Taking profits in Gold miners, rotating

Sold 1000 Yamana Gold (AUY) @ $12.70. 16% gain on this lot; still have 700 left. Bought 100 GoldCorp (GG) @ $54.80.

I don't really like the severe underperformance (relative and absolute) of miners vs. the metal. We've kissed my $1570 target for the metal from the IH&S pattern so I'm getting a bit cautious and getting smaller.

Definite rotation underway from $Silver to $Gold, at least in the momo trade.

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)

Gold looks toppy

Gold (GLD) looks toppy here. We've tested $1250 3 times now and failed. There are no triple tops -- so Gold will eventually surmount this challenge. But there may be a pullback to the upper $1100s in the meantime.

I'd use this opportunity to write near-month (June) covered calls on any gold miner positions (GDXJ, GDX, GG) and to accumulate phyiscal Gold (PHYS).

I like the $31 June calls on GDXJ, the $55 June calls on GDX, and the $49 June calls on GG.

Moving on Up

Bought Bristol Myers Squibb (BMY) @ 23.9 (NS)
Bought more Ultrashort S&P (SDS) @ 31 (S @ 29)
Bought Goldcorp (GG) @ 46 (NS)
Bought Goldenstar Resources (GSS) @ 4.4 (NS)

Long (live) commodities

The dollar has broken. As I indicated before, that means commodities are off to the races.
Backup the trucks boys. Gold, Silver, Oil. All the good stuff. Why limit yourself to the physical commodities? The stocks are going bananas too.