UPDATE: Jon Najarian’s Gold Trade
If you’ve been following Fast Money you know that Jon Najarian has playing gold through the Gold Miners ETF .
When compared to the Gold ETF he feels the miners are trading at levels that are too low.
On Friday’s Closing Bell Najarian tells Dylan Ratigan," now I’m long the miners ETF and short the GLD against it. However, “if the spot price of gold breaks below $850 I’m out of this trade.”
He also says options action in three mining stocks suggest they too could move higher; Ivanhoe Mines , Gold Fields and Harmony Gold .
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Trader disclosure: On Feb. 27th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (DNA) Calls; Najarian Owns (DOW) Call Spread; Najarian Owns (FCX) Call Spread; Najarian Owns (GDX) & (GDX) Short Calls; Najarian Owns (GS) Call Spread; Najarian Owns (MSFT); Najarian Owns (MS) & (MS) Short Calls; Najarian Owns (MOS) Stock; Najarian Owns (V) & (V) Calls; Terranova Owns (OTS), (DIS), (FXC), (XBI), (BRCM), (WYNN), (INTC), (DELL), (JOYG); Terranova Owns (AMGN) & (AMGN) Puts; Terranova Owns (IBM) Call Spread; Macke Owns (MS), (GS), (SDS), (TM); Finerman's Firm Owns (MSFT), (RIG); Finerman's Firm Owns (DNA) & (DNA) Calls; Finerman's Firm Owns (BAC) Preferred; Finerman's Firm Owns (WFC) Preferred; Finerman's Firm Is Short (IYR), (IJR), (IWM), (MDY), (SPY), (USO)
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