Gold at a short term crossroads

Gold has reached the top of the shoulder at $1375. If gold can break out above here it will signal a move to much higher prices. If Gold cannot the head & shoulders will be completed and the likely downside target will be distance from the head to the neckline, or $100 from $1320 or roughly $1220, which coincides nicely with the 200 day MA at $1222 and the 50 week MA at $1206.

Personally, I think Gold moves higher from here. But in case it doesn't, it's best to have a downside target in mind.

Sold coke

Sold out of coke (KO, $54 cost basis) at $64 for a 19% gain. Will reenter under $60.


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Doubled short positions

Doubled my double index shorts (sds) @ $27.18


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Out of tbt

Sold my entire ultrashort treasury position (tbt, cost basis $34) for $38, a 12% gain. Will rebuy in the $36s once the front end of the curve flattens a bit, and may write some puts there.


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Taking a shot short

Bought 300 UltraShort S&P (SDS) @ $26.05 yesterday. Stop @ $25.

Will get more short if 1195 is breached.

Took profits across all gold miners

Sold 1000 AUY @ $12 (2000 left, 13% profit on the 10 lots sold)
Sold 200 GDXJ @ $41 (100 left, 46% profit on the 2 lots sold)
Sold 200 GG @ $48 (out of this position, 9% gain from a cost basis of $44)

Silver -- at least a ST top in

The Silver ETF has traded over 8x its normal volume while making a new lifetime high.

$SILVER traded to a new 30 year high (just the Hunt brothers got a worse price) over $29.

I believe at least the short term top is in on Silver; I would be shocked if at least it didn't correct 10% from here additionally.

$GOLD may get dragged down with it as well for a short time.