Today's action:
- AEM and GG was down more than 2% early today and closed up more than 2% today. SSRI and PAAS were even stronger, only in red for a very short of time and closed up strong.
- GLD closed strong, against weak oil and strong dollar.
- This indicates PM's rampant strength, dip is bought quickly today, on back of yesterday's strong performance.
- QID closed down 3%. I have to take a longer view on this and think the thesis that economy is slowing and will greatly reduce corporate earning in the coming months, if this is true, then QID should do really well in the coming months. I maybe early this time.
- RIMM closed at 128. Its chart shows triple tops and 13 EMA will cross 50 EMA, both are very bearish signs.
Plan:
- Add GG, AEM, GDX, PAAS and SSRI on pullback.
- Buy Jan. 2008 put on RIMM if it's up big again, like above 130. Keep enough cash to add this if it hits 135, 140.
- Watch ^GDM and ^HUI closely. If ^HUI moves above 360 on huge volume, then it will indicate another major up leg for PM's secular bull market is on the way. In that case, I will add to GG, AEM, GDX again.
- FRG is another risky bet on PM, but it's over extended and needs consolidation.
- Wait on QID to at least consolidate and indicate the bulls are tired before I move back in.
- Watch tomorrow's market reaction to earnings, MSFT reports after market close.
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