GLD is a Buy
GLD was a buy at the close today at a little over $130/share. It is a good time to add more to the portfolio. Of course, it could be a losing play, but I'm betting that it isn't. The charting system I use during bull markets doesn't predict absolute bottoms or absolute tops. Any system that claims absolute insight in market timing is a lie. But, my system gets in the neighborhood. Six months ago I bought more GLD at $118/share. It ended up going lower to about $113 over the next week or two. Today that dollar difference doesn't seem like a big deal. I could be wrong but I don't think it will make much difference this time either. GLD reached an oversold condition on all three of my primary indicators today. The Slow Stochastics was below 10 (at 6.89), the RSI was below 50 (at 35.1), and the MACD was negative (at -0.98). This is the soup I have always used to determine entry points in a bull market. So, this marks a buying opportunity for GLD, even as hedge funds a