Tuesday, March 20, 2007

Tuesday Morning Update

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Gold Futures are up, and I caught a piece of that action, buying ZG @655.80.
This bodes well for Gold stocks (and perhaps silver and uranium??). I'll be looking for a play in AUY again later this morning.
Gold Futures (contracts) will roll over starting next week, so I will need to remember to use ZGK7.

UPDATE (550a PST): I sold my ZG @658.40, and shortly after, it runs up another 3 bucks! I thought it looked a little overbought and overextended above 658, but boy, have I been proven wrong !
The low volume on ZG is deceiving, there are obviously some major players covering their gold shorts right now.

UPDATE (715a PST): ZG is stuck in a range now (will post chart shortly). The indices look like they want to break to the downside, but I'm not willing to buy breakouts today. Man, I hope I am not done for the day.

UPDATE (805a PST): As I'm trying to post my ZG chart, and my alert for WFR goes off. Before I can even click the "buy" button, it shoots up to 57.44. Oh well, perhaps it can pullback a bit..... just for me ?

UPDATE (808a): ES, NQ, and ER2 are all breaking out, with me out of the markets wishing I was in.............. Oh !#@$$%& well. I think the markets are trying to train me to be patient. It's tough.

UPDATE (1024a): Looks like I am collecting some uranium again. Bought a small position in FSY @7.58, still holding MGA @5.90. Still haven't seen the breakout in the uranium index yet, although one or two select individual components (like the ones that I bought) are acting bullish.

UPDATE (1038a): stopped out of MGA @5.84, tightening my stop on FSY.

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