The Art of Adjusting Butterflies
Strong earnings from Cisco Systems (CSCO) are getting trumped this morning by troublesome action in Apple (AAPL). What should have been a strong day for tech is now upside-down, with tech now trailing the broader indices. The weakness is trickling into other big names, such as Google (GOOG) and Priceline (PCLN). The action here warrants caution, as does that in gold.
I am now neutral on my gold position. I still hold SPDR Gold Shares (GLD) December call spreads, but I've also picked up some ProShares Ultra Gold (GLL) shares against that position. GLD tested $171.80 yesterday, my stop point, but managed to rally a little into the close. The second move below the $171.80 level this morning triggered an alert to take protective against on the position....465 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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