05Jan3:09 pmEST

Back on the Bus; Chess Moves

blake With the GDX, senior gold miner ETF, back over its 50-day moving average to little fanfare today, I went long NUGT (the triple-long miner ETF) at $12.84. NUGT is a fast-moving instrument with tons of gaps and mind-numbing volatility. But I like the setup both technically, with the miners failing to break down to fresh bear market lows in recent weeks, as well as psychologically, as we have a lack of eager bulls pumping the move higher today--The latter indicates a more measured approach to risk here by the market, which typically can mean an upside surprise. At any rate, I believe the trade is worth another shot here. My protective stop-loss is below $11.60. The position is roughly 4% of my portfolio. GDX

On the January Barometer Playing Chicken with the Nec...


This website is intended for educational purposes only. | © 2024 MarketChess.com | All Rights Reserved | Website design by Saco Design | Superpowered by Site Avenger

mobile site | full site