The chart above (click to enlarge) shows the pullback in gold prices, which are now nearing support levels. The red line I have drawn represents what had been former resistance levels around $1075. That former resistance is now acting as support, and gold is attempting to bounce from these levels.
I trimmed half of our gold etf (GLD) positions at higher levels, but yesterday I added back a little to play a potential bounce. I don't plan to add back all of our exposure to gold until I see it hold support. Often times there is an initial bounce, and then a pullback to retest said support levels. If this occurs, the second pullback would represent a better entry point. We shall see.
After the close Tuesday night, Micron (MU) and Red Hat (RHT) both beat earnings expectations, and both stocks are nicely higher this morning. Tech is leading the action so far, and energy and materials are strong as well. Financials and healthcare are lagging right now.
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