We’ve found a loser!

Posted on 08/03/2011

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Ummmmm. 1250 didn’t hold, neither did 1240.

The Swiss are intervening in the Currency markets. Gold is exploding higher again. Domestic economic data points toward slowing/negative growth.

All winning streaks must come to an end, just ask the 1995-1996 Chicago Bulls.

STOPPED OUT on the Long S&Ps from 1248 (5 point stop = 1243). The market broke the “support” from Japanese/March lows and if we close below that (1238 Sept futures), my concern would be even greater. The S&Ps are now solidly lower on the year and in terms of Gold…..don’t even get me started.

Good (aggressive) guys 5 – Market 1

With regard to the SHORT strangle in Silver (Sept 45/35 – collected .65), the 35 puts are trading ~.10. I still recommend having a .05 bid for them GTC (Good Til Cancel). Then, in the event the Metals ever back off, we can cover the calls and hopefully pocket a few Shillings for our trouble.

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