How Deep is that??

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 MAY 7  (Intraday thoughts) Lets not find out the hard way. When Gold / Miners are acting correctly , Trading can be profitable. Have you ever traded them when they get caught up in a sell off though? I mean a REAL SELL OFF? They pick up speed and start defying support levels , Moving avergaes, over sold markers, and so on. We may be starting one of those now, so I wanted to point out a few reasons why I think that that may be.   GDX DAILY -  we just lost support of the 10 & 20 sma this morning. That was my line in the sand, especially with the Stochastics overbought and the R.S.I. rejecting 50 again  (REMEMBER- THIS WAS JUST AFTER THE DOLLAR WAS GETTING CRUSHED YESTERDAY).   GDX DAILY may 7 also   I was holding JNUG, but flipped to JDST this a.m.--I believe we may see Metals / Miners accelerate in their selling - lets discuss why and look at a few POSSIBLE targets along the way.   Read More

Thinking Out Loud

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SUNDAY MAY 4  7 Charts Update on Metals/Miners   I'm still short term Bullish, long term 'Cautious'.  We have to be. The charts are shaping up nicely, but I'm always open to further lows into the Summer months. This caused me to want to look at Mostly weekly charts for this update. I want to keep commentary fairly brief and let you allow the charts to do the talking.   GDX WEEKLY- Notice how it Lost the 30WMA in the fall of 2012. It has regained and remained above it. It is something to watch. Will it hold Or will a perfect Inverse H&S form into the summer??   GDX WEEKELY Read More

SMOOOOTH SAILING! (w/Update)

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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.   GDX APRIL 14   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???Ummm.....   Read More