I hope to publish three or four posts per week to record my thoughts about the market. I will use broad brush strokes to describe my activities, but nothing I write should be construed as a recommendation. I will highlight my fears and uncertainties because that is what stockmarket trading is about. Comments are invited to help me and readers better understand what is happening.
Tuesday, 30 August 2011
Phew! There's a stroke of luck.
I was out for most of today. But before I went I bought some more gold and held on to my silver. Came home to a tidy profit. The chart shows the support line that I used to justify buying the gold. Sliver is looking a bit less positive, but I have a nice profit there too (see chart from a couple of days ago.)
The Dow is more of a worry. It has poked its nose above the resistance line I drew, but not enough to be a convincing break out. The bulls are pushing but the bears are still out there. Volume has declined. The picture drawn by the S&P is slightly more bullish, but nothing to write home about.
Most of my UK bottom fishing stocks (bought at the bottom of the fall continue to do well (KFX, WLF, NWR, ISAT).
The balance of my portfolio is: Gold and Silver 19%, Equities 17%, Short Index ETFs 9%, Cash 56%.
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