STICK THAT LANDING

Thx Alex I am just blown away we didn’t even come close to last weeks high in gdx. My feeling is this is beyond weak and makes me nervous. My lotto calls should have done well and will be a zero but Thankfully I really have no leverage and tons of dry powder or I would be really frustrated. Hopefully the spark lights today and we get that 4-5 percent push when market open 🙂 ty for the continued excellence every day!

Alex- hadn’t you mentioned PPP recently? I wonder if something bad happened to that miner- does that look like a chart that will never get fixed, or a contrarian buy point? Thanks for your view–

All the marijuanas getting hit due to the White House statement yesterday…even the medicals..

Alex, been out of the country, spotty internet so excuse me if you already answered this question. Are we starting a new cycle in Gold and Miners? Or are we somewhere in the middle? Unclear?

Some people ask why I use 15 min charts if I’m a long term swing trader. Today is a perfect example. I wanted to add to my JNUG because I think it “bottomed” on Wednesday at $9.98. So I use my 15 min chart for a good entry point. If you were just watching the pop in gold this morning, you might be tempted to buy miners at the open. But my 15 min charts told me that miners would DROP at the open, and most likely retest yesterday’s closing price. So I watched and waited, and sure enough JNUG dropped to a LOD (so far) of $11.10, two cents below yesterday’s close. I then watched my 3 min and 5 min charts for signs of a reversal. Once I saw that price was starting to go back up again, I bot around $11.18 to $11.24 in my accounts. But it ain’t over yet. Miners are still a “sell” (down trend) on my 15 min chart, so they may continue dropping today. But I’m betting the LOD is in. So that’s an example of how and why I use short-term charts for long-term trades. BTW I am NOT a “stock guru” Alex is the expert! I’m just posting what I do because some people here have asked for an explanation.

how about CENX SN UGAZ ???

I’m out too. Perhaps this is the top of the 2nd DC and the miners are the tell.

Hedge funds maybe be buying physical first so why miners limping along.
Hearing large buys hard to come by with huge premiums.

For those following the marijuana issue – there are some 5 or 6 “acts” that have yet to be brought to vote on in Congress…..Marijuana Businesses Access to Banking of 2015, Ending Federal Marijuana Prohibition Act of 2015, Medical Marijuana Research Act of 2016, Cannabidiol Research Expansion Act, CARERS Act, Respect State Marijuana Laws Act of 2015 – some of these are trying to get the classification of marijuana changed, some trying to say that states rights should be honored, etc. – the one that the govt. is currently operating under is the Rohrabacher-Farr Amendment – which is a rider to the federal spending bill – and it prohibits the U.S. DOJ from using congressionally allocated funds to prevent states from implementing their own laws that authorize the use, distribution, possession, or cultivation of medical marijuana…..there was a case that came up that showed this provision specifically restricts the DOJ from spending money to prosecute individuals who are in full compliance with the medical marijuana laws in the states where they operate. This bill has to be renewed every year- last year there was bipartisan support throughout the legislature and so the amendment survived reauthorization last year. From what I read it seems as if it would be supported again this year when it comes up – this doesn’t seem to address the issue of recreational marijuana, but since some states have voted it in then maybe they are thinking the govt. will leave them alone and let them have the final say on their own laws….? .. ..just thought I’d toss this out for information….