Tuesday 5-14-2017
The weekend report said it all, this is just a quick update
No change in the general markets from my weekend report.
USD – This actually could be the start of a dcl. The timing is right and we had a reversal at the 50sma. This complicates things even more 🙂 Gold looks set to put in a dcl, and the USD looks set to put in a dcl, all at the same time, a day before the Fed Decision?
WTIC – No change here either, except that we keep getting shake outs below the 200sma, and then a recovery, so we may get that here too. As mentioned in my weekend report, I may short the bounce, but I’ll let it play out and keep an eye on it for a proper entry.
NATGAS – Continues to act correctly, but it is at resistance so it paused. I’m watching to see if NATGAS will back test this trend line or will the 200sma act as support from here.
GOLD – So this is an unconfirmed swing, but this could be the start of a daily cycle low too. Day 29 would be proper timing for one, so this MIGHT be day 1 of the 3rd daily cycle. Gold is oversold, so let’s see if it can break back above that 50sma, and we’ll see if the Miners continue to move higher too ( They are leading).
GDXJ – From the weekend report, I pointed out the swing low in GDXJ already happened at 3 p.m. on Friday.
GDXJ – I wanted to start with GDXJ, because it looks stronger than GDX. I like the volume on the follow through Monday and it is still oversold, but there is resistance above with the 50 & 200sma. GDXJ could hit there on Fed Wednesday or even Tuesday. I placed red arrows on the January area to show that GDXJ paused at both of these MAs earlier.
GDX – This lagged the juniors, but it as able to close above the 10sma, so the Miners have put in a swing low.
So nothing has really changed from my weekend reports analysis. Price has changed, but my outlook remains the same. Please re-read the weekend report as needed. Enjoy your Tuesday trading and Wednesday morning too, but keep in mind how you want to be positioned by the 2 p.m. Eastern Fed Decision.
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~ALEX
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Note : In my location we are forecast to get about 2 feet of snow and blizzard conditions from Tuesday morning into Wednesday morning. With the heavy snow and 65+ M.P.H. wind gusts, we often lose trees or tree limbs onto the power lines, and I unfortunately lose power and the internet. A generator can provide power, but my internet connection will likely be very minimal if this happens. Also there will be the need to clean up my area and help my parents with their clean up too. I wanted to inform everyone that unfortunately, I may not write a report Tuesday night or Wednesday morning. I find it hard to believe that anything that important will change between now and then anyway. Please review the weekend report in the event that that happens. It is interesting that both the USD & GOLD are green Tuesday morning, but that usually doesn’t last very long.
Everything that I mentioned in the weekend report remains valid. We expected this bounce that we are seeing in the Miners, and the Fed Rate decision can cause any kind of reaction that it wants to. The reminders in the weekend report can help you as we go into Fed Wednesday. Often the markets get a little whippy after 2 p.m. and that can last into Thursday morning at times. It is still a bit unclear what will exactly happen with the rate hike, since both the USD and GOLD look like they want to bottom at the same time, so the cautionary notes remain in affect. You can always get out and get back in later to play it safe.
The screen shot below is a tip that you may or may not have known with these reports.
Wow…I never knew that tip to go back to the prior report! Do well in the storm. Thanks for the report.
Yes, and when you go back, you will see those tabs on the left & right hand side. The one on the right will bring you bck to this report. It is a quick way to scroll back to the last report and back. : )
Best of luck Alex and anyone in the path of this blizzard. Stay safe, and frosty.
Oh, I’m going to be frosty my friend, and thanks : ) I am going to my parents after doing a little clean up here tonight, so I’ll be outside quite a bit. It’s March though – I say enjoy it while its here, next month we’ll be in the 70’s quite a bit
18-24″ predicted in my area. Stay warm
I hope you stocked up on TreeHouse : )
stay warm friend
*and i use that term loosely… 😉
Youre using the term “loosely”? Hmmm. 🙂
We ended up with ice pellets raining down on us all night. No real snow to enjoy but driving on ice is even worse. 😛
Alex, Hang in there, Buddy. Good luck in the middle of the Polar Vortex! 🙂
Ha ha – Thanks Rob. It has been so warm here lately , that we cant even get in one more hockey game without an indoor rink 🙂
Hey, I watched your Bruins kick my Canucks’ butt last night
They’ve been doing rather well after releasing Coach Julien ( they really liked him) . 10 – 3 since he change I think. Change is good I guess? Or maybe you would say that Coach Cassidy is a Canadian born coach and that makes the difference ; )
Julien is Canadian, no? He is Quebecois.
Oh Oh…I see what you are saying…replaced one with the other. Both Canadian. Gotch ya– well maybe Julien was in the states too long & lost his touch ( but then I guess that would apply to Cassidy too). 🙂
Thanks for all your work, Alex – stay safe and warm!
Thanks you Tammie!
I dont have any green in my account ( yet) today
I would think that a close and/or weakness below the 10sma for GDX would be a sign to get outta dodge. In a healthy up-trend, the 10 should act as good support.
Stop looking out your window, look at your computer ; )
White out the window is better than red in the account, but I did say YET 🙂
PLG …
A ray of hope- it broke the down trend line.
So that is Platinum, maybe GOLD & PLATINUM ARE going to put in a dcl near the Fed decision?
ohhhh … it makes me wonderrrr ….
sweet xra
Have you seen TKRFF ( Down today, but a true winner).
wow…no.. nice
Ive been watching that one, I posted last week it looked good.
It does today but it really got whacked last week. Some that I got stopped out of aren’t really that far below that price anymore. Except PLG, not even close.
SSRI looks done…?
*correcting
Looks similar to SAND, GPL, BTG to me
GDX – Twin peaks consolidation ? It looks so similar to yesterdays action
https://uploads.disquscdn.com/images/a2330e969a1c829d958c83dd3f8e60af3a0779939e12bab8e44b56dac61e3174.jpg
I saw an economist on Bloomberg the other day saying that the Fed is behind the curve similar to early 1970’s and you can see how gold performed in the 70’s -quite swimmingly. The set up is good for gold if tomorrow there is some hint that inflation may be getting ahead of the Fed. Just a thesis, but I am trading miners on that, and tomorrow’s reaction should make or break that thesis for me.
DRIP working out
yep, DWT & SCO too
Man, the first day of Oil breakdown was a surprise so I was also waiting for a prooer retrace/bounce/entry and we didn’t get it. Shoulda just jumped in with Billy Bob. Energy stocks getting hammered today.
Alex – where are you with NAK now? Sitting just below the 200 now.
Each will have to make their own decision on how they feel about it. I personally am going to wait and see where it closes. It did this drop below the 200sma 4 days ago and recovered.
Refresh
Besides that, I dont have that tight of a mental stop, since this is around the area where I got back in. NAK could be forming a wedge and approaching the apex.
I’m just going to be patient with NAK and see how it turns out. It is not a really big position for me anymore and I made a large profit on it, so I can afford to see how this plays out.
https://uploads.disquscdn.com/images/a24d42177904c07a6a2950fe78d34d4790272af1afaadcfe71943cfeaa4db49f.jpg
personally, holding this one. my cost basis is low. Not worried.
This really looks intruging here. I think that I could take a small position out and it would be fairly low risk. I’ve otherwise been out of NAK for the last couple of weeks.
low risk sure. (keep a tight stop, big reward!)
Breaking support here and the 200d MA. A close below here and it could see .90-.95 pretty quick. Just my opinion. https://uploads.disquscdn.com/images/d1f6de1e8dacf71fc5c7c014c786a1ec9f1eef5841481f5060ddcc0135dd33b6.png
I want the back test of that channel
Yeah, I do see that. But I also see a decent divergence forming now on CCI and a Slow Stoch (5,1). Showing up a bit on RSI as well (check 14 and 5) but not as strongly.
Schwab trading system has been down due to technical problems since 10:20 AM ET. I can’t buy or sell anything. This is killing me. I wanted to sell a bunch of JNUG at $7 … now I’m “stuck”
holy cr@p!.. thats enough to give you a panic attack
Yep, I’ve been on hold waiting to talk to live person for 40 mins. Their whole system is down so imagine all the traders going nuts right now. Still trapped! JNUG is bouncing back but I could get wiped out if it drops a lot more.
they ought to be insured to cover traders losses in such circumstances
yeah but how do you prove trade losses when you can’t place a trade?
fair point… its a bummer.
You could send them an email complaint right now ( timestamp and dated) saying that you were going to sell JUNG at $7 ?
Maybe they would honor it . Of course, if JNUG runs up to $7.50, then you may have to retract your complaint : )
I am STILL on hold for the trading desk at Schwab, now been 1 hour and 22 minutes and counting. While I was on hold I called the margin dept and talked to a guy there. I told him I wanted to sell half my JNUG @ $7 and move up stops on the rest. He is going to put in a request to have those trades executed for me, so that will be good. But on another issue, I had some stops that did not execute and on one account I could not place a stop because of pending “cancelled” orders. This is a nightmare but Schwab has great customer service, I have been an active trader with them for 18 years so they will take care of me. But the average Joe is going to get screwed bad by this.
That is a bit of an anxiety builder, being in JNUG and not being able to bail out if it went bad.
I hope they get it figured out soon Steve.
Unfortunately, they will not honor it as it’s not their responsibility as per the customer agreement. They try their best, but no guarantees, more or less is how it goes. No way they will eat all the losses from people that said they might or might not get out, then there are the people that call to sell and cancel last minute, no way to prove who really would do what, so it’s the client loss (or gain). Since trading is close to 50/50 gains losses anyway, it just as easily could be a gain by the time you are let out. On the inside of a brokerage house, they would laugh at clients thinking that they were always doing better getting out now than if they got orders held up. If that were the case, all our trades would be big winners, with no losing trades,
Steve,
Ive been able to make buys and sells with Schwab today.. not sure whats going on on your end?
Do you use StreetsmartEdge or the Schwab.com website for trading?
Streetsmart edge
You are lucky! I was told it is a system wide problem but maybe it only affects certain servers. What a night mare.
I think we all have nightmare trade stories. I’ve had once or twice where the online order form glitched on me. Once the order went through twice. It ended up being a crap trade of course, then went against me. It was options so it moved fast. When I realized I had double the amount, I ended up closing the trade but not before the loss was 2x what it should have been!
you may yet be ok though … JNUG appears to be putting in higher low since earlier this mornin
Why can’t you phone your trade in?
I”m on the phone to the trading desk right now … still on hold after 2 hours and 19 minutes!!!
Sad. I hope at the very least the music is good.
lol.. u r warped
I had the same problem with my platform 3 weeks ago. Down for 2 hours mid morning. I feel for you. I was on hold for an hour when I tried to call because everyone else was calling at the same time. Brutal… Gives a sense what it looks like if the whole thing goes down for however long. Locked out.
You can trade at the schwab 800 phone number or may be faster to go to their office branch
I dont know about anyone else, but I’ve received 3 tax documents schedule K-1 ‘s in the past week that I wasn’t expecting.
2 were from Energy companies. Glad I hadnt filed yet
I got one too…oil company…..was thinking the same thing, glad we haven’t filed yet….
So I wasn’t the only one 🙂 It’s a good heads up for anyone preparing their taxes now ( I should have put it in the report). I’m not sure that all subscribers read through the comments. At the end of the day I come back and try to scroll through when I’ve been away and it is not always easy to do
I read everything, even if I don’t get to it until late at night or the next day! 🙂
You never know what Maria might have for us late in the day. 😛
EVEP sent one today
I didn’t get the EVEP one, and I did trade it, so thx for the heads up.
I hate trading the companies that do a schedule K- I specifically avoided ZSL for that reason, not knowing that these energy companies have them
ZSL sent me one at the end of MAY one year ( taxes are due in April 15), so I swore I’d never trade it again.
US tax .. its all double dutch to me..
i just pay UK tax on my trading account gains
Ive got three as well in the past week. All were traded in an IRA though so Ill have to see my CPA about the tax issues with them.
I got 3 from partnerships…MEMP, ARP and BBEP….forgot about those partnership hassles….not to mention the bankruptcies. YIK.
You’ve got company. I got an MEMP. Ugh.
They are the K-1s from our limited partnership investing and they characteristically continue to dribble in making the CPAs take our names in vain.
My cpa says, not need to do anything as the trades are already in the 1099 from brokerage.
i would say that is NOT true, if you get a K-1 you have to account for it on your return
I do send them in, BUT the $$ lost or gained is accounted for on the 1099. It’s completely duplicative.
same here. late comers
Yes, some surprises. Like EVEP – didn’t realize that was a K-1 type, thought it was a regular equity not “partnership” (though, guess what the “P” stands for! 😛 )
Just got LGCY? Surprising break even
UPDATE from the chart below – It did follow the pattern to a degree….If this continues to play out somewhat close to yesterday, this means that we could drop and then run higher into the close and Steve can sell then 🙂
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https://uploads.disquscdn.com/images/49c2cc3dc8d5c93954fc630aa2ef86f85aad7f428f6878caef2eadc224ce7bdd.jpg
Yes, I would like to gracefully exit JNUG instead of getting stopped! Hope this plays out back to the upside this afternoon!
Alex, Does a flat top mean this is a continuation pattern, or not? TIA
https://uploads.disquscdn.com/images/6da2aa850ac251d721a1d1979266270c62c52802a3b4837fd7f3df176532ba5a.jpg
That usually is a bullish set up – the volume increase going into the apex is a bit odd, but there wasnt a big price break down , so it may be fine.
You can email me the name of the company at your leisure – lol
Refresh – JNUG in the place of GDXJ
Ok, this is possibly the last time that I post this…. Maybe 🙂 ( click to enlarge )
I’ve added to the chart WHY a trader like myself might follow this through out the day . This is NOT a recommendation, it could sell down and fail, but it is an idea that I am toying with. It’s a 50 cent / share gain if it worked.
I will need to check out the MACD & RSI + TSI, are divergences the same at the lows, etc etc as the day goes on.
https://uploads.disquscdn.com/images/945e1e277573ad86e763efbc2ebd546c21d63171b01ab254965b6a408ed59cfd.jpg
ON A DAILY CHART, GDXJ COULD DROP TO THE 10SMA AND THAT WOULD BE NORMAL
GDXJ just dropped to tag that 10sma. It’d be nice if that is where the selling dries up
It could, but that’s too far for JNUG. And the issue is that Fed makes the risk, say, like 40x higher than normal. If it wasn’t Rate Hike week, I wouldn’t be freaking out and could just be watching normally for technical clues. But it is Rate Hike time so I’m freaking. Means that it’s time to just step aside and observe for a bit.
Thanks! Interesting perspective.
My 15 min trading chart. It just broke. https://uploads.disquscdn.com/images/de7a8a2ec9b04f5dc98fd61b1135601ef7f47baa13ca34e32086a676b3be8820.png Hope you got through Steve.
GDXJ can go back to the 10sma on a daily chart and be perfectly normal – like 1& 2 of a 1-2-3-4-5
Yes, not fun on a JNUG ride
Yeah I think downside may be limited and another new low risk entry may be open soon.
Looks like it’s threatening to break to the downside here
It did – on a daily it makes sense.
On this chart I was waiting to see if it would repeat this pattern into the FED, and then drop to the 10sma on a daily
I wanted to take a quick close-up look at the 2 rate hikes and the miners reactions to them. 2015 – a bit of a downdraft right after but the bottom didn’t fall out for another 7-10 days. BUT that also put in the ICL, and what today is still (for now) the bottom. Dec ’16 GDXJ got hammered, but only for 2 days then the low was in place in short order.
https://uploads.disquscdn.com/images/45f9e597d4468231f7ecaef00a8405ba6c60fd4d5287ef7cd78079f880f4f017.png https://uploads.disquscdn.com/images/21a8deed9e150e41182a29e7e8cf72b049ffeef31e4ed0d4331fe3a1d041b485.png
Jan 2016 I remember this dreaded week… stopping everyone to launch and never stop again….
Yep! And I missed it as well! The delayed move was so bearish and I fell for it. This time I didn’t, but the gains weren’t even close to 2016. I’m hoping to skip that initial move and then look for a re-launch after the dust settles.
I swear, it is an art. The level of ‘trickery” is really advanced. Fools the most people. What is up is down…. down is up…
Alex, all, who’s holding NAK? Any thoughts?
I posted a chart and thoughts ( purple chart) below. I see a possible wedge forming
Miller also posted a valid chart.
Thanks, I found it
Just bought it. Some good posts below on NAK. As it is new entry, I have some wiggle room here. If I had bought earlier, would have stopped out today, likey.
NatGas flipping over……….
So are miners. Fed is starting now. 🙁 Missed my exit this morning. 🙁
UPDATE: I am finally on the phone with a live person at the Schwab trading desk. She is closing out all my JNUG positions and they will honor the prices I SHOULD have received: Sell half at $ and stop out of the rest at about $6.75. My intention was to be in cash by the end of today and with the drop at the open I did not want to wait around too long. I resisted the urge to sell in the first 30 minutes of trading and started moving my stops up with the op to make sure I didn’t give too much back. That’s what created the problem. The “cancelled” stop orders were not being closed out so I had open orders for more shares than I owned, which prevented me from selling anything! Very frustrating. Looks like I will end up OK, but what should have been a few simple mouse clicks has turned into an ordeal lasting 3 hours and counting!
Wow, sorry you had to work through all that! Glad you got it resolved in the end!
I had a similar thing with fidelity when GDX changed the fund name last year. I had to call to sell it over the phone. it’s a torture.
The reason it took 3 hours on the phone is because people all over the country were calling about the same thing and clogging up the phone lines. Once she got me on the phone, it took almost an hour to go over every trade in every account. I trade 5 accounts at a time, so it’s complicated.
Steve, thank you for sharing this. It’s very frustrating experience. I’m going to have heart attack if this happen to me. 🙁
Last Friday when you post, I didn’t recognize that’s you since you have no photo. 🙂
Steve, in the future, you should try selling direct from the site or your phone Schwab app, not from Streetsmart
What a nightmare. Glad it seems to be working out.
Here is the official comment from the Schwab.com website:
Schwab experienced an order routing issue this morning that was corrected at approximately 10:20 AM ET. We are currently in the process of reviewing orders that were placed within that time frame and adjusting them if the orders were disadvantaged by these order routing issues. Due to the research time needed to make these corrections, there may be a delay in our representative contacting you if your account was one that was impacted. Thank you for your patience as we work to best serve you.
PLG had the follow through ( 10 sma )
Refresh
GDXJ looks ok so far , pretty light selling ( but that can change on Fed Day)
GDX looks weak
https://uploads.disquscdn.com/images/09c17af5235e7ad7b81d82b22b8daf037a2555f377621d51861ad2217b89f3a4.jpg
too late for me, already stopped out, rough day today. 🙁 🙁 🙁
Charts of URRE, UEC, UUUU, DNN rather interesting. Reversals.
Just say the word, I am ready to give them a shot as well.
I scooped up some URRE, I like UUUU but would have liked it to close on top of the 200 instead of at it
ya know what looks good right now ( NO RECOMMENDATION BEFORE FED WED)
The charts of JDST & DUST
I started watching JDST around 18.43 but didn’t jump in….agghh
all the D** are looking good right now: DWT, DGAZ, LABD, UVXY etc. 🙂
Yeah, I added JDST just a bit after my JNUG stop ran. I still have ‘core’ positions. So, I’m taking a JDST trade as protection. If we get a 1-2 day rate hike wipeout (2016, anyone?) then I’ll close and take the profit. If this is a false move down, I’ll gladly take the loss on JDST for the protection during Fed.
Gold has barely moved but some of the junior miners are getting bludgeoned. That’s a tell…. (and not a good one). I thought maybe gold miners could get more traction when the markets finally pulled back. Hmmm…not yet.
Wow. EXK. Absolute blood-letting since Feb highs. Sorry Ken, but for a non-leveraged this is just bloody. Period.
AG
CDE.
brb, just need to go barf for about 10-15 straight.
Interesting, thanks for pointing that out. Yep, if we don’t test the Dec lows, it seems a guarantee we will at least see the lows last week broken.
AG hasn’t busted the Dec lows. Yet.
I haven’t even gotten a daily buy signal for AG in this run down. At least CDE got a (worthless) daily buy yesterday. 🙂
I got a daily sell on my entire portfolio…
https://uploads.disquscdn.com/images/0a4ca92a72d99d1624a17190b968ee7cd28e85277825306263c709ac0e1015e4.jpg Maybe near support though?
Interesting. That view makes this winter’s rally look corrective in nature like a “B” wave then the continuation of a 2nd wave C to complete that pattern. Will have to see if I can see it in GDX/J as well. Could be a way to explain a lower low, if we get one.
interesting note at IB: JNUG on short sale restriction from 10:28 AM today until 5:00 PM tomorrow
Wow. Fed much?
So…that seems to imply…they are expecting folks to want to short it…..? maybe? so ..just thinking out
loud here….maybe they are expecting an avalanche? so maybe even thought JDST is already up a lot….it will keep going….just musing out loud here, maybe I’m totally thinking wrong…..
you can always play the options if they will not give it you
True but the implied volatility is probably through the roof right now.
Many years ago (when short selling was considered “unpatriotic”) I used to trade with a big name house which tended to have ample supply of securities to lend out for shorts even if the stock was not liquid. When the time came to short something with questionable liquidity, they would let me have it and the with uncanny accuracy, they would call it in almost to the tick of its advance. Unfortunately, options in those days were for the more liquid securities so I could not take advantage of that situation.
Shouldn’t bond yields be climbing right now if everyone is expecting a rate hike and fall in gold? shouldn’t TLT be falling? Maybe someone here knows more about how bonds work and such…..?
Idk. I find that the masses at big news events are usually mindless numskulls. There will be a visceral reaction blindly at the announcement tomorrow and then could be a few days until the ACTUAL movement is determined. Gold and bonds are likely to get whacked at a rate hike with USD shooting higher, but I am only discussing the immediate reaction. I’m positive enough on that to wager a bit to the down/short side, especially given my longer-term exposure to the PM sector.
Hi. The cots of Tlt are juge long in iT. This is already since ezelt januari. Same thung with oil. I m in tmf
and now NUGT on short sale restriction until 5 PM tomorrow
I wouldn’t read anything into this. It’s a common occurrence with IB
there are many issues on SS, you are correct. i note that JDST is now but DUST is not https://uploads.disquscdn.com/images/12a13850dd32d08143b3e03f39af26fecc4f3dfb37cc22dd61fe889278e7d7de.png
Alex, assuming we get a rate hike tomorrow and the ensuing next leg down in GDX/J could we get am undercut that is then the DCL or is that not really a plausible scenario where an undercut or double bottom is a fail?? TIA.
16:06:14 $ 6.90 High 900,000
This is a buy of JNUG after hours from the NASDAQ site. Somebody knows something?
I was just looking at the after hours site…mine shows “cancelled trade” by that 900k trade…?
Mine just did too, WEIRD
Well..no….the one I am seeing is a different time…
Hm, now I don’t see the 16:06 trade at all…it was there a minute ago….I was thinking maybe that person bought and then put a sell order in for $6.90 but cancelled the sell order…..hahaha….guess I could speculate all day long….:)
Maybe it was cancelled 8 minutes later. I don’t know. I’m now locked out the NASDAQ site though. Just dead. Nothing loading.
Is there any way to tell if the transactions listed the are buy or sells? Or do you just have to figure it out from the price differences….?
Hi Tammie, not sure I follow your question. It looks to me that someone put an order in of 900K shares and to get that many to sell it ramped the price up from about 5.72 to 6.90 before that order was finally filled.
Then 8 minutes later a cancelled notification? like I said WIERD. I’ve never seen that before.
Right, that’s what it looks like to me….what I meant in the question is when you see an order for 100 or 200 or whatever….how can you tell if that is a buy or a sell request? I guess just by the price variations up and down….? Since it doesn’t indicate (as far as I can tell) if it is request to buy or to sell…..maybe that’s a stupid question and obvious to everyone….:) 😛
So like…if you looked at it and it said “sell” or “buy” by each order..you could really tell if folks were piling in and bailing…but I guess it’s the price variation that would tell you that…so….probably just me wanting a “chart” to measure buys and sells by….:)
yes, I think that’s right.
I think i t just shows the transaction completed with x many shares at x price. Don’t think you can get the bid/ask
Now I can load JNUG after hours but it won’t let me go before 16:09 to see those first after hour trades.
Yeah, I can’t get to those earlier ones either….
Tammie and Evan, this is what I see, vol bottom left.. https://uploads.disquscdn.com/images/29a2eb2440358237acc94b9e93d78f036e314298a97f36ef79b1b6ed25e71245.png
i see it still there but at 6.90 that is a glitch, all the trades around that time are 5.70ish https://uploads.disquscdn.com/images/9e35fa9305ff1f597fdb9b30c7da67461e6caa97aba7b355138b0452a42c9203.png
I saw the $6.90 trade also, but, why would anyone buy at that price when you can get in at least a buck cheaper than that?
Yeah…maybe it was a glitch like littletimeleft mentions below…..if not I’d be awful upset getting that for my buying price!
GLD broke the lows of the other day, suggesting we might get more weakness short term in gold, maybe miners. Im still 25% invested, so took a hit today, but looking to buy more into the weakness and preferably after the Fed. Miners are still the best game in town to me, providing lots of opportunity if one isn’t too heavily invested when they pull back.
At least you are only 25% in. After following Alex for so long, I’ve finally at least stopped going down with 100%. I still have some holdings but I have really pared back last 3 weeks or so.
In any case I backed up da truck at 5.76 on JNUG. Tomorrow I’ll be worth a million or broke.
Sometimes ya just got to let it ride!
Good luck, bro. I’m letting the dust settle on FOMC tomorrow before I’m going JNUG. This bad boy could easily be on 20% sale before Friday! That just means more shares, same total price! 🙂
A quick look at NAK divergences. Now that FOMC release is tomorrow, I probably wouldn’t buy right here, but some of these divergences are palpable. See chart, underlined in black. If we re-took 8-EMA (which is dropping fast, as in like JNUG fast) and got over $1.15 previous support area, I’d add to a long there, personally. GL. See you guys on the other side tomorrow. Here’s the good news, 2 more rate hikes and your savings account (or MM sweep) will make a full 1%. Whoo!!! Who needs JNUG now?
*F5*
https://uploads.disquscdn.com/images/db606244c7d4edca8816cede081b9ad5429c281ceea01a0107c70c781feec615.jpg
Tonight I’m back to being a PM bear. The bullish signals on my daily chart of GDXJ/JNUG which looked so good last night have flipped bearish. What a difference a day makes!
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Yes, I sold JNUG, albeit with a bit more ease than you did (man, that had to suck). And grabbed some hedges as well. If given the opportunity will actually add to JDST tomorrow. With miners this week and the Fed, GLD short, at least for 24 hours seems a no-brainer.
Of course, we could get a surprise and Janet not hike. In that case, I drop the hedges and my core will scream higher. Then we can chase the JNUG bid. 😛