I fired off an issue to Red-Hot Commodity ETFs subscribers this morning recommending they grab gains on HALF their PowerShares DB Gold Double Long ETN (DGP: 26.79 -1.028 -3.70%). The DGP opened at our first profit target this morning (23.50) but did not trade through it. It then traded a few cents lower. I’m not going to quibble over a few cents. The smart thing to do is to book gains on half the position, raise the protective stop (again!) and set the second profit target.
I’m generally raising stops across the board. This market is riding on a flood of liquidity, so a sharp correction wouldn’t be surprising. Where will it go from here? I’ll have more on that in myFriday column for UncommonWisdomDaily.com
More on this topic
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Gold’s Two-Faced Disappointment
(Investment U, 9/21/09)
What’s the “Fair Price” of Gold?
(Investment U, 9/29/09)
Inching Closer to the Gold Explosion
(Gold Versus Paper, 3/13/10)
7 Reasons Gold Will Surpass $2,500 - And Inflation Isn’t One of Them
(Money Morning, 10/21/09)
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