Cancel that last letter. It was written before the market closed. If anything today is a buy signal in GLD.It is our usual practice to wait till the close to exit. We broke that rule today and the market made us pay for it.
Fooled by fool’s gold
- Post author:WHC Bassetti
- Post published:March 19, 2009
- Post category:Letters
- Post comments:1 Comment
This Post Has One Comment
With stocks it is usually clear when the market closes since there is just one market (NYSE, NASDAQ,etc) and a bell rings to close it. With gold though, there appear ti be many “markets” – COMEX, GLD on the NYSE, the London Fix, Hong Kong, etc. So how do you ever know when the market “closes” ? My thinking is that if you you act in a trader mode, selling on the down gap this morning was the right thing to do – who knew the WSJ was going to come out for buying gold later on? Then when it made its one day reversal, you go back in and buy. Investors, I would think spent the day on the sidelines since the upward channel was not really breached.