Friday, April 3, 2009
Stopped out of SRS
for a small loss today while at the day job. Glad I used the stop loss as SRS got killed today. I should have used the money to buy gold stocks instead, as they went on deep discount sale today. I am putting in a buy order now with my final remaining speculative funds (not much as I am already just about all in) that I hope will trigger at the market open on Monday to buy more Goldcorp (ticker: GG).
Those long the gold sector, don't despair - gold is volatile and this is how short-term bottoms are made. Weak hands get discouraged, sell to the strong and then things turn on a dime and the gold bull roars ahead. A panic reversal day, where a steep plunge is followed by ending the day up (i.e. a "hammer" reversal candlestick for those into candlestick charting) may occur next week and send us off to the races.
Busy over the next week so posting will be light. The April-May rally in gold stocks is imminent and these final legs up can be fast, volatile and strong, so buckle up!