Fleshing Out Some Recent Chess Moves

We have the Fed Minutes coming up later this afternoon after 2pm EST and may very well see the market coast into them before an end-of-day move. In the meantime, let's examine the UGAZ and NUGT trades. I am in UGAZ from $15.28, noted on this blog. Natty gas is ripping hard today, and I still may take some gains here for the sake of taking 'em while I have 'em. Still, the first chart of UGAZ shows there is room to go to the upper daily chart Bollinger Band before becoming overnight. As far as NUGT is concerned, I am in from $14.15 with cushion, and can there deal with the sharp shakeouts like we saw this morning. If you noticed, sentiment is still very bearish on the gold miners, with each downtick being met by cocky bears and scared bulls. But the upside reversal intraday is something with noting, especially if the miners catch more of a bid after the Minutes. I know the risks in these levered instruments, and have a track record for several years now of capturing a favorable risk/reward playing them, mostly because I don't panic and get emotional like many who play these things do. I am also still up nicely on my AGQ, ultra-silver long. I like the way silver is acting so far today. All in all, these inter-market opportunities are allowing me pick up tons of alpha. _______________________________________ _______________________________________