While we wait, impatiently, for Friday's trading day, (you know, the one that has to trade after the jobs report) we at least had a good time watching gold today. Following the strengthening of the mining stocks yesterday even while gold itself was lack"luster", today's exhibit was fairly spectacular. Gold was up about $5 today following a steaming performance by the HUI of over 10 points almost 11. That is reflected in a nice move in BGEIX today, check it out below.
Gold is running into some overhead resistance near $440 but based on the move in the metals, it seems likely that it will push through it. Silver seems to be a bit of a laggard here and we're not sure why. Our PAAS position did manage a nice 5% move today, along with the HUI, despite the rather unispired move in silver.
This is the upside move we have been hoping to see in the mining stocks. (There has been some concern expressed in these pages that we might not get it.) We are getting to a point where we need to be thinking of an exit strategy even though the break out just occurred. We will keep you posted. For our BGEIX position we are up nearly 20% over the past couple of months. Good move. (My position in PAAS that I've traded twice and now hold the third time is up nearly 40%. Without the trades, it would be up 30%.)
But enough about me. Tell me how your trading has been going.
Happy Trading--get ready for Friday, only one more day to go.
Dow Industrials: 10,697.59 +13.85
BGEIX: 11.62 +0.51 Nice!!!
Erick has another comment after yesterday's post. I believe it sounds like deja tu.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment