Tuesday, September 28, 2010

A Few Days Before The Crunch

Anticipating a fall in the DOW as October sets upon. So many experts out there now some claiming we are in the early phases of a bull market and others predicting we are headed for another almighty crash that will complete the bear market, hence my nervousness.
The DOW overnight was down 48 points and confidence disappeared towards the end of trading have a feeling when looking at the DOW chart that it could drop to between 9800 to 9600. Gold holding in the mid US$1290's after touching US$1300 if the DOW drops even if gold holds up reasonably well gold stocks will also be vulnerable to a fall.
Treading very carefully with selected trades, holding 20000 IAU presently which again may cost me another small loss.
Purchase of 50,000 PSP at 23.5cents was exited today at 27cents, I thought this was a good opportunity with so much uncertainty in the market. Now have a lower bid in to re-enter PSP as I do believe it could pull back.
Looking for an opportunity to exit IAU, VWAP currently 1.18 anything over this will be a good exit.

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