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  • Bullish On GLD  0 comments
    Mar 11, 2013 5:37 AM | about stocks: GLD

    GLD Trade

    Let's take a look at the chart:

    (click to enlarge)

    GLD (top) and GLD Jan150P on a daily chart. (source: Tradestation Securities)

    I want to emphasize several points:

    1. We seem to have found a support for GLD ( at least for now) confirmed by the options as well
    2. GLD is revisiting the bottom by making a new weekly low but quickly returning to previous day range
    3. Such "failed" breakouts are usually good inflection points

    GLD Trade

    Buy 152.71

    Stop weekly high of 2.30 in GLD Apr 150P ( around 151 level in GLD)

    Target 155 -159 ( at least last week's highs)

    Disclosure: I am long GLD.

    Stocks: GLD
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