I have a lot of odds and ends to do this afternoon, so I wanted to get a post up before I commenced my (as my mother used to call it) “rat-killilng.” I shorted 450 shares of GLD today, with a stop at 133.68, based on a confluence of resistance that I see. One is the gap at $133.67 (hence the stop); two is the red trendline drawn from the late June 2013 low; and three, most importantly, is the trendline going back thirteen years to 2005, shown below in purple. I think the recent strength in gold is countertrend and will soon be reversed.
