Gold is really running. The eight day EMA for GLD is about 89.50 in the daily chart (Link 1). In the 15 minute time frame the eight day EMA is about 91.50 (Link 2). We want to stay long above this average --15 min.-- as long as it is upward trending. But we have to be careful as the gap will probably fill before the next leg up. So, place temporary stops : for 1/2 a position @ 89.50 and 1/2 @ 88.50. These stops are a little wide in my mind, but should keep us clear of the gap and the specialist.
Sell 50 shares GLD @ 89.50
Sell 50 shares GLD @ 88.50
Link 1:http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=gld&sid=0&o_symb=gld&freq=1&time=4&x=33&y=15
Link 2:http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=gld&sid=0&o_symb=gld&freq=7&time=3
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