Not a bad day...
Well the getting just got too good for me today. The gold stocks finally worked themselves down to around RSI's of 30 and I was just aching to get in. I looked mid-morning and saw the metals and oils were getting smacked again; USGL was down 15% on no news. Which is ridiculous. Well that was my cue. I bought USGL at $6.21. Well, it's early, but USGL closed at $7.05 up a cool 13.5% from where I bought it. Not bad at all if you ask me. At that rate, I'm going to be richer than Warren Buffett by the end of the year. Well USGL started my spending spree...I bought GG at $28.74 (it ended at $30.17, up a modest 5.0%). I didn't finish with just the metals either. Suncor, one of my "watch list" oil stocks reached an RSI of just a hair above 30 and I decided to pull the trigger. I added SU at $74.62 (it ended at $77.04, up a modest 3.2%). Well I'd like to say that my one day average (really 1/2 a day) gain of 7.2% is well, how do you say...damn impressive. One more year like today and I can buy my boat and sail into the sunset. But, I'm not sure the direction of these stocks quite yet...So, I left some coin in the coffers just in case these puppies comeback some more so the kid can load up. The move down was shockingly quick. I figured it would be a few weeks before these stocks got in my trading range again...it ended up taking little more than a week. The major trend for gold and oil is not dead, even if the overall markets trend is. Bet on it. I suspect Gold at $800+ by year-end and oil to $80 probably before year-end.
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