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Frank started market timing in 1982 when the Federal Reserve cut interest rates and sparked the 1980’s bull rally. Realizing that this rally could have been forecasted, he began to search for indicators which had similar forecasting ability. Within a year, his first newsletter was launched,... More
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  • SPDR Gold Shares (NYSE: GLD) Self-Destructs 0 comments
    Apr 15, 2013 2:12 PM | about stocks: GLD

    April 15, 2013 (by Frank Kollar)

    We have covered shares of SPDR Gold Shares (NYSE: GLD) in these reports several times over the past months. The last was on April 4th, only two weeks ago.

    At that time we wrote: "We are looking for another test of the February 20th correction lows at $150.84 over coming days. But for the sake of those who like trying to do so, we will peg the bottom of this decline around the $145.00 level. With share prices holding just above the $150.00 level which acted as support back in June, 2012, we are looking for one more break lower, and then a quick selloff to the $145 level."

    We certainly missed on that target, but we did not miss on the bearish trend. We have been in cash almost a year now. As we write this, GLD is trading at $132.70.

    Chart Courtesy of StockCharts.com

    There is a bottom ahead somewhere, but we are not going to try and predict it. After it is reached, there will be a reversal, and maybe even a second test of that bottom. Importantly, we will not try to enter a bullish trade until we have a confirmed uptrend in place.

    That could take weeks or months. For now, we remain in cash and watch the carnage.

    The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy does not have a position at this time in the SPDR Gold Shares.

    Stocks: GLD
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