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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!

Thursday, May 20, 2010

Uncovered GDX

I uncovered my GDX position today.  I bought to close the the Jun 51 Call for 1.15.  My initial sale was for 3.80, so the net was 2.65 or 70 % return.  I believe we are approaching over sold and I think a reaction higher will be coming along soon.  Also, a buying opportunity for a nearby option strike is materializing. I would like to see the Elder chart paint a blue bar first.  The gap at 45 is beckoning and no doubt will be filled. The patient will put a buy in there if it appears the downside momentum is waning.  Perhaps a Jun 45-48 Call might do the trick?

Daily Elder Impulse System: "

via StockCharts.com
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Gld is hanging just below initial support at 16.40.  So far, price bounced very near the Fibonacci 38.2% retracement during the low of the day.  This is a logical place to turn around if further bullishness is in the cards.  If not, better support exists at the 113.60 level, where the 50 day MA is converging.  It is also the breakout price level for the latest move.  Both RSI and stochastics are dead center neutral, can go either way quite easily.

Daily: "

via StockCharts.com
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SLV is a little ahead of GLD in getting to an extreme over sold position, typical for silver.  Price is below both initial support and the Fibonacci 38.2% retracement.  The 50 % retracement, 200 day MA, and the Bollinger band all lie around 17.0 and provides strong support. A gap exists just under this area and I believe it will likely fill soon.  I am looking for an entry on silver, either with SLV or with SLW.

Daily: "

via StockCharts.com
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Speaking of SLW, it is my favorite levered silver play.  When using options, it offers leverage to leverage on silver.  That has a nice ring to it if you can stand the volatility.  Price bounced right at support around 17.50, corresponding to the breakout price level,  50 day MA, and the 50% retracement level.  If that ultimately does not hold, the 61.8% retracement lies at the same level as a prior high, 16.30, and would be a logical layer of support.  Also, that price level corresponds to the 100 day MA.

Daily: "

via StockCharts.com
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