TCM Notes : 9/4/09

• Short gold here on overbought conditions despite a technical breakout. Looking to cover off the jobs number. If the market finds hope in the number the dollar should rally sending gold and the associated miners lower. Long GLL at 13 with a stop at 12.97. Target is the 9dma on a daily chart which currently rests at 13.97. So risk .03 to potentially make .97. Don't really get that set up too often. Looking for a gap up to sell in the morning. If not the stop takes me out, and I look for the next set up in GLL. I may be too early here, but the crowd around gold now is inexperienced at best. And that will provide a great short opportunity once the metal shows some signs of a reversal. Hopefully today.