Public Blog

Nov 5  nearing the close      As the day played out, it was interesting.  The GOLD prices held the lows and GDX actually got to green at one point  (Gap fill?).  GDXJ is showing that it is still weaker than GDX...but all things said, what am I seeing right now? 1. Gold held todays lows and that was a target  (BUT Miners lead the way down, and have turned lower) 2. Miners are still weak , they appear to show lighter volume today as they stretch to new lows and you can clearly see 5 waves down- but has the 5th wave ended is the question? They COULD do a watershed move ...and weekly chart bear that out too. The week is only 1/2 over. 3. JDST and DUST look excellent on a weekly chart.  They look extremely bullish and since it is early in the week, that needs to be kept in mind. If they do not reverse by the end of the week, they have targets that are much higher  (Same for WKLY JNUG/NUGT   GDX  GDXJ lower ) .  SO jumping in looking for a bottom may not be prudent...although "Looking of signs that it could be near  a bottom" signaled by a reversal in metals and Miners into the end of the week could be.   Also a reversal in the Dollar and equity markets , if we are at a point of change.  THAT is how I am watching things for now  and this is how bullish DUST  (& JDST)  look on a weekly time frame.  I dont usually chart 3x ETFs, but they do also play out in exaggerated ways .  SO please look at these DUST charts .  WHEN THE MOVE ENDS, the snap back in the other direction should be strong, and I want to prepare to enter "Long" positions for that move, since I feel  (for me personally) it is too late to chase the downside.  (Unless one is a day trader & fast) 4 dust charts consider.... WKLY  is bullish if it dosnt reverse by weeks end   Read More