I watch GLD because I can't trade Gold itself, anyway. I think it holds $650, and if that breaks it holds $625. What is the Fed going to do to hurt Gold at this point? What is left in their arsenal? They could lend money to someone to short it, or get the IMF to sell some, or yap about how they are going to fight inflation, but none of these things will change gold coins into paper. Lucky thing, IMO.
Amen to that brother! Gold is a big choice overseas and more and more the disconnect between us and "them" is becoming evident as Eastern countries start upping their Euro reserves and lowering their dollar reserves. Who can blame them?
Keep your eyes on the following: MU Micron- about to snap the neckline of reverse h/s, has to close above 12.25. Price target equals 15. RVBD- Look for pivot point. Will it break through old resistance? IBM and AAPL- Both going to 130 I believe. Im going to review through the 52 high stocks later on and the yahoo top gainers/losers list. Usually I can find a few gems from them as well. The obvious trend in the market is towards well established mid/large cap companies trading at value P/Es.
I got into MU already...I was clearly staging its comeback move...it's very very strong now. Could go to $13 in the next few days if the markets charge ahead which I'm sure they will be.
MU is not a good company in a highly risky sector. Im only playing it until 16-17 and then will dump. I have no confidence that it will get past the 52 week high which is somewhere at 18-19 I think... 16/17 is still not bad for a nice swing trade. Thats roughly 60% from where I bought the shares.
I have no confidence in it hitting $14...ha. It's still got a nice chart going for it and a number of sources have said chip prices likely bottomed recently and it's been climbing since then. $14 is within range I think...but I'm going to start taking profits closer to $13...I have calls so I'm in a different realm than you I think.
MU Micron- about to snap the neckline of reverse h/s, has to close above 12.25. Price target equals 15. RVBD- Look for pivot point. Will it break through old resistance? It it does, we go to 43. IBM and AAPL- Both going to 130 I believe. DRQ- Going to 60 FTEK- Going to 48 BIDU JBLU AMR WFR JASO PTR BBD going to 36