Cut and Run; Chess Moves

I decided to sell my ERY long here at $18.81 from the $19.02 entry I discussed in this blog post. 

This amounts to a loss of a little over 1%. 

As I frequently mention, the key to successfully playing the triple-levered ETFs is to have a no-nonsense approach in those times when the trade is not working for you, or is slowly drifting away from you. Of course, a gap in the other direction speaks for itself and would compel me to immediately cut most of the time. 

But in this case, the triple-bearish energy sector ETF simply is not working in the way I would expect it would to capture the 10-20% wins which make these levered instruments worth playing, and therefore I am taking the small loss. Crude looks like it is trying to stabilize, too. 

As for new opportunities, the gold miners are perking up as we speak, with senior gold miners in the GDX ETF, below on the daily chart, finding buyers at the 50-day moving average (arrows). I have my eye on NUGT if this strength holds.