Keith sold our long position in the gold etf GLD this afternoon at $155.10 for 1.9% gain.
He remarked on the trade, "Buying a distressed situation on Wednesday in Gold was backed by the only thing we know - our process. Selling it here is the same."
GLD is immediate-term TRADE OVERBOUGHT with resistance at $155.66 (0.2% upside); long-term TAIL line support is at $152.16 (2.0% downside). Risk outweighs reward by 10-to-1 at the current price on the immediate-term TRADE duration.
To see the note we published on Wednesday upon opening the GLD position, click the link below:
https://app.hedgeye.com/feed_items/17319
Kevin Kaiser
Analyst