Monday, April 06, 2009

Backing and filling

I am not trading this market.

I am holding my core positions in oil and ag. aet.un and VT.

I also hold a trading position in gold. In kgc and au. Gold has taken a bit of a beating the last 3 days but I believe it is oversold and any meaningful pullback in the markets will see a big rebound in gold.

Otherwise trading in this market has been difficult. I have been trying to play the short side with SKF but the market has refused to go down so far. Last hour of trading has also seen much program trading pull the markets up. I've been taking small losses on SKF daily as I don't want to hold it overnight, but I am ready to pull the trigger and long SKF whenever there is indication that the market is ready for a fall.

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