Thursday, November 11, 2010

SOLD SRCH $0.69 -- Bought AGQ $130.40

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In my continuing quest to streamline the number of holdings in my portfolio, the break even limit order I had for Searchlight Minerals Corp (SRCH) at 69 cents was hit - taking me out of that position.  The technicals actually look quite good for SRCH and should gold rally from here, it should do very well.
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Click on the charts to ENLARGE
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With roughly the same funds I purchased Proshares Ultra Silver (AGQ) at $130.40.   At the time I made this purchase it was somewhat clear that the US Dollar was not going to immediately make  a higher high. 
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However, the AGQ price movement was not particularly impressive after my purchase and  into the close.  This may be a position I just continue to hold as we await the outcome of the US Dollar/Gold contest currently being waged.  If ultimately it appears Gold is going to break higher I will simply add to this position and initiate others.   Otherwise, I am prepared to stand still and take a loss on AGQ should the US Dollar convince me it has already made its yearly cycle low.
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My TSI Trading record has been updated.

1 comment:

  1. Hello John-I am new to your site and its quite impressive. queation: the dollar rallied last night and is now down .43, but it did move up and appears to signal a bottom for the dollar yrly cycle already

    does it count if it happens overnight and is the yrly cycle low in for the dollar/top for gold? thank you...Alexander

    ReplyDelete