Any hopes for capitulation and a bottom were shattered today as the market nose-dived. The nations financial system is falling apart and people are selling, and I don’t blame them. Eventually the selling will stop, but there is no telling when. Until that happens, cash is a good place to be.

In Sundays post, I pointed out that the dollar has pulled back (via UUP), and if it continues, to look for opportunities in USO, GLD and commodity stocks. Well, the dollar has continued pulling back, and oil (USO) finally moved today. But it’s most unfortunate that I didn’t get positioned in GLD then, because what a day it had today, with gold’s biggest move ever. GLD, moved up over +11% today.

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Gold stocks followed as well. Check out the moves in ABX, RGLD, AUY and DROOY, just to name a few. These could continue moving for awhile, so I plan to watch these for opportunities, but I don’t want to get caught chasing. Perhaps after a pullback and rest, we could see another move.

Trade Ideas for 09/18/09:

None, although I may watch the above mentioned gold stocks for quick trading opportunities.

Good luck and good trading!