Catch This MasterCard Move
I remember SPDR Gold Trust (GLD) being relatively boring in July. It was actually in a sideways move that month as I watched some Fibonacci time cycles that suggested a breakout one way or another. But, on July 25, a price decision was finally made when a gap to the upside took out the July 13 swing high. Our next move, therefore, was to consider buying on the next pullback. Some of these parameters were discussed in my late-August piece.
GLD -- Daily Source: Dynamic Trader View Chart » View in New Window »If anyone out there missed this move in the GLD, this old chart is not meant to make anyone feel bad about that fact. Rather, it's meant to explain my thought process for the next possible move in another chart -- that of MasterCard (MA), in which I'm seeing a similar pattern. After a fair amount of sideways activity, this stock is finally breaking out nicely above a prior swing high that took place Aug. 14....224 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.
Already a Subscriber? Please login.
