Monday, August 21, 2006
Sector Spotlight: Gold
I have a very bad feeling about today's decline. It has the look and feel of more pain to come.
Today's safety nets are found in Energy, Utilities, Food and Precious Metals. Classic defense.
In short, I suggest not buying any tech stocks. Instead, find a few you despise and short them, in order to hedge your long positions.
But, the gold sector caught my attention-- due to the violent upside moves. The sector is acting as if it wants to go alot higher; therefore, I have put together a list of today's movers.
VGZ +7%
MNG +7%
GBN +6%
SA +5%
LIHRY +5%
AEM +4.6%
GLG +4.4%
HL +4.1%
KGC +3.9%
GROW +3.6%
GG +3.3%
AUY +3%
NEM +2.9%
NOTE: Silver and Copper stocks are showing strength too. SLW, PAAS, CUP, NXG, FCX, SLW and AAUK all have notable upside moves.
UPDATED NOTE: Today's move in Gold is being fueled by the dollar getting clawhammered. If you want to diversify your cash position, buy FXE (Euro Currency Trust). Normally, my cash position is divided amongst several different currencies. The Euro is my favorite.
Today's safety nets are found in Energy, Utilities, Food and Precious Metals. Classic defense.
In short, I suggest not buying any tech stocks. Instead, find a few you despise and short them, in order to hedge your long positions.
But, the gold sector caught my attention-- due to the violent upside moves. The sector is acting as if it wants to go alot higher; therefore, I have put together a list of today's movers.
VGZ +7%
MNG +7%
GBN +6%
SA +5%
LIHRY +5%
AEM +4.6%
GLG +4.4%
HL +4.1%
KGC +3.9%
GROW +3.6%
GG +3.3%
AUY +3%
NEM +2.9%
NOTE: Silver and Copper stocks are showing strength too. SLW, PAAS, CUP, NXG, FCX, SLW and AAUK all have notable upside moves.
UPDATED NOTE: Today's move in Gold is being fueled by the dollar getting clawhammered. If you want to diversify your cash position, buy FXE (Euro Currency Trust). Normally, my cash position is divided amongst several different currencies. The Euro is my favorite.
