COF, Gold, UCO, YCS Updates

 

In late September we shorted Capital One (COF).  Our stated stop level was hit earlier this week, causing a small loss of 1.5%  

We had stated that we'd consider going long if the stock was trading above $73, however we've chosen to stay away from it for now.


Last weekend we posted a chart showing that gold had broken a long uptrend and was likely to drop.

Gold fell hard the next day, and has dropped 5% ($66) to today's low. 

Gold is now due to bounce, although we believe it'll go lower in due time. 


Last weekend we also posted our belief that oil would rally to "at least near the $50 in the near term". 

Oil hit $50 today, and our UCO position is up over 26% at today's close since our entry just two weeks ago.

We'll sell half the UCO position tomorrow.  On the remainder we'll leave our stop in place, intending to close out if oil drops below $42. 


Our YCS position, to effectively short the Japanese yen, is also up nicely since our recent entry.  We'll raise our stop level by $1 to $59.90 


 

 

 

 

 



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