QID XAU 043007

Every market has points of pullback. I’ve come to realize they’re not worth trying to catch. There’s usually plenty of other trades to keep busy with. Today, one of my trading buddies was commenting on the Dow Jones 30, and it’s non-stop run lately. As a trader, I looked up the Proshares Ultrashort for the Dow 30. DXD didn’t really interest me. I went with QID instead. One aspect I looked at on the QID chart was the distance it was trading from the 20 dma. It’s been rare to get as far as 3 points away. That was one factor in my decision to go long. QID popped at the open, but the market provided trades on the long side, moving the ETF back near the opening price. I bought QID as it’s trading pattern made a higher high buy signal. A stop was placed under the day’s low. Shares were added as the opening bar was cleared. A little combination of instinct trading, and technical analysis, made up my online stock trading today. 1/3 was sold near the close. I’ve got a 49.20 target for the 2nd 1/3, and 50 for the rest.

Gold stocks continue their dip. I’d be losing money had I stayed in. Protect your capital.