Flght to Safety (C&H) - Barrick Gold Corporation (USA) (Public, NYSE:ABX)

Gold took off on the open as many panicked investors, used gold as a flight to safety. Both ABX and AEM went vertical and carved out C&H type patterns for the afternoon extension. Neither reached the full extension, but the early entries inside the base allowed for solid gains.


GRMN was a HCPG pick. I did not take the initial break at $35.00 because price had moved too far. However, the next pass above $34.50 allowed me to take the setup as a target trade. Price easily took out the morning swing high and extended to $36.00. Not bad for such a bearish market day.

FLS was a missed trade due to problems with IB. My order was transmitted but printed pale blue rather than royal blue which means that the order did not receive confirmation of acceptance by the order destination. FLS has a wide spread and I know I should use stop limit orders, but I'm sure that the order desks are filling the easiest instructions first on days like today. Anyway, when I noticed the color code, I canceled the order, price was too far gone to salvage a trade.

Ironically, on such a bearish session, most of my stock trades were on the long side. Every time I pull up a chart of AIG, my Esignal platform crashes. IB is also having stability and execution glitches, so there were a lot of lost opportunities for day traders.

UNH is a trade I took yesterday after reading that they had large positions in LEH and AIG.