We were filled at 26.44 per share on the SS0 (S&P 500 Pro Share Ultra).  Today the SSO closed at 23.65.  Even though we’ve had two huge days in a row we are still 10% lower than where we sold it last.  I hope we don’t have to buy it back higher – but if we do, we do.  

Obviously a huge day in the SPY.  We dumped the SPY at 85.35 in the M48 model.  Today it closed at 85.03.  The M48 is still 100% cash.  I’m looking at USO for the M48 model.  Looking – not buying yet.

Thoughts – not recommendations on Gold and Oil

We mentioned Gold last week on the Pro Investor Show and said it was a buy if it broke out above 775.  The DEC contract closed today at 819.50.  You can play this using the ETF – GLD.  GLD closed today at 80.91.   Resistance possibly at 82-84 range, definitely at 90.  I will wait for it to pull in a little and hold.  If you are already long, I would have a stop at 70 or maybe even tighter at 71.49.

If you are thinking about the Texas Tea – using the USO.  My stop would be placed at 39.36.  Closed today at 44.13.  If you  would like information on a crude futures contract(s) – please email me.

When inflation returns I believe Gold and Oil will trend much higher.  However, always use stops– regardless of time horizon.