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Thursday, January 15, 2009

Intel is up after hours, RIMM zoomed ahead and GLD looks good

Exactly what I wanted, so I am keeping RIMM calls for now with a stop nearby.

As for GLD, it looks good for now, though its been rejected at some trend lines pretty often.
The ECB ( european central bank ) reduced rats by 50 basis points to 2.00 . The reaction to that news was the US$ weakening a bit against the Euro. Why? I guess because the move was expected .
Anyway Gold seems to have rebounded after the recent weakness , there is resistance above for Gold but lets s where it can go. See the chart here for GLD ( ETF which mimics Gold ), the blue trend lines will prove to be resistance but if those are cleared we are not away from $1000 for gold.

After market Intel news is being taken well as the stock is up a bit and futures are up, but what will happen tomorrow is another story.
I am expecting some pullback again before a decent rally next week. AMZN seems to have run away, but if it goes to 48 area again I will buy it.
I like GDX too but it can still touch its 50 dma at 26.76. GDX at 25 would be great but maybe it will not go there this time.

USO, crude Oil ETF is refusing to go down much and crude oil itself staged a bit of a recovery . I have my eye on that , If Oil runs from here to 50 again , the profits will be huge.

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