Sold DBA
March 27th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument.
Out, $38.58. I’m really fickle when playing the falling knives. I don’t like seeing rising prices on declining volume, like we saw yesterday. On a move like this, it could mean that it’s a sucker bounce, and it’s sputtering. When it pulled back this morning, I took profit.
* This is not a good way to make money. *
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@ Kevin – good call. Nothing wrong with hitting singles, they keep you in the inning. I’m embarrassed to say what my technical indicator is, so I won’t, but I see DBA, GLD, & SLV all being weak for the short term, but I see nothing changing their long term bullishness, so I’m staying long and will add my to my fave junior miner if it decides to show some weakness.
As for oil, I see it doing the Michael Corleone bit from Godfather 3, “I keep wanting to go below $100, but they keep pulling me back up…”