Why?
I dont always do a Friday report, because the Thursdays report usually also covers what could follow through on Friday. Since Friday is the last trading day of the week, the weekend report covers it all. I wanted to write one today – Just Bcuz.
SPX – This could be a consolidation to push higher or could be forming a bear flag.
Yesterday it was noted that even when the markets were higher in the morning, the usual suspects were not joining in. That would be F.B., GOOG, AMZN, etc.
I decided to look up a few of the old high flyers, and see how they look. MANY looked horrible.
AMZN – it actually looks like a near perfect short candidate with a stop right above current price.
AMBA – From 20 to $130 in about a year, it now looks like a clear double top. It was also a “Short the bounce” candidate, and may become one again.
Yesterday the markets surged higher and sold off by the end of the day. As I write futures are down in a big way, but the jobs report is coming out soon, so that may change. In the weekend report I will discuss again my thoughts on the markets and whether things are still on track. See the last weekend report & other reports if you are new and unfamiliar with what I am seeing.
Sidenote: EMERGING MARKETS are starting to look good. I compared EDZ to EDC and one looks to have topped and one looks to be bottoming. Take a look at…
EWZ ( Brazil) –
USD – ‘Just bcuz’ the dollar is rising, it doesn’t have to be strong. I still see weakness inside the dollar. Will the jobs report change that? I still see 97 or 98 as an upside target.
OIL remains the same . Bullish.
NATGAS – It was good to see it higher on a Thursday, ‘bcuz’ that’s when it usually crashes down a bit. Is this just a back test of the triangle break down or will we move a lot higher? Volume was good, but it needs follow through.
– In May NATGAS ran up nicely, but then it formed that triangle and since then we have seen 3 days up & a reversal. Lets see what NATGAS can do here. A break back inside that triangle and through the top would likely lead to a trade-able move higher.
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XCO is a NATGAS stock that is now up almost 100% from it’s lows…
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Here is UGAZ – I know many trade this vehicle when NATGAS moves higher. 3 days up and then a reversal in the past 2 runs.
GOLD, SILVER, MINERS
GOLD – Price cant get above the 10sma and lost the 50sma yesterday. Many are calling a H&S forming. Many have turned very bearish. They are usually wrong 🙂 Using cycle timing, we are close to a daily cycle low actually. Today is day 30. I would like to see a stop run on $1116.90 and a reversal to put in that DCL. (The stochastics has a little more room to the downside, but sideways action can cure that too).
GDX, GDXJ, and SIL – This is the main reason that I wanted to write a Friday report. The next 3 charts have a Bullish Pattern hidden in them! Personally I would normally buy this pattern, but I can’t recommend it here. It’s not a safe – low risk entry for many. Can Miners break higher with GOLD down? Since These chart patterns would normally be bullish to me, I was thinking that if Gold sold off under $1116 and then reversed higher and Miners did too, you might want to buy that, knowing that Gold is on Day 30 of a daily cycle that lasts 26 to 33 days often.
At a time when Commodities are starting to show signs of life, the miners a tad weak, but likely in a bottoming process.
For those that like to trade I have 3 Bullish chart set ups and they are all commodities. 2 coal and one aluminum. You can watch these since they are at a 1st level of support. If they hold support with todays selling, they could be bought. If they drop, watch the next support right below (Moving averages).
BTU– Coal stock. It may be at support,bcuz the 10sma held last time. This would be bought here and sold if it drops below the 10sma you cannot take a drop to the 50sma.
CLD- Another Coal company that owns 3 coal mines in America, so is affected by U.S. clean air acts. That said , all coal stocks have been rocketing higher lately (See ACI). Someone asked me why ACI & BTU were rapidly moving higher. I looked into news and all I could see was positive news released in early June, so I dont know why. Just Bcuz they were so oversold? I would watch and see if this drops to the 50sma, but it could be bought anywhere here and a stop below the 50sma.
AA – I like the looks of AA, CENX, AKS, X, VALE, FCX, etc . These appear to be bottoming to me.
It’s Friday. Who wants to buy & hold over the weekend lately ? That is why I dont often do a Friday report. Thursdays report usually covers Thursday & Friday. Until the JOBS REPORT is released, it is difficult to see what is really going to happen today . Do you have a commodities watch list and Metals watch list? I like the set ups on many of those, while the markets struggle to gain traction after the recent sharp drops. I’ll cover things better in the weekend report. In the U.S. , Monday is a holiday and the markets are closed. I will be away all 3 days this weekend, so the report will come out late Monday or Tuesday before the open. As always, thanks for being here!
Thanks Alex, I am thinking GOLD goes lower also, 1116 might do it but I’m still looking at 1105. Weve noticed before how the miners like to start moving up then retrace back down to where they started. At that point they move higher. So, I am thinking we get the same thing, and it appears they are starting to do just that. Miners typcially lead the way so I dont see more than an 88.6% retrace (refresh), I don’t see a double or triple bottom. That would be very bearish IMHO.
I’m thinking along very similar lines Bill. Still fancy gold dipping to that 62% retracement level before starting wave 3 and the 2nd daily cycle.
hi C.. in answer to the previous thread.. yes ive heard of those K cycles, and your 5 wave top seems a good interpretation.
Hi SOG. Just one I’ve seen repeatedly over the years and as I said one that cetainly fits with my ‘big picture’ view that has been developing since the end of the last secular bull market in 2000. One thing’s for sure, if that Dow target is eventually hit there will a multitude of ‘buy and hold’ investors shocked beyond belief!!
I have heard of them for years too. I think it was a guy named Cliff that used to always talk about “When the winter comes in the Kondratieff cycle …” and the purge that follows.
I find it all fascinating ‘big picture’ stuff and have the four Kondratieff seasons overlaid on a 100+ year Dow chart. As one commentator stated ” history may not repeat exactly but it certainly rhymes” or words to that effect. As the lessons of prior generations are gradually lost over time future generations repeat pretty much the same mistakes all over again. Once this Kondratieff Winter ‘purge’ is over, we enjoy the Spring and a much more soundly based secular bull market (2020’s to mid 2030’s?). Then another Summer secular bear before another debt and credit fueled booming secular bull as we saw in the 80’s and 90’s. That next Autumn secular bull is due to broadly take place during the 2050’s and 2060’s. Unfortunately I’ll be pushing up daisies well before that next one!! But good information to pass on to future generations!!
Ever look into what the best investment was during the last K- Winter?
Gold..at least until all private holdings were confiscated by the US Gov’t in the early 30’s and PM mining stocks which not only boomed but also paid out very attractive dividends I believe. So very much looking forward to our final ‘blow off’ stage yet to come but hopefully starting just about now! This one could prove to be the ‘mother’ of all PM bull markets!! If I recall correctly bonds also did fantastically well at least in the early part of the Winter..well at least the ones that didn’t end up defaulting but I think that party may be pretty much over and think we can have far more excitement in other areas and most of all PM’s and their mining stocks. 🙂 There may be other things that did well so happy to be enlightened if you are aware of any others.
Appreciate that, I was thinking Homestake too ( It was so popular when it did that huge run). It was more of an industrial age, but also a depression came, so I wondered but do not know how Steel, Oil, etc did. Thanks Chris
Not sure about those either Alex. One major hedge fund manager in the UK wrote in his 2014 year end report that he was anticipating a recession that would be remembered for a hundred years!! So one possibility is that a major depression has only been delayed this time by QE rather than averted. However, one of the major possible twists this time that was not the position in the 30’s is that this time is likely to involve the demise of the fiat currency system. So a possible twist is that although we go into depressionary conditions, hard assets will see demand as a hedge/haven against fast depreciating fiat currencies. So although gold and silver should literally shine in that environment it’s also just possible that we see all hard asset prices jump in ‘paper money’ terms. Just some of the thoughts I have on the back burner and keep a general eye on. Certainly if we started seeing major cycle lows in the CRB and general commodity prices those thoughts would move very much to the front and centre. Just finished reading a book written by a highly regarded Dutch economist…The Big Reset by Willem Middelkoop. It ranks as one of the best books I have ever read and helped me fit together so many things I have read over the years into a much more coherent pattern. I read it in three nights and could barely put it down. Consider it a ‘must read’ for anyone with any interest in what’s happening in the much bigger picture.
Thx
Chris… thanks for this information. Willem is very good.
I know Willem Middelkoop quite well. He and my self are from Holland. There are very good videos from him, of course in Dutch.
Nice you mentioned him.
Wow! Well Geurt if you speak to him anytime please tell him how much I enjoyed his book. He explained things so clearly it was an absolute pleasure to read and helped me fit so many thoughts together. I live on a very small island called Guernsey, part of the Channel Islands just off the coast of France. I’ve been recommending his book to all my freinds here so he is definitely becoming better known in Guernsey now as well!! And I would totally agree with you…he is VERY good. Maybe I will have to learn Dutch so that I can watch his videos as well!! 🙂
I think they have subtitles on his videos. I have seen a few that do.
Actually …try this Chris
http://www.bing.com/videos/search?q=the+big+reset+war+on+gold+and+the+financial+endgame+willem+middelkoop&FORM=VIRE1#view=detail&mid=F63DEF6E8DFB393923AFF63DEF6E8DFB393923AF
Thanks Alex.
According to my data Homestake Mining was in a major bull from the mid 1920’s running from 39 to 93. It plunged to 65 in the initial Wall St crash of ’29 when the Dow dropped 40%. A general market bear rally kicked in that saw the Dow rally almost 30% during which HM also rallied strongly. Then the Dow bear really dig it’s claws in and over the following two years the Dow fell another 85% for a total drop of some 90%. During that time HM rose from its crash lows of 65 to 130 before finally reaching a major top area around 530 in the mid-late 30’s. I suppose one lesson from that is that PM miners could take an initial hit in any general market crash. Just something to be aware of but also that the plunge for them was temporary and they then recovered and soared to dramatically higher levels despite ongoing carnage in the general equity markets.
Thanks for sharing Chris
im only holding onto my small GDXJ core,, becoz $BPGDM is at rock bottom,.. and i know if i bailed it would turn around!
The low must be close
I know how you feel. This whole trade is wearing me down and I feel like I just want out, so I have to fight against that psychology because I think it’s wrong. But boy this has been a tough one to stay with.
No doubt. With the lower end jobs report today one would have thought gold would have popped higher. Oh well. Maybe later today. I’m sure if the jobs report were strong gold would have sold off more.
Man, good to hear that I am not the only one that feels this way. I’m at the point that if I could get back out at breakeven, I’d do it for sure. The other issue I fear is that others that have gotten into this sector recently are going to have the same issue – creating resistance on the way up as people are just thankful for any small pop they can get.
Yeah, but that’s the psychology that always exists on pullbacks, especially deep ones.
How about I bail now which will send it instantly higher. Maybe that helps you guys out 😛
GDXJ has turned Green ( You sold? ) 🙂
Alex .. would you say SUNE is worth a look at?
It’s hard for me to enter one that has been up so many days in a row, because it can drop down to the 10sma.
As soon as I looked at the chart , it reminded me of DOM ( which I had been watching due to the huge 1 day drop in JULY – Often those days offer no resistance, so price just keeps rising). DOM did do a 1 day dip to the 10sma , but kept rising each day.
SUNE is a bit above the 10sma, but it also has a big 1 day drop in August that leads right to the 50sma. It could run up there and tag the 50sma. ( tough call on an entry though – 2 days ago at $10.50 was good)
Given Alex’s view on oil I thought this might be of interest to other CF’s. It’s a 1 hour (continuous) chart for oil. During the recent bear trend the larger bear rallies were broadly capped by the 200 period ema and smaller rallies by the 80 period ema. Now we have turned in a very convincing manner. It looks like a first impulse wave completed on 31 Aug around 49.0 and a possible simple abc correction completed on 2 Sep around 43.0 almost bang on the 50% retracement level and right at the now rising 200 period ema (former resistance now support). Even if we are still in a longer term bear scenario it still looks like we could complete a larger ABC bear rally even if not a major 5 wave impulse. If the C wave ended up equalling the A wave it would potentialy target at least $53 in the near term. It’s interesting to note on a daily chart that $53/54 has been an area of support/resistance multiple times dating back to last December. Back to the 1 hour chart the current pullback is currently finding support at the 80 period ema and so just possible the latest lows are in. A possible area for a very tight stop loss on a long trade? A looser stop loss would be back down at the 200 period ema currently around 44.40 but obviously rising. Just a few thoughts that I hope might be of interest.
OIL looking very similar to GOLD. Can you see the H&S pattern forming?
I can see you point Bill but love the support it’s found at that 80 period ema which provides a nicely developing bullish picture for me short term as things currently stand. But I would certainly honour the stop if that level breaks as it would point to a test of the 200 ema if not something worse. But very interesting looking set up and it will be interesting to see where we finsih the day.
US$:Yen < 40WMA. Technicals suggest going down. There has been a high correlation between $:Y and stocks since early 2000s. Refresh.
And I have correlated GOLDs movement with the YEN too. They bottom & top closely. I did a study on it from 2000 to now a while back.
So we are expecting GOLD to go down as well?
The way I read this Bill is that a Yen rally, which is a drop on the above chart as its USD/JPY is closely correlated with a rally in gold also. I think I’ve got that right!
Yes, the chart above is showing the yen rising vs the dollar. SO a continuation of the yen higher would help Gold go higher.
at last,, appears to be getting some MACD divergence now, with $GOLD on the hourly.
Just wonder with the long US weekend fast approaching whether we’ll just pretty much go to sleep now until all markets are open again next Tuesday!
maybe thats not such a bad thing.. could do to get away from the screen and go push on some bike pedals
Sounds like a good plan. And the exercise will almost certainly help clear your head and allow for more focused and effective analysis when you decide to get back to your screens. I’m one of the worst offenders for not taking proper breaks even though I know it’s important, so should make sure I take my own advice more often!! lol Enjoy your ride and your weekend. 🙂
thx C.. enjoy your weekend too!
Energy update….
WG wins the trophy (Alex, well done!)
CRK biggest loser (out of BB yesterday)
(refresh)
Any thoughts on how low Netflix (NFLX) will go?
over what time frame!?
Lets say before the market starts recovering. Maybe a month
I’m expecting this initial correction to get a lot nastier of the coming weeks and not since a more sustained and convincing bear rally start until early/mid October and potentialy then run into/through year end. So between now and early October and given the insane PE rating this stock appears to be on I would expect at least a test of the 200 ema on the daily chart currently around 86 but could easily envisage a test of the 400 ema and prior major breakout area around 70! That would potentially fray a few nerves for those long of the stock! From a risk control point of view if shorting I would certainly expect the stock to remain below its 20/22 day ema and potentially even the 10 day. Certianly one I’m watching as a possible short candidate. Hope that helps!?
Nice reversal in the dollar, although gold’s not reacting to it very much. Sure would be nice to see gold perking up with dollar weakness!
ALEX, Gold hit your 1116 number today. Was that the bottom? What do you think, buy at the close or what until Tuesday?
Cycle-wise it would be perfect. A new low on day 30, and maybe it’s done.
It’s kind of a very high risk trade though. We are on day 30, but they’ve gone 31,33 , 34days, so it means cycle-wise we are very close and confident of that, but it could be even a few days into next week .
The U.S. markets aren’t open Monday so if gold drops to say …$1110 Monday and $1100 Tuesday, your position will gap open down quite a bit.
The opposite is that today we broke to a new low and could go higher Sunday to Tuesday and miners could gap up higher & run in the second daily cycle.
Clear as mud at this point, so I cannot recommend anything with conviction.
Alex, I do appreciate the Friday report as I know we don’t always get them. To take the other side of the post above – at what point do we realize that miners may are not going to put in a 2nd Daily cycle up? This past March and last May both ‘skipped’ doing that. Thankfully, I am not in NUGT/JNUG, etc. so no 3x ETFs for me right now. However, I am pretty far underwater as I thought we hit the DCL at the last reversal. So, if you have time in the weekend report, maybe discuss the signs of ‘things going wrong’. I can be a bit emotional so it is taking everything I have not to run around screaming that the sky is falling since I KNOW that is exactly the type of behavior that helps put in short-term lows. 😛 But it doesn’t make it any easier, does it? Hope you have a better weekend than my portfolio did.
They both had them, but those examples were of a run higher and higher ( march was bouncing higher) But they both peaked in the 2nd daily cycle. They just didn’t dip as deeply so that you saw the 1st daily cycle low.
I’ll try to point it out in the weekend report if I remember. Have a great weekend Cason.
SO GOLD does have a target of $1095.55 if that was a H&S. I do not think that the E.W. followers could accept that, because it puts the A-B-C correction below wave 1 up in July. Is this correct E.W. followers? The 1-2-3-4-5 that we have discussed on the move upward would not allow it? ( refresh)
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On my continuous price chart I have the spike low in gold in overnight trade 23/24 July at 1072.25 and have that as the start of my larger wave 1. If the current correction is larger wave 2, under EW rules it is permitted to retrace up to but not more than 100% of wave 1. Therefore, my read would be that so long as price remains above 1072.25 its not a problem. So the H&S tgt of 1095.55 would be totally acceptable and in fact is almost banh on the 76.5% fib retracement level. At least, that’s my current read on things.
Thanks, but what I meant (I wasn’t clear) was from the starting point that you mentioned in July , we drew a 1-2-3-4-5 of that ‘1’. I think the very next day ended up being ‘1’ , then ‘2’ would be the next low at the blue trend line, 3 the left shoulder on the above chart, then you see 4 and 5 ( the head). so would that a-b-c correction be allowed to drop that far? Thx in advance.
I don’t know if you can see it yet but I posted a current chart of gold just above yours but will add it again here just to be sure. The 1-2-3-4-5 you label in themselves are the five sub waves of the next larger impulse wave, which then becomes larger wave 1. I have them labelled i-ii-iii-iv-v and they make up larger wave 1. Wave 2, the correction wave, which I’m suggesting could be a simple abc but could become more complex yet (there are 13 different possible correction patterns I believe!!) is allowed to retrace up to but not more than 100% of the larger wave 1 under EW rules. So the price could drop all the way to 1072.25 and still be an acceptable correction of l;arger wave 1. Lower than that and its back to the drawing board!! Does that make sense?
Yes I understand all wave counts, I just had the question for E.W. followers (you answered it ) . Can the a-b-c correction drop below the subwave #1 . I was asking because I posted a H&S target that takes it below subwave 1.
You are saying that nothing is invalidated all the way down to the July lows, so that tells me that it is possible.
Thanks
That’s correct Alex. Not to confuse matters but there is another rule you may be thinking of which is that a wave 4 is not premitted to enter the territory of wave 1. So in this case, as the larger wave 1 was developing, if subwave iv had dropped below approximately 1104 it would have invildated that possible count as it would then have entered the territory of subwave i. But once you have a completed impulse wave of whatever degree (i.e. five subwaves) the following correction is permitted to retrace up to but not exceed 100% of the prior imulse wave, in this case larger wave 1. Oddly enough I never peristed with EW because it just made my head spin but I can still recall some of the basics!!
Yes, That rule was on the back of my mind. I never continued in E.W. studies either, because the basics serve me well, the endless possibilities lead to confusion ( For me). I use Cycles, Tech Analysis, and basic E.W. and some experience with certain patterns that develop , etc and it works best for me.
Have a good weekend Chris. (That video link was last yr. I had it playing & he was looking at SIlver at $25 I think. Still good info. Its just a prolonged correction. )
Thanks again Alex and totally with you on the ‘basics’. The more I’ve looked at and studied over the years the more I’ve found myself reverting to a far simpler approach to TA. Sometimes simple really can be best!! And absolutely LOVING being part of your community. I work from home now in complete isolation, which I love but also love this interaction with you and all my fellow subscribers. Joining your site is one of the best investment decisions I have made! And thanks for the video link, which I look forward to watching. Have a great long weekend also. We had our ‘long one’ last weekend on this side of the pond, so some of us at least will be back at our screens first thing Monday! Lol
agree.. nice
This is my current gold chart re my comment below.
There you go. Miners getting bought up. Just past the 88.6% pullback, hopefully now we gap up on Tuesday. Have a great weekend all.
So the question… Buy now or Tuesday?
I bought at 3:30. If I’m wrong it won’t be for toooo long before miners recover. If Im right I might have a bargain..
True True. I bought the close Thursday with the pattern I mentioned in my report today, but its not a huge position. It’s riskier than normal, so I couldn’t recommend it until GDX/GDXJ at least regain the 10sma.
I just wanted to mention the bullish pattern in Miners and SIL with caution for now. DAily Cycle counts in Gold are close to done here, but those last 2 days can be drop drop! 🙂
Have a great weekend Bill.
Yes, true, true as well, but we know miners generally lead! So gold may go sideways or down, and miners can still go higher. Have a great night
Yes, Miners do often lead , and they did today into the close. OR – Gold drops Monday (US MKTS CLOSED) and is up Tuesday pre-market and we just move up from here with our Miners . Many possibilities, but we are close cycle-wise.
I added a bit of GDX calls Thurs. They were so cheap that the added risk was negligible. Nibbled on GLD at close. Nibbled only.
I’m waiting. I’ve been early tons since the initial July low. Very happy to wait.
Man, I’ve caught the falling knife so often my fingers are scarred. Good luck.
I wear Kevlar gloves when I trade…
Bill, nice work. I thought we put the DCL in a week ago, but I was wrong. And you called it. Nice charting and thanks for sharing.
CASON,
If we go higher from here, that Aug 26 low would be the daily cycle low. It was never broken, it would be the pullback that we always see at DCL’s. I pointed it out in this chart AUG 27 , so we would expect that. And we just did exactly that. (refresh)
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Yeah, I knew about the ‘all the way back down’ part. Then I was counting 4 days from when GDX gave up the ghost last, similar to Nov. So, I didn’t quit yet. But that doesn’t mean I liked it! Thanks for your time and repost!
True, but it sure wasn’t fun. And anyone holding NUGT (not me!) or calls is actually lower now than on the 26th. :
So here’s to next week. Hopefully, I post next week about ‘thanks for throwing that in there so I didn’t sell at the lows – look how well this trade working out!!” 🙂 🙂 🙂
I wrote the below comment because you wrote …
” I thought we put the DCL in a week ago, but I was wrong.” I called a possible DCL Aug 26 –
The below chart shows that if we dont take out the lows, it was not wrong. t looks exactly like the start of DEC 2nd daily cycle, and I drew this chart for that reason. That means everything so far is similar to Dec
This is what I am looking at (refreash), rebound at 88.6%. I hope Maria sees my Harmonica.
I’m sure she will Bill…and be suitably impressed!! Lol Have a great weekend.
ha ha !
LOL ;o) ohhh mannn ..just saw this…. hilarious
… and what a luvly one indeed… :o)
…. still laughing..
FSM (silver miner) put in 5 new 52-week lows in a row! Bullish % index back to 0. really hard to want to go long in that environment, but hopefully that helps us kick back up next week?
Good afternoon!
Just increased my GDX & GDXJ holdings by a third – I’m weighted much heavier in that category than I would ever be if I didn’t think we are near long term lows. This is now a third of my primary portfolio. However, I’m keeping my eyes wide open & will stop out in stages if market warrants.
The risk, of course, is that these gap down on Tuesday – I’ve been rather thinking all week that the big boys would use us little guys’ fear of that to their favor in this last hour. Guess we’ll see in about 64 more hours!
Thanks, Bill & Chris, for your great question & answer below. (Just to be transparent, I probably wouldn’t be taking this risk if I hadn’t booked big gains in & out of shorting stocks these last 2 weeks – those give a cushion to make up for a Tuesday gap – as they say: Don’t try this at home!)
Cal, best of luck! Nice works on shorts. I flat whiffed on that. By the time I realized the plunge protection team had quit it was too risky to enter.
I know how you feel Cason. I think as you know I had index shorts open before the plunges but got cute trying to play some very short term wiggles and lost my positions just before the major drops. Took some profits but they would have been SIGNIFICANTLY greater if I’d not tried to be clever and held for just a few more days. But hopefully we keep learning from our mistakes. I feel sure we will get another ‘bite of the cherry’ at shorting in the near future as I’m still anticpating markedly lower levels by month end before a decent year end rally kicks in. I’m maybe a bit too cautious sometimes and definitely struggle to pull the trigger at times as Alex wrote about in recent comments. However, I have learnt the hard way to be patient and wait for solid looking set-ups before entering a trade and know that I have a clear stop loss level when I do for proper risk control. If I don’t see a solid set-up, I now wait knowing that one will eventually appear somewhere. I also make sure that if my stop loss is hit then any loss I will incurr is well within my comfort zone. If it’s not, then the position size is too large and should be scaled back. Even the very best of traders have to take losses. But what makes them stand out is their risk management. They keep their losses small so that even a whole series of smaller, controlled losses can be regained with just one good win. In some cases they actually even have more losers than winners but still come out ahead because they keep their losses strictly limited. Its certainly easier to write about than do it I know! But it’s a core skill we all need to develop to stay in this race long term. Have a great weekend Cason and try and realx and enjoy a few days off from the markets. You’ll come back refreshed and more focussed on Tuesday and with Alex’s help and that of fellow CF’s, we’ll all make it to the finsh line yet!
Chris, I did the same thing with DUST in Jun/Jul dropping into the ICL. If I recall Bill also did the same. Figured, don’t want to take a drawdown in a leveraged ETF – I’ll just sell when it pops and buy up the dips. Turns out I just bought back higher each time. Now, in the end, I made money on that plan, but I would have done way better if I just held the first purchase through! It was trending so wouldn’t have been that hard. Holding miners long through the current environment? Now, that’s tough.
Definitely nothing easy about miners at the moment!!
Well done on those short trades Cal. Always nice to have built up a nice cushion. Enjoy your long weekend. It sounds like you’ve earnt one!
Well gee, i should refresh more often – see I missed quite a few comments lately. My old eyes definitely need this long weekend break – I hope y’all have a great Labor Day holiday!
You too Cal ( I do that all the time. I return and look around, then refresh and see 5 charts and more comments 🙂
Have a great weekend!
China re-opening Monday. Certainly wasn’t any help being closed last two days. But with US markets closed. Did you see the VIX go down and then whip back up last 5 minutes? Next week should be interesting. I thought we would get a better bounce than we did this week. Hard not to be a bit bearish S&P, DOW right now.