Today's action has me sitting on my hands. Gold is down so I'm not adding to my shorts and the market is decidedly up. I don't see a play here. We're at 1203 on the S&P and we're supposed to see resistance at the 1205-1210 level but I don't feel like shorting anything here. I don't want to play the pullbacks because I think they'll be less pronounced then the rallies and I don't want to get caught in a short squeeze. If we have a pull back tomorrow or the day after I'll be buying. Why? I think we get a surprise out of the non farm payroll numbers on Friday. The market expects 75K jobs created, I see more like 90K.
This is not a recommendation to buy or sell any securities. DAK was short GLD and long GLL at time of publication but positions can change at anytime.
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