TOT daily traders went 300% long at SPX 1608.30 at 9:45 a.m. The SPX is currently up about a point from there. Sell the position at SPX 1615 limit or at SPX 1600 stop, whichever comes first.
Misc. note: On the overnight hotline, I said, “I believe the selling in gold is just about over, and I also believe that the gold mining stocks will outperform bullion in the very short term. By my measures, exhaustion levels in the mining stocks have been reached, and rallies almost always occur from such levels.” FYI, in case you’re not watching, gold is up a tiny percent right now, but Newmont Mining (NEM) is up 5% and the Power Shares precious metals fund (DBP) is up a bit over 2%.
Thanks for the opportunity to be of service, and I’ll email you again sometime during trading hours.
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