Gold, Silver and Miners journal
- Thread starter actionzip54
- Start date
Thanks. I was wondering if you were out or not. I saw that it had tagged your stop level.
Ok so here are my updated positions
LONG 4 MGC @ 1339.96
LONG 1 SLW Oct. $25 call @ 1.30
LONG 2 SLW Oct. $26 call @ 0.93
LONG 2 SLW Oct. $27 call @ 1.17
LONG 4 MGC @ 1339.96
LONG 1 SLW Oct. $25 call @ 1.30
LONG 2 SLW Oct. $26 call @ 0.93
LONG 2 SLW Oct. $27 call @ 1.17
Game plan going forward is that I don't expect to much to happen in the miners/ gold over the next couple days. I think that the market will more than likely take some time to digest the no taper news. It is possible, however, that we are flattish today and then rally into the weekend/ monday. I think this is the 2nd most likely scenario. Lastly, it is possible that I'm wrong and this thing sells off in which case I will be watching the 1350 level closely and will be taking off positions if gold trades to far below that area.
I also think that at some point in the near future, rest of this week or next week, the S&P will run into some resistance. Combined with some of my own research and the fact that I think gold/ sp will continue with their negative correlation, I have come to the conclusion that the SP could possibly be a decent short soon.
I also think that at some point in the near future, rest of this week or next week, the S&P will run into some resistance. Combined with some of my own research and the fact that I think gold/ sp will continue with their negative correlation, I have come to the conclusion that the SP could possibly be a decent short soon.
Today could possibly be setting up for that S&P short. Going to wait for the housing number to come out at 9:00 before trying anything.
Edit: Going to be a no go on the short and that pretty much ends my day. I'm heading to the golf course.
2nd Edit: Actually not leaving yet. This still may be the right spot.
Did nothing today and still in the same positions.
Still not convinced that the S&P isn't weak here but I'm not convinced enough to make a trade.
Still not convinced that the S&P isn't weak here but I'm not convinced enough to make a trade.
Still sitting on everything. I might be very long and wrong here. Plan on lightening up into the weekend if things continue to look worse.
Hi Action...following your journal as I have a position in gold via the futures option short put...thus long. The current options expire on Wed so I think part of the volatility right now is due to covering and rolling. I was suprised at how liquid and active the GC options are. I think after tue or wed there will be a bit more clarity in the trend.
That's possibly correct. It's also opex today for equities. It also makes sense that the market is just punishing those who were to late in buying. It's kind of perfect, in that first the market punishes all the shorts on wed. and then comes back and punishes all the longs today.
My breakeven on the mgc is 1339.90 so I mean I'm going to sit on it if we are close to that by the close. I see no reason to panic yet.