However if you’re a short term trader both Ilczyszyn and strategic investor Dennis Gartman are skeptical.
”I’d be bullish but a lot less bullish than I was – I think it’s time to cut the position by half,” says Gartman. Largely Gartman thinks gold is too crowded.
”We’ve gone $100 in 3 days,” adds Ilczyszyn. “I’d also take profits and maybe even go short. We’ve just gone too far too fast.”
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Trader disclosure: On Aug 10, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour owns (AAPL); Seymour owns (BAC); Seymour owns (CSCO); Finerman and Finerman’s firm own (AAPL); Finerman owns (BAC) and Finerman’s firm own (BAC) leaps; Finerman owns (JPM) and Finerman’s firm owns (JPM) stock and (JPM) leaps; Finerman’s firm owns (M); Finerman’s firm owns (MSFT); Finerman's Firm Is Short (IWR); Finerman's Firm Is Short (MDY); Finerman's Firm Is Short (XRT); Finerman's Firm Is Short (SPY); Finerman's Firm Is Long S&P 500 Puts; Finerman's Firm Is Long Russell 2000 Puts; Nathan owns (AAPL) call spreads; Nathan owns (BAC) put spreads; Nathan owns (CSCO) call spreads; Nathan owns Gold puts; Dennis Gartman is long the Yen; Dennis Gartman is long Gold; Dennis Gartman is long Crude Oil
For Brian Modoff
(CSCO) is an investment banking client of Deutsche Bank
Deutsche Bank has received non-investment banking compensation from (CSCO) this year.
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