Position Updates & Gauges for Trading on 10/22/2014

Mish Schneider | October 22, 2014

Existing Position: GLD Long 118.26 ATR 1.17 (about ¼ position left)

Name of Instrument: Spdr Gold Trust

Breakeven Stop: 118.26 or no loss stop

Current Price: 120.00

Reason For Trade: After a drop and hold of 2013 lows, and a reversal candle on the daily chart October 6th, the risk is in line to see if this can continue its bottoming formation and test the overhead 50 DMA now at 120.80. Plus, if the geopolitical situation continues to heat up, there could be a flight to safety in the yellow metal.

First Target: Sold 1/3 at 120.05 then sold ½ more at 119.38

P2 for ½ more 121.67

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New Position: CORN: Long 24.75 ATR .61

Name of Instrument: Teucrium Corn Fund

Sell Stop 23.49

Current Price: 25.15

Reason For Trade: Super tight risk based on the lows from 10/07 after it confirmed a slingshot low, then went on to trade above the 50 DMA then retrace back below it. Now, it has cleared the 50 DMA once again for an unconfirmed phase change to recovery. There has been concerns about heavy rain in the growing regions of the US impacting the fall harvest and the supply after a record number were planted before the harvest.

First Target: 25.70 for 1/3 off

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