Prosper Trading’s Gold and Metals expert, Patrick Assalone, initiates a long-term short position in the Gold ETF (GLD). GLD is one of the most popular ETFs in the world, offering exposure to an asset class that has become increasingly important to the asset allocation process in recent years. GLD can be used in a number of different ways; some may establish short term positions as a way of hedging against equity market volatility, dollar weakness, or inflation. Others may wish to include gold exposure as part of a long-term investment strategy.
This first MarketProfile (MP) chart is for the GLD ETF. It is showing us current volume at price:
This second chart is what he calls the “Algo” chart. It highlights where he got into his initial position and also shows where he added to his already bearish position:
GLD INITIATED WITH 250/SHARES SHORT @ 126.34. ADDED ANOTHER 250/SHARES SHORT @ 126.00.
THIS IS A LONG TERM HOLD