I've been nibbling at some of my favorite names today like Baidu (BIDU) and Jazz Pharma (JAZZ). I'm looking to short the GLD into strength but I don't know if we'll get any. As this market rallies I expect gold to cool off. I'll probably wait until Jackson Hole on Friday because if Big Ben disappoints (which is the consensus) we should see a jump in gold price and a better short will present itself. Don't worry about the Fed though, my channels are already telling things have turned around. I think we've discounted how much the debacle in Washington affected the country. We froze. In fact, I believe GDP actually contracted in July. With that behind us until at least mid-Sept., I see us rallying up to around the 1250 level on the S&P.
This is not a recommendation to buy or sell any securities. DAK was long BIDU and JAZZ but positions can change at anytime.
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