Wednesday, August 24, 2011
Trade Update: IAU
There is the chart of the IAU. It looks exactly like the chart for GLD, only the scale has changed. Yesterday we went short the hundred shares of IAU at $18.33. Last night it closed at $17.81, but I think it has a lot farther to go. The stochastic has finally begun to turn down from the overbought range. It could go all the way down to $16. More importantly though is that it will probably be quick, so we will have to be on our toes. Right now were just in a move the stop down to the 52-week high of $18.53.
Short 100 shares of IAU at $18.33
Stop at $18.93