GLD crushed today
Did you guys see GLD got smoked today? GLD broke down hard from a perfect parabolic chart, on humongous volume - if the dollar starts to truly gain some traction here, and not just more of these one day wonder moves, stocks are not the place to be in the near to intermediate term, IMO.
Gld will make a come back and push higher just some profit raking buy the dips until the dollar bottoms
<article>
imasong, just like the " . . . will stocks/the market keep rising if the dollar keeps going up . . . " thread, what/why wouldn't one short stocks if the dollar gains some traction.
Now, I have just learned how to short stocks, it is actually easy and the opposite of going long, the good traders can make money either way.
</article>
You don't think the dollar has bottomed yet?
Pretty clear evidence that gold's parabolic run is just about over; one thing I did notice, however, when looking at oil's blowoff last year was that after the initial 5-10% drop it rallied all the way up to less than 1% off the top before the long selloff began. I'd be cautious in opening a short gold position now for this reason, I'll use any move above $1200 to start shorting, stop at $1230.