Wednesday, November 01, 2006
Sector Spotlight: Gold
Even though the indices are barely down, I don't like how the markets are trading, so far. There is a lot of red in techville (GRMN) and green in Gold.
Today's weakness is fairly broad and has the markings of an ugly day. For now, I have no real hedges, except for a very minor position in MZZ-- but will consider opening one or two short positions "just in case."
Also, it's worth noting the Gold sector catching fire, while the broader indices weaken. That tells me, someone is interested in flight to quality. Not a good sign for the markets.
NOTE: Aside from Gold, there is strength in all the metals.
The following Gold stocks have mojo:
EGO +4.9%
SA +3.6
GROW +2.7%
NEM +2.4%
AUY +2.3%
Today's weakness is fairly broad and has the markings of an ugly day. For now, I have no real hedges, except for a very minor position in MZZ-- but will consider opening one or two short positions "just in case."
Also, it's worth noting the Gold sector catching fire, while the broader indices weaken. That tells me, someone is interested in flight to quality. Not a good sign for the markets.
NOTE: Aside from Gold, there is strength in all the metals.
The following Gold stocks have mojo:
EGO +4.9%
SA +3.6
GROW +2.7%
NEM +2.4%
AUY +2.3%
