Stock, Option and Futures Trading
GLD Stopped + 17.50 , GS Move Stop
Friday GLD was stopped at $169.50 for a +17.50 gain.
GS was up +4.14 on Friday so lets move our stop up to $116.00 to lock in +24.00 points.
We are still looking for the $124- $125 level on GS to take profits.
Friday the market was strong and we have been saying that even though the Daily and 60 min charts are extended the market can go higher because the leg we are in is more of a weekly and monthly wave so we can continue higher through Daily resistance. This is why we have not attempted to go short the market over the last month. We are better off just moving the stops on our long positions and giving the market the rooms it needs to make the decision it needs to make.
Even if the market does roll over from right here the short entry would not just be a resistance level it would be a specific pattern which takes weeks to develop.
In August and September of last year when the market was making lows we said that those levels were symmetry support and the market could still go to make a new high in this leg. At the time it seems like it could not happen but the NQ is at a new high in this leg and the DOW is very close. Looking at the charts a short here would be hoping something bad happens. The key word is “Hope”. For the last month we have been saying in our Nightly Videos that we would not be heavily short if short at all. Right here we are still saying the same thing the short trade is not confirmed and is too early even if we have a few down days or even weeks over the next two months.
The trend is still up like it has been the entire time from the August / September lows of last year.