... do any of you wear glasses? In my trading fantasies, you certainly do!
It was a beautiful trading day and I've got some new trading inspiration! If I think the CENX daily moves are so divine, how about catching similar moves on lower priced stocks? That would ramp up the ROA in a major way - and what could be more luscious than that? So I'm going to start researching low price high beta stocks in an effort to become Teacher's Pet once again. My short term plan - until I go to Hong Kong for business development purposes in September - is to use my trading to offset some of my negative cash flow.
In hindsight, I could have sold HERO today rather than yesterday. I clearly didn't do enough homework, or I would have known that crude oil inventories would be released today. I always love trading the news! So I have to be a lot more focused and organised when it comes to news announcements. Every news announcement could be a potential money making opportunity.
Gold did retrace as I feared, leaving TGB with a daily decline of -2.94%. I'm not sure whether I should stay the course or move on with TGB. It appears this move down is part of a head and shoulders formation on the 3-year chart. Depending on how you look at the H&S, the move is now either close to being completed - or we'll see about $2.50.
If $1700 to $1750 doesn't hold for any reason on gold, I'm going to have to move out fast. Seasonally, gold is supposed to continue to shine through to Q4. I think gold bulls would be looking for good buying opportunities soon. As $1700 is the 50% Fib level of the 3 month high and low, it is not only psychologically significant, but also technically important. $1645 roundabouts is the 50% Fib level of the one year high and low. I'm going to have to look into some MAs too... But what do I know about gold - other than that I don't want to be there if it should crash?
Chairman Bernanke will be up tomorrow...
+3.21% SBA
+0.55% Roth IRA
+1.29% DJIA
+0.88% Nasdaq
+1.31% S&P
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