In what could be one of the biggest days on Wall Street, I could actually miss today’s opening bell…
Folks, I’m writing a little early because I may have Jury Duty today. I won’t know until 9am but if I do, my day is shot. It’s rare I miss the open but it is what it is. So, before I hit the bricks futures are up.
Yesterday was a lackluster day as both the bulls and bears tried to position themselves ahead of today’s unemployment report. Trading was choppy but the bulls won yesterday’s round as the Dow gained 64 points, or 0.7%, to finish at 9,344.
It was all about Gold yesterday as the precious metal gained $19, or 2%, to finish at $998 an ounce. I said yesterday morning that “I wouldn’t be surprised to see us break this level ($1,000/ oz.) over the short-term”. We hit a six-month high of $999.50. Gold had been in a tight trading range and has added about $45 over the last three trading sessions.
There were two standouts in yesterday’s action. Although they weren’t “official trades” Gold Fields (GFI, $13.73, up $0.53) and NovaGold Resources (NG, $4.42, down $0.20) were profiled as a way to play the move. NovaGold managed to trade as high $4.85 and the Gold Fields September 13 calls (GFIIM, $1.10, up $0.45) added another 70% on top of Wednesday’s triple digit gain. They traded as high as $1.40 after opening at 80 cents and trading to a low of 70 cents. Good enough for a double, folks.
There could be something very interesting happening with Gold. It’s almost a given we break thru a $1,000 but is it the start of something bigger?