Friday, January 18, 2008

Quick Friday roundup

The S&P did manage to get a 1350 print today, but only for a fleeting moment. I wasn't nimble enough and gave back a big chunk of the profits made in the last couple of days. Oh, well. That should teach me a lesson not to trade against the trend!

On the other hand, I started rebuilding a trading position in PM equities. I had predicted earlier that we would see a spike to below 430 on the HUI and this is exactly what happened today. I can't preclude the possibility that this correction has more to run in terms of time but in terms of depth it may have run its course.

UPDATE
After taking another look at the charts and noting also that I didn't quite hedge myself above -- like any good prognosticator worth his salt always does. So here's the other interpretation: we're starting the b part of an abc move that will take us down to 400. If that scenario pans out, it would be a "back up the truck" time for me.