In seeking some long positions as a salve against a general push higher in equities, I came across USO, and I like what I see. I'm long this position @ 36.59 with a stop at 35.49.
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Royal Bank of Canada
There might be a better entry point later, if the market stays strong for a few days, but this is shaping up as a terrific short with a target, I'd guess, of about $41.
Liking LQD Lots
As I'm typing this, the Dow is up by a triple-digit amount, which is just dandy by me. I'd love for the fear to get swept out of this market. It'll make shorting cheaper and easier.
In the meantime, one strong performer today for me is LQD, my only really big position. It's down nearly 1% which, although not earth-shaking, is terrific on a day when virtually all equities are higher.
Watching the Euro
"Monday is Always Up" seems to be holding true again. I'm prepared for a convincing up-swing in the market, but I'm already mapping out what kinds of signs to seek for the downtrend to resume. Whether it's one day or two weeks off is unclear to me. It's price levels I'm watching.
One in particular is the EUR/USD. A retracement back to the horizontal line, whose price is cited below, would be highly motivating.
Why I’m Not Buying Gold
I realize a lot of folks see gold's current prices as an – umm – golden opportunity. I mean, the shiny metal was over $1200, and now it's "on sale" for nearly $200 less. A bargain, yes?
Well, maybe. Gold's future price depends on a lot of factors. But for now, I'm staying away. Here's the long-term GLD chart, clearly showing the broad upward trend:
But, looking closer, you can see GLD has broken an important trendline, and today's push higher has been nothing more than a reach for the underside.
