Sticking With Gold

 | Jun 11, 2012 | 10:33 AM EDT
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I don't think anyone is too surprised that the opening gap was sold. Perhaps the selling was more aggressive than anticipated, but it was hard to believe the market could run much on the Spanish news after the big jump last week and continued issues in Italy and Greece.

There wasn't much to do on this open but sell them if you had them, then wait for the setups to develop again. The market is a bit technically extended and this pullback isn't a bad development. Back and fill is needed for a better foundation to make an attack on the upside, and maybe crack the downtrend that has been in place for six weeks.

Apple (AAPL), which is my stock of the week, is holding up well as market players look for news out of the developers conference, but there isn't much leadership other than that. Google (GOOG) and Amazon (AMZN) are red and most of the early leaders faded quickly.

I'm continuing to track the gold trade, and I am looking to add to my minor position in Direxion Daily Gold Miners Bull 3X (NUGT) on weakness.

Other than that, I'm taking it slow and waiting to see when the market finds support.



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