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Gold Soars To New Record High!

|Includes:AEM, BBY, CME, SPDR Gold Trust ETF (GLD), GOLD, GOOG, GS, MA, NEM, RDWR, V

Gold popped higher today to a new record high, trading around $1270/ounce.  Gold miners were equally strong:  GOLD +4.39%, NEM +4.02%, AEM +3.63%.  This morning, retail sales came in better-than-expected.  In addition, BBY delivered a bullish quarter, sending its stock up +6%.  MA and V bounced on the news.  MA added +3.48% and V climbed +2.5%.  After the market, MA announced a $1 billion share buyback program, adding another +1.18% to today's gain.

In the past 2 days, we cashed out some profits, including a +124% win on GS:
September 14, 2010
01:00 | HappyTrading GOOG ($481.20) Sold to Close 09C480 Sep 480 calls, at $4.40 -17%
08:56 | HappyTrading GOOG ($484.20) Sold to Close 09C480 Sep 480 calls, at $6.60 +25%
07:15 | HappyTrading CME ($269.50) Sold to Close 09C260 Sep 260 calls, at $10.00 +52%

September 13, 2010
09:25 | HappyTrading CME ($268.80) Sold to Close 09C260 Sep 260 calls, at $10.00 +52%
09:24 | HappyTrading GS ($154.00) Sold to Close 09C150 Sep 150 calls, at $4.65 +109%
09:15 | HappyTrading GOOG ($482.60) Sold to Close 09C480 Sep 480 calls, at $6.00 +9%
08:09 | HappyTrading GOLD ($94.40) Sold to Close 09C90 Sep 90 calls, at $4.70 +9%
07:57 | HappyTrading GS ($154.50) Sold to Close 09C150 Sep 150 calls, at $5.00 +124%

CME was also a nice trade with $3.4 per contract.

RDWR popped more than $10, or +38.46%, today; it is rumored to be pursued by either HPQ or IBM as a buyout candidate.

The broader market charged higher in the morning, even with gold shooting up.  But, energy and mining stocks were weak and the market ended mixed.  The Dow finished down 17.64 points; SPX slid 0.80 point; Nasdaq added +4.06 points:

XME (metals and mining) and XLE (energy) both finished in the red.  GLD (gold) added +1.98% and SLV (silver) gained +2.61%.  GDX (gold miners) jumped +3.55%.  OIH (oil services) lost 0.66% while USO (oil) was down slightly.  FXI (Chinese ADRs) eked out a small win.

SPX

SPX slid 0.8 points to close at 1121.1, just above the 1120 level.  The 10-day MA climbed above the 30-day MA.

Nasdaq

Nasdaq gained +4.06 points to close at 2289.77, still below 2300.  Its MACD went up.

The market has gone up quite far in the past 2 weeks.  Today's weak close may be showing some fatigue.  It does look like investors are starting to lock in some profits.  We have more economic data coming out tomorrow, including import/export prices and industrial production.  We'll need to see some strength in the energy and mining stocks to push higher.  Otherwise, we may need to take a breather and consolidate.

Good night and HappyTrading! ™



Disclosure: no positions
Stocks: GLD, GOLD, NEM, AEM, BBY, RDWR, MA, V, GS, CME, GOOG