Fooled by fool’s gold

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.  

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    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.

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