Gold Hits All-Time High

1:00pm (EST) The bulls have pushed the Dow to another triple-digit gain and gold has hit an all-time high of 1,044 today. Stocks are seeing their biggest gains in over two months as Gold and Energy stocks are zooming. Halfway through the trading session, the Dow is up 140 at 9,740. The S&P 500 is higher by 15 to 1,056, while the Nasdaq has gained 37 and is at 2,105. Gold stocks are up 6%-7% on average. Barrick Gold (ABX, $39.00, up $2.09), Gold Fields (GFI, $14.90, up $0.93), Goldcorp (GG, $41.72, up $2.40) and Newmont Mining (NEM, $46.22, up $3.02) are the major players doing well today. Oil is up $1.37 to $71.78 and continues to rebound from last week’s sell-off. One of the stocks we were watching was Exxon Mobil (XOM, $68.81, up $1.23) and I said I liked it at $66 on Friday. The stock traded to a low of $66.11 on Monday and that would have been the perfect time to pull the trigger on the November 70 calls (XOMKN, $1.50, up $0.35) which are up nearly 40% today. The trade may already be busted which is why I listed the options outside of the Members Area. In other words, this is not a trade recommendation, just an observation on how I let that one slip through the cracks while traveling. We are still watching Research In Motion (RIMM, $66.12, up $0.70) but I don’t trust it…]]>

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