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Friday, January 30, 2009

GOLD breaking out

If GOLD closes here , then it will have qualified as a breakout above resistance.
Click here for the chart.
It has done good but should extend further, but if it falls back below the resistance line, that will be a short term issue.
BRCM is down a lot and AMZN is up a lot. I kept BRCM calls and sold my AMZN calls before yesterday.
Well that turned out to be a bad call but no worries , BRCM premium was low anyways but AMZN premiums were high. If it wold have been an AMZN miss I would have lost a lot more. Its the risk/reward always.
RIMM is not giving up, I think it will break resistance soon or pull back toward 50-52. I will not be patient with this one though.
USO is doing nothing, just wandering in a range. But I am expecting a short upside breakout , just a trade, long term Oil might not go far.

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