Gold silver and oil have broken out above thier 50 and 100 day moving averages and continue to climb, pegging the momentum indicators along the way, they could stay pegged all the way to $1000 per ounce which is not so silly an idea now is it?. For GLD you can see that it is at a 52 week high having broken the range of consolidation in the 89 to 92 area, so thats the line in the sand, long above 92 for GLD. We will dump the remaining short shares on IAU after the open.
As for silver SLV what can you say? The chart for SLV shows pure break out, 20 is soon to be had, long above 17.
Oil is interesting. USO closed at it's all time high of 79.32 last night. The chart shows two prior entries above 76.00. If USO fails here and crashes back it would force a triple top to form on the chart. Triple tops being rare tells me USO is going higher.
We are long a full position of GLD from 88.93. We want to take a 1/4 position in SLV and a 1/2 position in USO as soon as the opportunity presents itself.
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