Crypto Crush
11.39 am I don't track the crypto currencies too closely and like most investors wish I'd been smart enough to buy some earlier. I was discussing with an investor friend whose son has made a small fortune in them what the best strategy would be. The conclusion was that at this point it must be purely a trading proposition rather than as an investment since the primary uses seem to be crime and avoiding currency restrictions in places like China. He made the point that the transaction costs are too high for trading so I've probably dodged a bullet since the price has collapsed in the face of a Chinese crackdown.
A few people have suggested that gold might get a boost as some of the crypto currency investors move into the metal and that may or may not have happened. Gold is riding high but the North Korea situation is driving that and it's not going parabolic yet although the chart shows acceleration.
I have longs in two gold stocks, Evolution and Resolute. Evolution is up 4 to 254 and RSG is down a half cent to 126. They both look fine to me and I'm thinking about adding to my positions.
2.29 pm I added a little of both of these though I've sold the extra out in EVN as it has pushed through to 257.
One stock I'm interested in is IGO. I thought it might find resistance at 360 but it has roared through in a very strong performance. I don't want to chase it intraday as it's a little stretched but this sort of driving day will generally follow through with more gains in the next session so I'd like to buy it on the close.
4.26 pm I reduced but still kept some EVN and RSG and also bought IGO at the match. There were a couple of new shorts. One of them is SUN. It's ex dividend now and has had a fairly weak flat three wave correction.
The market rallied most of the day after a weak start to close 4 points higher. Gold has held though so it looks like everyone is having a bob each way. Me too, I'm long a couple of golds, a couple of resource stocks and short a couple of ex div financials.
A few people have suggested that gold might get a boost as some of the crypto currency investors move into the metal and that may or may not have happened. Gold is riding high but the North Korea situation is driving that and it's not going parabolic yet although the chart shows acceleration.
2.29 pm I added a little of both of these though I've sold the extra out in EVN as it has pushed through to 257.
One stock I'm interested in is IGO. I thought it might find resistance at 360 but it has roared through in a very strong performance. I don't want to chase it intraday as it's a little stretched but this sort of driving day will generally follow through with more gains in the next session so I'd like to buy it on the close.
4.26 pm I reduced but still kept some EVN and RSG and also bought IGO at the match. There were a couple of new shorts. One of them is SUN. It's ex dividend now and has had a fairly weak flat three wave correction.
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