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Financial news I consider important, with my opinion, which is worth as much as you paid for it.

Friday, August 27, 2010

Panic Friday

US GDP numbers will be released Friday, and there is wide expectations for some severe volatility. I am not long any stock, with exception of RJA, DBA, SIL, GDX, and GDXJ. I also have long positions on GLD and SLV. I have very few shorts, but there are some.

I will probably hold and bleed through Friday's scary action.

However, I must point out my previous folly, and how I may be about to step in it AGAIN.
If you haven't already watched my post on long term trading signal, please click here and watch/read.

Back in 2009, like an idiot I ignored this signal and closed long positions, and started to short the market as it rallied up into my face. Here I am , with not that many shorts as what looks like a hellish turn for the market down.

For your reference, the long term trading indicator is about to flip over, and we need a 1% distance to officially call this market into a down trend.

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