Click on Chart to EnlargeBuy GLL tomorrow with a GTC sell stop @ 14.25. Current price is 15.56, so that could be used to calculate position size.
GLL is a 2X inverse gold ETF. Gold is right in the target area for a 1st reaction rally high after a bull market high. This is typically the best time to short a market. The time frame for a high may still allow several days or more, but there is bearish divergence on the hourly chart and the daily stochastics is overbought, so I don't feel compelled to wait any longer.
I also am buying Jan 2012 52 puts on GDX at the open tomorrow. GDX is the gold miners ETF.
No comments:
Post a Comment