Friday, March 22, 2013

GLD next week

GLD seems to have put in what look like an LD or ED. Can't say which, though I am bullish gold overall. For the next couple of days GLD may see some weakness. I purchased puts on GLD that I plan on closing by Tuesday/Wednesday. From the chart below, I am hoping/expecting a wave 2 down and then start of a wave 3 up.

Stochastic is ready to turn down and the GLD lost its SMA 5. Both should bring weakness in the near term, up to 5 days, that I expect to exploit with the puts.

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