In and Out

Sold Transocean (RIG) @ $70 for a 6.5% gain. Will rebuy in the low $60s.
Sold Freeport McMoran (FCX) @ $118 for a 14.5% gain. Will rebuy in the low $100s.
Sold Lazard (LAZ) @ $39 for an 18% gain. Will rebuy around $35.

Yamama outside day

Sold 1000 yamama gold (auy) @ $12.95 for a 21% gain. Have 1000 left.


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Gold breakout

The Head & Shoulders formation I mentioned earlier has been invalidated, with Gold closing at $1414, a new weekly closing high and "closing in" on its intraday all-time high of $1428.

Gold also made a new all-time high in euros at 1051 Euro, signaling a clear breakout above 1000 euros.

It would appear as though Gold is set to make a run at $1500 this year. I hope you all have miner exposure!

Some new positions in the past week

Bought:
Freeport McMoran (FCX) @ $103 (S @ 98.7)
Emerging Markets ETF (EEM) @ $46.81 (S @ $42)
Junior Gold Miners ETF (GDXJ) @ 41 (NS)

Sold:
300 Ultrashort S&P 500 (SDS) @ $26 for a 1% loss, will sell the rest at a more substantial loss ($25 stop -- 300 shares left).

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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