Patience is the word and trading tactic of the day, as a special Presidential address after the close of trading today will likely ignite the next leg...up or down...its an even bet as of mid-day Wednesday. The big picture is still bearish, but that doesn't exclude the potential of another several percent higher before the rug gets pulled. Our Big Oil bets took it on the chin today, triggering profit-taking stop on the CVX Jun $200C, which closed yesterday above $15, started today above $13, but was stopped soon thereafter as it quickly triggered its 50% Trailing Stop. Our entry was at $3.80 back in early February. Don't be surprised if we get back into CVX calls in the days-to-weeks ahead. Exited via 50% Trailing Stop @ +230% As for Gold, we are up nicely after just three days, with plenty of time left before June expiration. Another leg down is possible, but more upside from here is the more likely course. Once call is up 75% or better, move stop to B/E reducing risk to -0- and at +100%, the 50% Trailing Stop takes over. Once call is up 75%, move stop to B/E; once up 100%, it becomes 50% trailing. Spot Gold Breaking above the Wave 4 channel about $5,200, is needed to add to positions.
