Gold And Oil Rally

Today Gold and Oil rallied rather sharply. Crude Oil was up $1.98 and Gold was up $7.70.

For the past few weeks I've been long commodity stocks and that is where I've been making my money so far this year as far as trading on this blog is concerned. I'm still looking for GLD to test the highs from last May which is a bold objective but I'm going for it. I will scale out of some shares as the market moves higher, but I will try to always hold a core position with the hopes of a larger rally.

Last week Gold was down about $10 in one day on "fund liquidation". On that day I posted a comment that even with that down day, the uptrend was still intact. Looks to me like some weak longs got shaken out.