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This will be my last post today. I'm not going to do an after-the-close post like I normally do.
Here are four charts of interest. I am buying puts on each of them with the following contingent stops.
BZP 22.74
CNQ 87.92
POT 214.83
SLB 103.07
As for Yahoo, I can only say – – nice goin', Jerry.
Good night, and I'll see you Friday…………
From time to time, I get together with thinkorswim co-founder Tom Sosnoff and do the "Tom & Tim Show", which consists of me talking about charts and Tom talking about how he would trade them. We have great fun with this, and as is obvious to anyone in the audience, it is totally unrehearsed. He doesen't even know what symbols I'm going to talk about.
One thing I've learned from these is about GLD, since I often show a $XAU chart. As we all know, options on the XAU are horrible – – huge bid/ask spreads, miniscule volume and open interest – – yuck. Tom turned me on to GLD as an alternate, and although it's not going to win awards for the most tradeable options in the world, it's much better. I bought a ton of puts on GLD this morning during gold's surge.
As of this writing, GLD is sporting a fantastic shooting star pattern. I'm using 84.68 (the level of that horizontal line) as the contingent stop.
The battle continues to rage. You can see how fierce the war is in the tinted oval below. Bulls want to get above it, and bears are trying to push it below. You know the score: if we break below 1261, as the bears tried (but failed) to do yesterday, it's all over.
I still haven't read any comments for 24 hours, but………….I'm busy!
I haven't had time to read a single comment in about the past 20 hours. I will say that, given the recent boost in ags and energy, there are a lot of attractive possibilities out there. This chart of gold is sort of my guide on this matter, and although it might have a little juice left, that horizontal line is very formidable resistance.
Here are my ideas and their contingent-stop prices.
AG 63.14
AGU 91.86
AKS 66.40
ANR 98.59
APA 121.27
ACI 60.72
ABX 36.82
CME 360.95
CMP 78.49
CRK 65.74
DVN 113.84
EOG 111.43
FWLT 56.86
FCX 101.39
HES 109.23
JRCC 51.23
MOS 115.99
PXD 67.66
SGY 55.30
RIG 135.61
