Since apparently the only assets worth owning are money-losing tech companies, old-fashioned paperweights like gold are getting the cold shoulder. The front month on gold is down about $27, and GLD has maintained a series of long-term lower highs for an extended period.
My idea to short junior miners a week ago is working out, and that broken trendline portends continued good fortune for those bearish on miners, shown here by way of GDXJ:
The “normal” ETF, symbol GDX, is still above its medium-term trendline, but I suspect it’ll be broken in a matter of days.
On a different note, I have successful deal with the ghastly shit-show I faced this morning:
- Dumped META at a small loss (my profits on it having gone “poof”);
- Dumped RCL at a not-so-small loss;
- Dumped AMZN only because I am utterly freaked out by what happened with META (which pretty much assures the company will declare bankruptcy next Wednesday);
- Have rushed into the arms of XLU puts
Not a great day for the Timster, but my body parts are still intact, and I’m moving forward, as it were.
