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Wednesday, November 26, 2008

Gold on the Go

Just a quick update here on the SPDR Trust (AMEX:SPY) chart. As mentioned in my recent post, if SPY breaks Oct lows, expect to find support at 75. We have the SPY rally over the last few days when it found support at 75. With a shortened trading week due to Thanksgiving holiday on Thursday, expect volume to be thin. The indices are likely to consolidate the recent move; or if there is any headline news, given the thin volume, we'll see exaggerated move.

Gold broke out of consolidation mode last Friday. See above chart of SPDR Gold Trust (NYSE:GLD). This sector may interest you. Watch for stocks like AEM, ABX, NEM etc. But wait for pullback before going long. You may also be interested to see this free video by MarketClub on gold.

posted by Simply Options Trader at 11:36 AM PERMALINK


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