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Like most people who end up with their own blog, I have become overwhelmed with the job of managing information. I subscribe to numerous feeds and literally swim as hard as I can just to stay up to date. Many people I know have asked about where I source my news and commentary and it becomes an awkward, unwieldy experience trying to encapsulate a cogent reply. So this blog is my attempt to point people to a single place where information I follow flows. My blog list is very extensive and I have tried to whittle it down substantially. I am also on the prowl for more blogs, therefore all recommendations will be highly valued! I have daily feed straight to this site some of my favorite content. Daily review of Mish Shedlock, Nathan Martin, Jim Sinclair, GATA, and Martin Armstrong are essential IMO and will be posted here. Also, I endeavor to provide weekly Technical Analysis of Gold, Silver, US Dollar, and select markets. I hope to provide some with an exposure to technical analysis, and at the same time hone my own skills. Also, I will be adding commentary to the daily feeds from other sources. In time, this will be the primary focus of my blog as frequent visitors will channel feeds appearing here directly to their own sites and will come here for either analysis or commentary. I hope you find some utility here and it serves you well out there in the Matrix!

Saturday, April 17, 2010

6 Mo

6 Mo: "


Gold is continuing to retrace. Option expiry offers the manipulators the opportunity to take a shot at gold, but they do not have the horsepower to keep it up IMO. Price bounced right at the 18 day MA which was the target when stochastics lost embedded status by crossing the 80 line. Monday will show if support hold, with additional support at 110 made up by both the 45, and 100 MAs. On initial low set on wednesday, I bought some call options detailed below and on my Facebook page. I will allocate another 1/3 to this trade if price reaches 110.

Gold is pulling back today from resistance established at the prior high of 113.50 back in January. My bet is that gold finds traction @ the Fibonacci 38.2% retracement line, or around 112.30. If that does not hold, then the 50% retacement line along with the 18, 45, 100 day moving averages provide support @ 110. I ...filled Jan 2012 110 calls @ 16.60. I will phase in this trade during price pullbacks, and have allocated 1/3 to this purchase. My goal on this move is 125 for GLD and my call option has a delta of .62, so my option target is approx. 16.60 + 12.5 x .62, or 24.30, which yields a return of 46% for the trade.

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