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  • I’m Buying on Pullbacks

    Posted on February 24th, 2009 No comments

    Yesterday we saw some more modest pull back in the metals, creating a nice setup for buying. I’ve taken advantage of the situation and I’ll hold out the next few days to see if things continue to break upwards. Anything below $968 in gold will test this bull trend. Until then, I’m still loading up.

    Silver is looking still looking far more bullish then gold, any pullback below $13.90 can reverse that trend. Until that point I will be loading up on various silver miners and the silver etf, SLV.

    The Plays

    • Yamanna (AUY) long position, still holding and buying on pullbacks.
    • HMS Holdings (HMSY), exited my short position after a $2.00 drop yesterday.
    • GLD and SLV, buying on all pullbacks with a stop loss set around $940 and $13.30 respectively.
    • Watching General Electric (GE) for another major pullback, if so, I will enter long.

    Happy trading everyone!