Wednesday, July 8, 2009

Looks like more punishment for the commodities today

and strangely its the precious metals leading the way down.

also, bonds and the stock market are slightly bid.

I may be taking some of my commods off today as I am reaching a point of heavy frustration and thinking about these positions too much. I find when you start thinking a lot about your positions when the market is closed (in a frustrated way) you probably have too much size or need to exit the POSition.

I imagine I should be buying instead of selling but piece of mind is worth something (not sure how to quantify that). Sometimes it's hard to let go of a position where you have given a lot of the gains back, but after you do it will be a weight off your shoulders.

My stops for today on 1/2 my gld @ 89.59, 1/2 my slv @ 12.49, gdx @ 35.49. I still fully believe we get huge inflation and the PMs hit new highs within a few years but just don't like the constant account drain near term.



3 comments:

  1. Funny, Isn't it? Dollar is down, yet GLD, SLV and TBT are down as well. There is some level of disconnect here. I'm in long term, buy I did buy my GLD July calls back too soon, which usually is the case!

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  2. i still like all these positions but just need to pair back a little to be more comfortable

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  3. apparently gold is no longer a safe haven play

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