Did You Get This Fade From Yesterday?
Today’s piece will be
brief, simply an overview of some trades from yesterday and some
thoughts on the gold stocks. First off, the range yesterday was pathetic — let
me repeat, pathetic — a whole 5 points. However, if you were quick on the
opening, there was a nice Fade the Gap trade on Goldman Sachs (GS)
Additionally, the gold stocks, specifically
Newmont, were on a tear to the upside. Yes,
the metal itself was firm and the DXC was off fractionally, but if you look at a
5-minute chart of NEM and
DXC, the usual inverse relationship was not
evident. For me, this made trading NEM a
bit tough. Luckily I own NEM in my other
accounts, so I benefited passively, not via any trading prowess.
Lastly, the Australian
Dollar (AUD), which I mentioned a few days ago, finally triggered on
the long side as it took out the .6860 level (previous high). This is a
longer-term set-up that has potential to move up to .7100 if given time and a
rigid stop loss. I will keep you posted.
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As always, feel free to send me your comments and
questions.