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Re: Gold question/Wayne

Hi Wayne,
Glad you brought the subject up. I basically ignored it today, and likely should not have, it went up quite a bit.

Any way the full GC contract is ten bucks per dime of contract movement, so your 50 cent band is $50. But the margin is way up there !!!

On Tuesday/Wed. I was shorting the emicro contract.MGCZ11. The trading volume has really gone up since that contract started trading, maybe a year ago ?? I like it because you can add contracts when things go well. It traded over 5k contracts the other day.

The e-micro is a tenth, $1 per dime, but my RT commission is only 10 bucks (actually a little less) so with that you do need a buck move to cover the trade. But, I doubt you would be trading the full GC contract on 50 cent moves either !!

IM, MM, DM for the e-micro is pretty cheap, 1040, 770, 520, For the Day Trading margin you do have to be out by around 4pm but can go back in when the market re-opens at 6pm est . I only bring that up because that's the way it works.

Gold right now is 1771 and was 1715 at 7am. so would have been a good day to pay attention !!!

Tues and Wed were pretty decent, I wasn't sure about today so I left it alone.

On Wed. I had worked my way up to 5 contracts, with plenty of time to get out .... Until the last one when it turned and got me for a 100 bucks as I got "cocky" and got up to take a leak !!!! It didn't take long for the contract to pop up 10 bucks but would have been much more painful on the full contract !!!!

Holler if you have any thoughts on what Gold may be up to !!???
Thanks, Lee

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Re: Gold question/Wayne