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. […]
Continue Reading →There are currently two open price gaps in SPY. TVIX striking the 200-day MA and the ABC measured target appears to have announced the October bottom. Below is the TVIX chart I posted October 29th at 1:22 PM. Gold and miners appear to be slowly rolling over. We should find out tomorrow or Friday […]
Continue Reading →It looks like we will have to wait for tomorrow’s FOMC announcement to see if we get a November breakdown. The Fed isn’t expected to raise interest rates, but there will be special attention paid to their language concerning December’s meeting and the likelihood for additional hikes. If metals and miners are going to […]
Continue Reading →Metals and Miners are down slightly. The stock market is trying to rally, and oil slipped another 2%. -GDX- Miners could be in the process of forming bearish engulfing candles. If this is legitimate bearish behavior (not another fakeout), then it’s likely forecasting a breakdown below the blue trendline tomorrow or Thursday. In line […]
Continue Reading →The elections are finally here, buckle up, the next few days could be bumpy. Polls close at 8:00 PM in most states. We probably won’t get a feel for the results until midnight or 1:00 AM…unless there is a blowout. I’ll monitor the futures off and on throughout the night for clues. Wednesday’s initial […]
Continue Reading →Not much to report this morning, markets are more or less flat (miners are up slightly). Oil slipped to a new low, and it looks like prices are trying to reverse. We could have a temporary low. However, I’m reluctant to believe any price action before the elections. Today may turn out to be […]
Continue Reading →Metals remain more or less flat after the open. Miners are down slightly. The dollar is up 0.26%. Stocks opened the day higher, and prices quickly reversed. We should see a pullback to fill Wednesday’s gap within the next few trading sessions. Expect more volatility next week. It will probably take the markets a […]
Continue Reading →October employment came in at 250,000 jobs versus the expected 208,000. September was revised lower 16,000, but August numbers rose by 16,000, so it was a wash. A robust employment report. The dollar is rallying, and precious metals turned slightly lower on the news. Gold (December) is trading near $1233 as I write. Prices […]
Continue Reading →I bought some options in GDX to cover the various bullish/bearish situations. Very small positions. Bearish 1) I bought November 16th, 2018 GDX puts at the $18.00 strike just in case this turns out to be a 1-3 day bounce before prices collapse to new lows (see Bull Trap update). Price $.06 cents. Bearish […]
Continue Reading →I’ll be glad when the elections are over. The manic price swings and wild volatility have made short-term trading virtually impossible. It’s easy to get lost in the day-to-day price swings…so let’s step back and look at what we know. We know that miners opened a large prices gap this morning. We know that […]
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