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Thursday, January 13, 2011

Trade... GOLD

A few days ago I did an assessment of Gold. Today I am seeing some stresses that would suggest it will test the 32SMA, on its weekly chart, soon.

So I entered a position in the DZZ (double short gold ETF).

Keep in mind, once GLD declines to 128-129, I will cover it then go long DGP (double long gold ETF). But I will stay long only for the initial POP off the weekly 32SMA.