Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Taking Profits in Gold

Taking Profits in Gold
By Mike Paulenoff, www.MPTrader.com

I am looking to exit part of my long position (model portfolio) in the streetTRACKS Gold Shares (NYSE: GLD) at 70.80 today for three reasons: 1) the GLD is up 8.5% since its 8/10 pivot low at 65.15, which if nothing else in a normal market would appear to be a bit overdone, 2) the pattern carved out within the upleg off of the 8/10 low into today's high argues for a rest-digestion period; and 3) I want to take a profit (after all, what are we trying to do here?). If my near-term work prove accurate, then I will be looking to re-enter the second part of the position under 69 in the upcoming hours/days.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!