you my trading war story for today. I have commented a few times that GOLD (Rangold Resources) often trades up a couple of dollars in the premarket, often for no reason. On Thursday, GOLD was down about three dollars in the market and normally when that happens, it's up in the premarket. So, I bot a few hundred shares at the close of the market on Thursday.
Before I left for the office this morning, true to form, GOLD was up about $1.5. Hey, anytime I can get a nice profit before the market is open, I take it. And if it's a gold stock that's up with gold down $2 (as it was at 7:15am), I am most certainly taking THAT trade. So, I blew the stock out, and happily went to the office.
Got to the office around 8:15 and saw that GOLD was right where it was when I sold it about an hour earlier. At 8:30 whatever economic number that came out and said that all was well with the US economy and send gold crashing, GOLD was still up so I naturally shorted the hell out of it; I also shorted several other gold stocks.
Now an interesting thing happened after the stock market opened, the HUI was only down 12 at it's worst. I literally visioned making at least $3 on my GOLD short, but only made slightly over $1 and I lost money on some of my other gold shorts. I was not expecting that! So, having seen this movie a few times, I covered my shorts and went long GOLD which was now starting to scream higher; I also purchased the GDX. By 3:30, I was flat all gold stocks with the exception of NSU which was nicely higher today. I think something is going on with that stock and we should know Monday if I am right. But that stock does not trade up .20 with gold up $20 let alone down $20.
To make a long story short, the HUI closing down a little more than 3, hopefully portends good things for the yellow dog next week. I have often said that the stocks lead the metal. I also found it interesting the silver stocks were flat to slightly higher in the carnage that was silver today. For those interested, I did buy GOLD on the close.
BTW, the economic situation gets worse now on a daily basis as things are starting to spiral out of control. And yeah, I know you are tired of hearing it, but all roads....yada, yada, yada.
Let me tell you my trading war story for today. I have commented a few times that GOLD (Rangold Resources) often trades up a couple of dollars in the premarket, often for no reason. On Thursday, GOLD was down about three dollars in the market and normally when that happens, it's up in the premarket. So, I bot a few hundred shares at the close of the market on Thursday.
Before I left for the office this morning, true to form, GOLD was up about $1.5. Hey, anytime I can get a nice profit before the market is open, I take it. And if it's a gold stock that's up with gold down $2 (as it was at 7:15am), I am most certainly taking THAT trade. So, I blew the stock out, and happily went to the office.
Got to the office around 8:15 and saw that GOLD was right where it was when I sold it about an hour earlier. At 8:30 whatever economic number that came out and said that all was well with the US economy and send gold crashing, GOLD was still up so I naturally shorted the hell out of it; I also shorted several other gold stocks.
Now an interesting thing happened after the stock market opened, the HUI was only down 12 at it's worst. I literally visioned making at least $3 on my GOLD short, but only made slightly over $1 and I lost money on some of my other gold shorts. I was not expecting that! So, having seen this movie a few times, I covered my shorts and went long GOLD which was now starting to scream higher; I also purchased the GDX. By 3:30, I was flat all gold stocks with the exception of NSU which was nicely higher today. I think something is going on with that stock and we should know Monday if I am right. But that stock does not trade up .20 with gold up $20 let alone down $20.
To make a long story short, the HUI closing down a little more than 3, hopefully portends good things for the yellow dog next week. I have often said that the stocks lead the metal. I also found it interesting the silver stocks were flat to slightly higher in the carnage that was silver today. For those interested, I did buy GOLD on the close.
BTW, the economic situation gets worse now on a daily basis as things are starting to spiral out of control. And yeah, I know you are tired of hearing it, but all roads....yada, yada, yada.
posted by Neal | 12:52 AM
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