Saturday, May 29, 2010
As sovereign debt woes continue to weigh on the market, keep gold on your radar. If volume picks up next week I would take a nibble at the GLD. Once up over 120 I would add a little more, if it breaks 112.25 in high volume, I plan on loading the boat.
Unless you happen to be a dollar or gold investor, this was a pretty rough month to be swing trading. In fact in hindsight, of course, it would have been a good month to go on vacation. I started off the month with a few losers, but kept the losses to a minimum by utilizing good risk management. I have been mostly day trading the last 3 weeks, which I am not very good at, but did manage to finish the month in the green.