Comments: I sold down as the HUI has been up four days in a row and is now approaching significant lines of resistance along the channel line and lateral resistance. I expect the area HUI 358 to 362 to provide significant resistance for reasons that should be obvious when looking at the chart above. The surprising thing is that Gold and the HUI isn't down more after the news of the release of the British serviceman by Iran. That potentially bodes well going forward as I was sure that Gold would come at least temporarily under pressure following the revelation that they aren't going to get the Abu Ghraib treatment in Tehran. GSS and CUP did best for me during the recent run, TRE did the worst.Thursday, April 05, 2007
HUI Approaches Sell Zone
Comments: I sold down as the HUI has been up four days in a row and is now approaching significant lines of resistance along the channel line and lateral resistance. I expect the area HUI 358 to 362 to provide significant resistance for reasons that should be obvious when looking at the chart above. The surprising thing is that Gold and the HUI isn't down more after the news of the release of the British serviceman by Iran. That potentially bodes well going forward as I was sure that Gold would come at least temporarily under pressure following the revelation that they aren't going to get the Abu Ghraib treatment in Tehran. GSS and CUP did best for me during the recent run, TRE did the worst.
Subscribe to:
Post Comments (Atom)
3 comments:
Yeah, GSS finally got up to a more reasonable price level. When the 2nd half of the BIOX runs and we see what its capable of putting out, I'm hoping the stock will get repriced upwards again.
I didn't like the end of day. It had the smell of miners get shorted while gold still high.
Cheapy, thank you for your note. Looks like that consolidation is setting in. But I think there's at least some chance that HUI 350 could support. That level is a break out level from at least one perspective. Looks like you were right, Gold just kept on going up despite the mediocre COT numbers. We'll see what the COT looks like at the end of this week.
Agree with you about GSS. I actually picked up some today into the weakness. Happy to get back in at $4.50, though I could certainly see it going lower.
By the way, check out my call in February 25, when I said that the near term target for GSS was $4.90.
http://financial-matrix.blogspot.com/2007/02/accumulate-gss-on-pullbacks.html
It made it as far as $4.95 before the sell off, so I was pretty close with my call. I got out at $4.75, and couldn't find a good reentry, but that's ok. Now I'm back in below my sell point.
Post a Comment