This period is a very bad time. The gold shorts are piling up, and the DOT ain’t moving up. Things did not go as expected when the Fed announced the rate cuts. Instead, gold set new records and achieved a new all-time high every other day. I had put in an additional $2k USD in anticipation of any volatility on the announcement, but it seems like gold is still getting very strong support.
In fact, I felt so unmotivated that I almost did not wish to update this week’s post, thinking I might have assessed everything wrongly. It is a fact that the confidence gets hit, and the realisation that a significant portion of my side income may all be lost (I do not put my main income in for short term trading as it is risky). I had diverted a portion of my side income meant to buy stocks into short term trading, hoping that the profits will support my stocks portfolio. But it seems that things have gone awfully wrong.
The hype on the gold is still very strong now, and I can only hope that as with all other stocks with great hype, that the downfall will soon be quick and violent before my liquidation. Else, I will have to slowly plough through my side jobs to gather enough resources for another comeback.
Be it the downfall of gold (and hopefully also GBP), or the bull run of DOT. Either one will enable me to live on and fight another day.
Welfare pack for this week:
Download this week’s CFTC Commitment of Traders (big monies) analysis here.
Read more on what is the CFTC Commitment of Traders report.
Do note that the financial markets are volatile and unpredictable. The above report is only another set of tools to help with our analysis, and by no means is a 100% indicator as to what will follow. It should be used together with other necessary research which a trader or investor should do.
