Trading update: now long gold, long stocks, short dollar
Posted By Mike On Dec 4, 2009 @ 3:36 pm In technicals | 2 Comments
Well, that gold short worked out to the tune of 65 bucks per ounce. I reversed it when gold hit 1150 and the dollar stopped soaring, and went long both the yen (which has utterly crashed in the last week as the Nikkei has soared) and euro at around the same time.
Today’s trade is very interesting since stocks remained very strong in the face of a massive dollar rally and commodity sell-off. That strength says to me that if and when the dollar retraces part of its move, stocks could power to a new high.
I’ll look to reverse all of these trades again soon, since I suspect that this is a topping process and that the big money in the coming months will be made going long the dollar and yen against just about everything else.
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