Wednesday, September 2, 2009

Itz Pix: Portfolio Update

It looks as if the correction has begun, with the a positive ISM # not helping along with the ADP report, Friday should be extremely pivotal. That's when the August Jobs Report comes out. My view is that the jobs number will disappoint and the selling continues, especially as we enter a 3-day weekend. Gold had a technical breakout, as I have been calling for. Starting to look as if $1000 will be tested, maybe a new high set. However, I think that it may peak there, inflation still has not raised its ugly head. As I posted earlier today, September has normally been a bullish month for gold as too a bearish month for equities. I would say one should buy protective puts on any gold positions. Yamana Gold (AUY) was up 12.85% & Hecla Mining (HL) +8.3%. My downside target on the S&P 500 ($SPX) continues to be 950. Stay hedged using the ProShares ETF SDS, maintain a stop at $42.
*portfolio began on July '09

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