SMOOOOTH SAILING! (w/Update)
APRIL 26 (Saturday Update added here)
In Trending markets, investing with a bias can be profitable. At other times, however, like possible turning points or periods of volatility, you have to be willing to change direction FAST and Leave out any BIAS until direction is established. That said, lets quickly review the recent action in GDX.
After a nice Dec to March Bull run in GDX , we got a false break out and an Impulsive drop. A tag of the 50sma & rejection (while Gold was up & $USD was down) alerted us to go short. THIS CHART shows that I thought we were in for another impulsive wave down.
THAT was April 14th, the Short was profitable. Since then, my April 25th report (which can be read following this one) showed that GDX is possibly morphing into a long position? I went long and here is my update of GDX from Fridays close---
Is is smooth sailing yet???.....