Well, this morning the market looked at me the wrong way and now I am free of RGLD & AUY, the two major gold stocks which were held for a short period providing great profits. Everything else is still held. The dollar has not broken despite the hoopla, and it is always a good time to book profits.
With the activity of the last couple days, I found myself down to cash levels that were not consistent with my current risk management regime. I still hold significant exposure, especially in the junior and exploration space. But I want to seek out that blessed state where I care not whether the gold stocks go up or down.
I have not been able to wrap my head around the China derivatives default hype and taking some profits on gains that blow up out of nowhere is my tack. As is not being greedy. That said, the HUI technical target has not changed. Nor has that of gold off of the sym-tri break out. But there is a lot of noise out there now and this noise may not care about targets.
Remember that I am the guy who buys fear, bottoms and flat, boring consolidations. I am not the guy who can guide you through euphoric upside blow offs. I am a profit taker when the market is kind enough to reward the hard work I did by buying when not many others wanted to.
