Friday, May 15, 2009

Bookkeeping: Adding to Powershares DB Double Gold Long (DGP)

The boys are back in town?

I noted silver had a quite substantial move the past week, and now gold is making a nice series of higher highs and higher lows. Based on chart alone one would think GLD has a chance for $95 before any serious roadblocks. I added to my Powershares DB Gold Double Long (DBP) on this strength.

Remember as noted in [40,000 Point of View on S&P 500] we have 2 support areas right next to each other; the 20 day moving average and then S&P 875. We now are back at the first support - if these both break, the whole story changes and it's bear time. Gold might be foreshadowing that... or not. Until then, I'm ambivalent ... but it is quite amazing how quickly the story can change (per squiggly line analysis) with just 10 S&P points. Green shoots can turn yellow quickly... news ignored for months can matter again. We shall see.

Long Powershares DB Gold Double Long in fund; no personal position

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