GOLD NEW HIGH - 1,437.7 U.S. dollars per ounce - S&P 500 shows weakness

1,437.7 U.S. dollars per ounce..... new record high congrats gold.  

With oil hitting $102 today, I would expect more downside on the S&P 500.  I mentioned this weekend that I expected the S&P fall.  Monday allowed me to take a small position in call option for SDS which is an inverse 2x bear S&P 500 ETF.

I don't have the technicals up but they look quite negative at the moment so a test of the 50-day MA at 1294ish is likely. It the market doesn't handle the 50 Day MA very well, next stop would be around the 1270 level.


Also Picked up a Copper option for CUM.TO

Copper mountain mining if it manages to get above the strike price of 7.00, there is a strong likelihood that it could test the bollinger band about 60 cent away.  With still a decent amount of time value left a move to 7.50 over the next 2 weeks would result in a very profitable trade.  However, there is decent downside risk.  If the 50 MA doesn't hold up, the next major resistance is under $6.00 putting this option deep out of the money with the options Ex date at April 16th.