I unloaded another position of Constitution Mining Corp (CMIN) in the pre-market at $0.40. Now I have just one final slug of the poison.
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I am concerned that the run in gold may be nearing a correction and have been selling stocks with profits. This sale of Cardero Resource Corp (CDY) was for $1.23 and reduced my existing position by half.
As I believe that the stock market is probably about topped out, I initiated a position in Direxion Small Cap Bear 3X (TZA) at $22.88.
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My TSI trading record has been updated.
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Hay! glad to read that your taking a postion on the equity markets. I have been watching and waiting for you to do so! Im going to fallow along with you. Let me know when you see the charts change agents us and thank you again for your work and research.
ReplyDeleteItGoes - OK, will let you know when I think the bottom is in for the precious metals and the stock market. It will coincide with a top in the upcoming counter rally of the US Dollar, btw.
ReplyDeleteJohn -
ReplyDeleteim a bit concurred that gold and equites are trading too closely together. feel like being a gold bull also now requires being a cheerleader for the s&p. what do you think?
-bill
Hi John,
ReplyDeleteWhat is your exit price for TZA?
And when are you going to get back into Gold / Silver?
Thanks.
Bill - gold, while recently moving in the same direction as the S&P, may seem to do what the stock market does, but over time you will notice that gold really has a mind of its own.
ReplyDeleteFung - exit for TZA? When the US Dollar tops, of course. The Dollar closed today at $77. I would think it could go up $2 before rolling over again. Where ever TZA is at that time is my cue, not some specific price target. Gold/Silver will likely also react to this Dollar counter rally, at least I hope so.