Here’s a trade I’m thinking about this morning. Miners have been tricky, so I remain cautious and somewhat skeptical. I’m looking to buy JDST around the open anticipating a November breakdown in metals and miners. I’m going to keep a short leash on this trade, however, and will exit if JDST closes below $72.00. I’m guessing prices will open today between $73.00 – $74.00, but that could change before the open.
Ideally, we will see metals and miners lower today, especially after the 2:00 PM Fed statement. Metals and Miners rallying significantly after 2:00 PM and closing higher would contradict my November breakdown assessment.
I have two meetings this morning and won’t be able to update again until after 12:00 PM.