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Gold Rises To Another Record!

|Includes: BG, CF, SPDR Gold Trust ETF (GLD), MON, MOS, POT

The market was yet again flat today, closing a bit on the downside.  Gold, however, jumped in the morning a attained a new record high!  This weekend, in my Market Forecast & Sector Watch, I said,

"GLD is now in uncharted territory, with little resistance.  If the momentum is strong, GLD could run up fast and perhaps reach $113.  We could see gold testing $1150 this week."

This is exactly what happened today.  GLD reached a high of $113.09 and closed at $112.25.  Gold went up to $1153/ounce and pulled back.  This was our cue to take the last portion of our GLD Dec calls off the table for a nice +191%:

07:20 | HappyTrading GLD ($112.45) Sold to Close GCZLA Dec 105 calls, at $8.00 +191%

We mentioned about our published trade on MON in last night's article.  We cashed those MON Dec 75 calls out today for an overnight +55% profit:

11:36 | HappyTrading MON ($79.95) Sold to Close MONLO Dec 75 calls, at $6.20 +55% 
06:54 | HappyTrading MON ($79.75) Sold to Close MONLO Dec 75 calls, at $6.00 +50%

The agriculture stocks continued higher today.  MON finished up +3.43%.  POT shot above $115 in the morning.  BG went higher up all day to finish witha +6.3% gain.  MOS and CF also continued to soar with unabated momentum, gaining +3.16% and +2.86%, respectively.

Rest of the market, however, was not so hot.  The Dow finished down 11.11 points; SPX slid 0.52 points; Nasdaq lost 10.64 points.  Most sectors finished slightly in the red, with MOO (agriculture) standing out on a +1.42% gain. 

The market is stalling again.  For the past 3 months, the market has been rallying to start the month.  But, right around the options expiration week (3rd week of the month), things start to stutter, going sideways.  The question is, of course, how this month is going to play out.  VIX's downward momentum picked up near the end of the day today and closed below 22, at 21.63.  This is normally a bullish sign for the market, especially if the market had closed higher.  However, the market closed slightly in the red.  Tomorrow, we have more jobs data; these could help to push the market in either direction.  How the market finishes this week will be very important.  The commodity sectors seem to be bouncing, along with the rising gold and sliding dollar, but, the financials have stayed somewhat muted.  We'll need to see more strength in the financial sector to continue this rally.

Good night and HappyTrading! ™