Zeev's Turnips Patch-No Politics (ZEEV)

[Zeev Hed]

These are initial positions, the chart of gold indicates a possible breakout, if the market is indeed reaching a dangerous point here, such a gold breakout could lead at least to a retest of the $385 or so, maybe even a marginal new high, could ensue. I do not expect a take out of $400, though, but if the panic in the equity market is severe, it could happen (particularly if the dollar gets back to $1.18 to the Euro). Since there is an equal likelihood that we retest the mid $350, plans are, however, to double up, if the market continues up with the dollar. I have no idea which way it will go, so I started early. The doubling up positions are: RGLD if it gets to the $19.5 to $21.5 range, DROOY in the $2.15 to $2.25 area and NEM just under $35. This position in gold reduced cash to just under 60%.