Friday, September 23, 2011

Buying Gold

Just picked up GLD at 159.35.  Definitely a risky play with the sell off today, but I like these deep sell-offs for a quick flip.  If the economy is going to the pits, GLD will be bought up again, and it finally hit an area I was looking for when I posted the chart a couple weeks ago.  Here's the current chart, not real time so this is before it sold off even more.  

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  1. Richard F.September 23, 2011 at 8:26 PM

    Update. Closed out the entire position at 61.25 executed after hours ~56min after the bell. (very nice since it closed at 159.80 in regular trading).

    Had to leave for practice before the market closed, and figured if I could lighten up my portfolio heading into the weekend, do it. First real intraday trade in a while. After closing out 60% of my FAZ position today, it'll give me some good firepower and initiative to make a few more short term trades like this next week while the market is churning out.

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