Official Short-term Investments Thread

[bspot]

Gap down. Yay.

[Vanish3d]

I got out of LABU yesterday at 34.

Just bought back in at 32.1. Let's hope thats bottom for today. Either way I'm out by end of day. I'm not holding this thing overnight. I like to see where it's going in the first 20 min the next morning. I'm ok missing a gap up as long as I don't get caught in a gap down.

[bjstare]

Originally posted by Vanish3d
I got out of LABU yesterday at 34.

Just bought back in at 32.1. Let's hope thats bottom for today. Either way I'm out by end of day. I'm not holding this thing overnight. I like to see where it's going in the first 20 min the next morning. I'm ok missing a gap up as long as I don't get caught in a gap down.

That's a good play.

[dandia89]

Originally posted by ickyflex


That prediction is coming with what reasoning. Or just speaking for the sake of speaking. At least post something intuitive if you are going to swing on the short.

I find it hilarious when people make calls on what's going to happen. It's like when 89coupe said oil was heading to $20 when it bounced off $26 to $29 and ended up at $44 now. Bunch of geniuses we have at beyond

everyone on the investing sub reddit was floored when kmi released their earnings report and it dropped. most were expecting a quick jump. making predictions is kind of fruitless, doesn't really mean anything if you're right or wrong

[quick_scar]

POU just taking off today :D :thumbsup:

[bjstare]

Originally posted by quick_scar
POU just taking off today :D :thumbsup:

It breaks my heart to look at this haha. I had planned on trading this swing for ages, and just got out early :( Shoulda stuck to my guns.

[Khyron]

Originally posted by cjblair


It breaks my heart to look at this haha. I had planned on trading this swing for ages, and just got out early :( Shoulda stuck to my guns.

I sold POU but some of my energy that I stuck with are over 100% return - I wanna bail but I don't wanna bail. (Frackers are still negative though)

[riander5]

Still sitting on the sidelines waiting for an oil drop to get in :banghead:

[cloud7]

Originally posted by ickyflex
Oil API shows a draw of 1.1 million bbls.

Oil ralllying :thumbsup:

EIA stats are in. 2 Million barrels increase in inventory from last week. The glut is just getting bigger and bigger LOL. I wonder how oil price will play out given EIA shows an increase... probably not a lot of impact given what we've seen recently.

[bspot]

IBB flirting with $277. I'll bail on LABU if it drops below.

[Vanish3d]

I got out of my LABU at a small profit from today's ride and jumped into LABD. I am betting XBI will hit ~53 before moving higher.

[Manhattan]

Cenovus missed earnings/loss expectations but is still up today. Markets may have already priced in poor results. We'll see.

[bjstare]

Originally posted by bspot
IBB flirting with $277. I'll bail on LABU if it drops below.
I'm looking at crystallizing my first decent loss in trading this. It's broken too many of my rules haha.

[quick_scar]

Originally posted by cjblair


It breaks my heart to look at this haha. I had planned on trading this swing for ages, and just got out early :( Shoulda stuck to my guns.

I have been in and out of this stock probably 15 times this year. Sold around 9.70 today and thinking about buying back in near close if it is still around 9.25. See where it goes tomorrow and Friday.

[bspot]

I'll be curious to see how the end of today goes. XBI could still form a reversal hammer.

[bjstare]

Originally posted by bspot
I'll be curious to see how the end of today goes. XBI could still form a reversal hammer.

I'm still hangin on to labu:poosie:

[Vanish3d]

Originally posted by cjblair


I'm still hangin on to labu:poosie:

I'm still hanging onto my LABD. May the best idiot win lol
Untill I get stopped out or 2pm hits.

[bjstare]

Originally posted by Vanish3d


I'm still hanging onto my LABD. May the best idiot win lol
Untill I get stopped out or 2pm hits.

I'll probably get rid of mine soon.

Like you said earlier, better to miss a gap up than get caught in (yet another) gap down. :drama:

Edit: positive news from fed, things looking up. Fiddlesticks, I hate getting caught like this, I really am having a hard time deciding how bullish I am haha.

Edit edit: saw 2m MACD divergence start to plummet, sold off at 33.78 LABU.

[bjstare]

Man found dead in a conference room at Apple HQ, head wound, gun in room.

Must be over the shitty earnings and first ever report in YoY negative growth of iPhone sales.

[SilverRex]

was at a medical appointment all morning. didnt do any trades other than taking my profit on hou as it hit my 45 target.

just a quick comment on biotech, with ibb diving below 277, it has taking the bullish 1-2, 1-2 count off the table. and I mention the alt count would be it will make 5 waves lower to under 277 but not lower than 270, and so far it has completed 5 waves down to 276.

of course for those that do not have an appetite for risk should not trade labu as it is a 3x leveraged ETF fund. I originally got into LABU when it was coming out of a bottoming pattern. So I have no problem continue to hold this as I am still up 39%

switching to XBI because we all understand the numbers better here, I posted a comparison chart between the energy fund and biotech side by side yesterday and was surprised at the similarities. when everything is going up together they tend to move in the same pattern. The only thing different is that oil moved out of their bottom a month sooner. So if the exact same thing is playing out, then biotech should still have another run coming up that would take it to 64.

so key is that price needs to remain above 53.42

http://i.imgur.com/wUOTvPi.png

[SilverRex]

oil rejected off the upper trendline in this rising channel. If oil does not break thru soon and start trading bullishly above 46 then it will begin to open the possibility of going back to the other side of the channel. Thanks to today's swing low, there is also a rising support (black) if this is broken to the downside we wil retest 42.5 again.

now since oil did rose from 38-45.6 it has fulfilled a requirement of a wave III move. which means if oil cannot produce an extended wave higher, this may be the top of wave III and it will head into a wave IV correction that should stay above 42.5 (and yes it would be a concern if price breaks below 42.50 imo

as long as we do not close below 44.50 on the daily chart, I think the chance of oil continues to move higher is good

http://i.imgur.com/Tku5cmL.png

[Vanish3d]

Originally posted by cjblair


I'll probably get rid of mine soon.

Like you said earlier, better to miss a gap up than get caught in (yet another) gap down. :drama:

Edit: positive news from fed, things looking up. Fiddlesticks, I hate getting caught like this, I really am having a hard time deciding how bullish I am haha.

I was stopped out with LABD. I'm out completely. I'll see what tomorrow looks like.

[SilverRex]

im not sure if the earnings report on thursday is preventing Meg from moving. but no matter, it is still in a declining channel that needs to breakout in order to draw the technical traders back in.

The one positive is that a gap has been filled that was left just under 6.60 in which I have picked up another position.

I will most likely hold Meg right thru it's earnings, after all I believe in buy on rumor and sell on news. so if it is dropping like price is trying to discount for a bad report, then once earning is out and if oil continues to trade above 45, I suspect Meg will jump aggressively

http://i.imgur.com/RHhLULl.png

[ickyflex]

Originally posted by SilverRex
im not sure if the earnings report on thursday is preventing Meg from moving. but no matter, it is still in a declining channel that needs to breakout in order to draw the technical traders back in.

The one positive is that a gap has been filled that was left just under 6.60 in which I have picked up another position.

I will most likely hold Meg right thru it's earnings, after all I believe in buy on rumor and sell on news. so if it is dropping like price is trying to discount for a bad report, then once earning is out and if oil continues to trade above 45, I suspect Meg will jump aggressively

http://i.imgur.com/RHhLULl.png

Haha I don't think you have a choice anymore. Earnings tmr morning lol

[Disoblige]

Originally posted by ickyflex


That prediction is coming with what reasoning.
I thought it was clear from the post, but a bad Q1 result :D

[NoXcuses]

Does anyone know how a company delisting affects some shareholders (I'm fairly new to the game).

Bankers Petroleum plans to delist if the buyout by Geo Jade gets approved in June. Per their press release:

"As previously announced on March 20, 2016 , Bankers has entered into a definitive agreement (the "Arrangement Agreement") with affiliates of Geo-Jade for the purchase of all the issued and outstanding common shares of Bankers ("Bankers Shares") at a cash price of C$2.20 per Bankers Share. If approved at the Special Meeting, closing of the Arrangement remains on track to occur in late June 2016 , following which, the Bankers Shares will be delisted from the Toronto Stock Exchange ("TSX") and the AIM market of the London Stock Exchange.

My question is the following:

Let's say the average value of my Banker's shares is ~$2.60. They are currently trading at ~$1.92. Offer price is at ~$2.20.

I don't see the value of the shares going up past ~$2.20. So is my only option to sell some time before the delisting occurs? What happens if I am still holding the shares in June 2016 when the shares are delisted?

[bjstare]

^You get 2.20 per share.

[NoXcuses]

Originally posted by cjblair
^You get 2.20 per share.

So, would it make sense to average down then to $2.20, to break even when the delisting occurs?

This is of course under the assumption that someone is confident that the buyout will be approved.

[ercchry]

If you are confident then go for it if you don't have somewhere better to park your capital... But the general consensus is probably a little sceptical with that much of a price difference

[SilverRex]

Meg posted profit this morning for Q1 release. surprised and very happy to still be holding Meg and that was purely on technical grounds.

now I am going to hold Meg until it at least breaksout and hit my original target in the 9s-10s

so long as oil remains above 40, I suspect the expectation is another profit Q2 considering how much oil has recovered.

[bjstare]

Well, not really short term investments, but FB :clap:

I've had them for around the last 12 months, going to consider cashing out later this year probably.

[SilverRex]

with the surprise BoJ causing a sell off in the stock market, there is a chance SM may be move into a steeper correction mode. I am trimming my LABU position by 30% for a chance to buy lower. but keeping my Meg positions open

[SilverRex]

meg after going low is now trying to breakout (from the channel I keep posting about) breakout has officially begun, now if only we can breakout from the rising channel 8+ it would be a 2 dollar more target to 10

[SilverRex]

well some times yes breakouts for oil can be a head fake. but lets just be simple. this looks like a breakout and I am still going to maintain my 51 dollar target for oil and 60 in the medium term for this wave III run.

http://i.imgur.com/jLOs41y.png

[SilverRex]

for biotech while I too was rattled and so I reduced my position, but I am not going to completely exit given that ibb still above 270 and xbi above 53.4 which means if we swing higher, there is a chance we are making a higher high to keep the uptrend intact before a significant technical damages occur. And after seeing IBB make a 5 waves down. I now expect a counter trend rally to take place (even if IBB is to make a lower low under 272 but no lower than 270)

[SilverRex]

updating a revised count on Meg. mind you the energy shares as a whole has risen quite abit during oil's run up to 45, Meg happens to lag behind 1-2 weeks most likely due to Q1 earnings, but now that earnings has shown to be positive, I am going to expect Meg to quickly catch up where other energy shares has risen and that is to breakout above 8 dollars in a sub wave iii of V move.

http://i.imgur.com/RerXUmd.png

[ickyflex]

Originally posted by Disoblige
I'm predicting that you guys who have money in MEG are going to be holding it longer, because after Q1 comes out, it'll bomb and you have no choice but to hold.

Point Proven...
89coupe v2

[bjstare]

Originally posted by ickyflex


Point Proven...
89coupe v2
:rofl:

[quick_scar]

I am so happy today!! All my gambles paid off last night. (doesnt happen often)

POU. Was able to catch the ride up yesterday and sell off everything around 9.70. Put in another buy order at 9.25 that was filled near the end of day. Back up to 9.65 again :D

MEG.... we all know what happened there :D Only wish I would have taken a bit bigger position. 20/20

HOU is on a good climb. Increased my position yesterday after the big drop. Was able to get some more in the 4.30 range. Up to 4.60.

PWT was up yesterday. (they are a longer hold for me. Gamble to see what happens) Im in them for cheap with only a handful of shares.

Debating what to cash out and and what to keep holding.

[SilverRex]

Originally posted by quick_scar
I am so happy today!! All my gambles paid off last night. (doesnt happen often)

POU. Was able to catch the ride up yesterday and sell off everything around 9.70. Put in another buy order at 9.25 that was filled near the end of day. Back up to 9.65 again :D

MEG.... we all know what happened there :D Only wish I would have taken a bit bigger position. 20/20

HOU is on a good climb. Increased my position yesterday after the big drop. Was able to get some more in the 4.30 range. Up to 4.60.

PWT was up yesterday. (they are a longer hold for me. Gamble to see what happens) Im in them for cheap with only a handful of shares.

Debating what to cash out and and what to keep holding.

well it appears you have quite a few position in the energy sector, the one thing I have learn time and time again is to never over expose and the best time to exit is when your up. never hurts to scale back or take profit and let the rest ride. the flexibility to be able to buy lower makes money as well as riding all the way

[quick_scar]

Originally posted by SilverRex


well it appears you have quite a few position in the energy sector, the one thing I have learn time and time again is to never over expose and the best time to exit is when your up. never hurts to scale back or take profit and let the rest ride. the flexibility to be able to buy lower makes money as well as riding all the way

This is just a "play money" account. All the real investments (RRSP's SPP, etc...) are much more diversified. This is just my dick around and have fun, learn the market, see if I can do something with it fund (AKA follow the trends on beyond). But thanks for the heads up :)

[quick_scar]

Nice gap up for BBD this morning on the firm Delta order news.. :)


On a wave of 4 days up gaps up. Probably going to exit this one (or at least part of it) as I dont think this pattern will hold. Expect it to be under $2 by end of day tomorrow.

[Disoblige]

Originally posted by ickyflex


Point Proven...
89coupe v2

Originally posted by cjblair

:rofl:
Damn! :cry:

[SilverRex]

after exiting HGD a few days back it has since fallen back down and I see a low risk setup to see if miners could cave near a double top play here. buying a small position in hgd. well tight stop kicked in, was a good try

[el_fefes]

SilverRex, have you looked at the technicals for silver at all? Does it have more upside than gold?

[SilverRex]

Originally posted by el_fefes
SilverRex, have you looked at the technicals for silver at all? Does it have more upside than gold?

yes ever since the ratio hit like 83+ if I remember correctly it has fallen (which is a breakout) back to low 70s. I continue to expect silver to out perform gold in the coming years.

while I regret trying to time the market cycles and got out of miners too soon, that is fine as I physicals to ride the bullish train.

[JudasJimmy]

Originally posted by cjblair
Well, not really short term investments, but FB :clap:

I've had them for around the last 12 months, going to consider cashing out later this year probably.
I just cashed out this morning. :thumbsup:

[SilverRex]

oil continues to look strong, just doesnt want to sell off. if this breakout above 45 is sustainable, the next target to look at is 48s.

lets hope this is the case, as I need Meg to catch up so the missed surge which had it not been the earnings report scaring investor off. it would have been trading in the 8-9s by now.

[Vanish3d]

everything energy just dropped off a cliff.

[bspot]

^I was just going to say... what the hell?

[ickyflex]

I noticed that too, oil up for the day still too though. Odd

Edit: I should say past few days equities haven't been partaking in the oil rally

[bjstare]

Originally posted by Vanish3d
everything except FB just dropped off a cliff.

FTFY

[Disoblige]

Originally posted by Disoblige


Damn! :cry:
I TAKE IT BACK! :rofl:

[bjstare]

Originally posted by Disoblige

I TAKE IT BACK! :rofl:

Predictions don't work that way, you can't change them in hindsight :rofl:

[ickyflex]

Originally posted by Disoblige

I TAKE IT BACK! :rofl:

No can do, the pullback in equities has less to do with MEG than it does with the entire TSX. MEG beat earnings estimates and didn't bomb, that forecast was a bust.

[Manhattan]

Icahn sold off his entire AAPL position.

[Disoblige]

Originally posted by ickyflex


No can do, the pullback in equities has less to do with MEG than it does with the entire TSX. MEG beat earnings estimates and didn't bomb, that forecast was a bust.
I know, I was just joking :P

[bjstare]

Originally posted by ickyflex


No can do, the pullback in equities has less to do with MEG than it does with the entire TSX. MEG beat earnings estimates and didn't bomb, that forecast was a bust.

It's not the entire TSX, it's all the North American markets.

A buddy suggested it may be somewhat related to Icahns statements about selling off AAPL (which was rooted in China fears, which could lead to broad bearish sentiments). Just a theory, but it makes sense to me.

[riander5]

Got over my earnings fears in a small way and bought a bunch of amazon before the bell. Bought stock not options as the contracts i was looking at exposed me to more potential loss than i was comfortable with (ie. contracts starting at 30$ US)

Should see a bit of a win in my portfolio in the morning... but the gains amzn will make will still only boost my portfolio by 3% lol

[BavarianBeast]

https://www.google.ca/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=PRGN+stock

600% gain in one day?

:hitit:

[riander5]

Originally posted by BavarianBeast
https://www.google.ca/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=PRGN+stock

600% gain in one day?

:hitit:

Fack needed a heads up on this one at 9 am!!! :eek:

[bjstare]

Originally posted by BavarianBeast
https://www.google.ca/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=PRGN+stock

600% gain in one day?

:hitit:

Pump and dump, no?

Look at the volume... Vol / Avg. = 24.04M/256,027.00

:rofl:

[ercchry]

Talk about microcap :rofl:

[bjstare]

Originally posted by riander5
Got over my earnings fears in a small way and bought a bunch of amazon before the bell. Bought stock not options as the contracts i was looking at exposed me to more potential loss than i was comfortable with (ie. contracts starting at 30$ US)

Should see a bit of a win in my portfolio in the morning... but the gains amzn will make will still only boost my portfolio by 3% lol

Gains are gains.

I've been holding AMZN for quite some time now (took a short break in the winter). Only disappointment is not doubling down when they took a steep dip a couple months back.

[JudasJimmy]

Sears Canada Inc SCC did good today (finally). I'm up +12% on that one. I bought 16 shares Amazon two days ago :(

[Vanish3d]

Originally posted by cjblair


Pump and dump, no?

Look at the volume... Vol / Avg. = 24.04M/256,027.00

:rofl:

damn... who cares. Throw $1000 and put a sell order at 10,000 and leave it for a couple days till it hits, or till you lose 1000.

[bjstare]

Originally posted by Vanish3d


damn... who cares. Throw $1000 and put a sell order at 10,000 and leave it for a couple days till it hits, or till you lose 1000.

Hope you followed your own advice :eek:

[BavarianBeast]

Well, that was fun.. Not very hard to dump those shares when volume is 6M by 930am.

:bigpimp:

[Vanish3d]

Originally posted by cjblair


Hope you followed your own advice :eek:

i did, but this morning at $3.00 lol

I just put a sell at $10 and we'll see.

[BavarianBeast]

Should just put them up for $3.50. I think you missed the boat if you plan to hold higher than that short term.

[bjstare]

Originally posted by BavarianBeast
Should just put them up for $3.50. I think you missed the boat if you plan to hold higher than that short term.

I don't know what info you're privy to, but regardless I agree. That's the thing about pump and dumps, once they've popped up for a day or two, opportunity to make money is gone (until the next round).

If someone was actually into doing this, I'd advise them to put it on a watch list, or but a buy order in for like $0.20 and hope they catch the next run. :dunno:

[Vanish3d]

No info, just pure gamble. I only put $500 so if it goes to 0.2 I won't be crying myself to sleep (like I did a few times with XBI lol)

[BavarianBeast]

It's not really a pump and dump. Pump and dumps from my experience don't exactly have a product or a service. They are just hyped up with marketing and nothing ever comes of it. This one is different. It's risky as fuck, but I'd think there is some potential upside in holding until Sept 30 if you can get in once the water stops boiling.

[SilverRex]

dollar index has just touched off the bottom of a sharp declining wedge channel. I expect a bounce soon.

IBB slightly breaking below 270 and it needs to recover today or technically it will open lower lows

biotech has not had more than 4 down days for many months without a strong rally

[bspot]

Jumped into HGD without noticing that. Sweet :rofl:

[SilverRex]

while if USD starts to rally it would hurt gold, but gold is so close to 1307 which is a key area. if it has enough strength to hit it regardless of the performance of the US dollar then prepare to get whipsawed :nut:

[Vanish3d]

is there a 3x gold ETF?

[SilverRex]

Originally posted by Vanish3d
is there a 3x gold ETF?

there are 3x miners in USD NUGT and DUST

[Vanish3d]

Originally posted by SilverRex


there are 3x miners in USD NUGT and DUST

Just got in DUST at 1.41 - let's see how this plays out.

[ickyflex]

OPEC Killed the rally lol

Rose production in march and Libya wants to raise production to 2011 levels (about 1 million higher)

[jacky4566]

Energy just cant grab any purchase today :/

However anyone holding LABD is in the green today!

[bspot]

As someone holding LABU way too long, I sure hope XBI just bounced of the ~53.50 resistance.

[riander5]

Originally posted by ickyflex
OPEC Killed the rally lol

Rose production in march and Libya wants to raise production to 2011 levels (about 1 million higher)

Fucking finally, i was starting to get depressed about my lack of entry point for oil when i missed the 37-38 dollar swing.

37-38 bullish run to now was a tough one to spot technically... but the run from 35 i feel like an idiot not getting in then as there were many technical indicators lining up for that one.

Heres hoping for a good entry point around 40

[bjstare]

Originally posted by bspot
As someone holding LABU way too long, I sure hope XBI just bounced of the ~53.50 resistance.

I unloaded mine a couple days ago. I'm looking to buy again soon.

If I was still holding, I'd be looking to buy more soon. haha

[asp integra]

Added some more TCK today. Been on a great run the last month and a bit, wish I would have bought in heavily in January, oh well, hindsight is 20-20

[SilverRex]

added some more meg today. everything is way oversold imo

P.S and no I didnt just keep increasing my position size as that would be scary to hold onto. but I did sell half of my position this morning near 6.87 and 6.92 and i am buying back lower.

[Manhattan]

MEG seems to be underperforming other oil plays with much higher debt levels. Q1 report was positive. Super high trading volumes recently. Is it just being manipulated by day traders? :dunno:

[bspot]

SilverRex, I can't post pictures from here, but looking at XBI, are we just in a potentially nasty c wave?

I'm looking at Mar 17 as the beginning of wave i, and April 18 as the end of v.

[SilverRex]

Originally posted by bspot
SilverRex, I can't post pictures from here, but looking at XBI, are we just in a potentially nasty c wave?

I'm looking at Mar 17 as the beginning of wave i, and April 18 as the end of v.

correct. the high could a failed wave v and this is higher degree IV with one more leg to go. however a drawn out c wave is possible, and wave c are typically sharp and painful too.

because of how oversold it is on the 5 RSI, I expect a swing to begin next week

[Vanish3d]

Gold and miners just don't want to crash.

[ercchry]

Just checked on DGC... Why did I stop holding that one?!?! :banghead:

[SilverRex]

some big volume is coming in on IBB/XBI looks like someone is expecting a rebound next week

[bball2]

Big volume spike in LABU @ $30 around noon today as well

[SilverRex]

pretty crazy week. If there is one thing ive learn over and over again and that is to always try to take profit off the table. because when price suddenly decides to move against you or even into a consolidation period, you can buy back and the profit is equally staggering. Meg was a good example. but so long as oil is in a bullish uptrend, I am not too worry at this time.

looking at oil on the daily chart (ignore the sharp candles as I am unsure as to why my chart is spitting it out like that) as you can see the breakout above 45 (green line) is so far sustainable and is one reason why oil continues to be bought into every dip. despite the stock market selling off (most likely due to AAPL) amongst some other weak earnings of late. Oil is doing extremely well.

it is either the inflationary scare is back on the table hence dollar down, all commodities up. and is pulling oil up as well. but charts dont lie even if it is a lagging indicator.

as long as oil remains above the green line which now should act as a good support, I expect oil will find its way to the top of this rising channel (red) 48-51 int coming weeks.

http://i.imgur.com/BHErOe0.png

[SilverRex]

while on the topic of oil, lets look at Meg. it has so far reached the bottom of the rising channel. so long oil price remains above 40, I do not expect Meg to break below this especially the 50DMA at 6.19. and count wise I am expecting this to be a wave ii correction as long as price do not break below the previous higher high at 6.25 if price does find its way back to the top of this channel to start taking profits but leave a small position for a chance that a breakout will occur at one of these rallies.

http://i.imgur.com/kGNJRjO.png

[SilverRex]

lets look at XBI.

wave C are often sharp and painful and may even dive below the previous wave a low which is at 53.42 but so far it is holding up well and if you look at IBB it actually already made a lower low and is currently sitting at the 50DMA. so if this count to remain valid, it must reverse next week otherwise it risk technically damaging other charts which will turn it further bearish.

xbi must remain abouve previous sub wave i top near 52.60 which is also the uptrend line and 50DMA, how simple can it get?

RSI 5 is extremely oversold, if this is a true bullish rally, it will bounce quite soon.

failure to hold above what I just mention, it would turn this entire rise off Feb low as a counter trend bear rally with a chance at lower low lies ahead. thats what we dont want. so if your playing this sector, watch these levels carefully.

http://i.imgur.com/xE98T97.png

[SilverRex]

all eyes next week is really the US dollar because if is now right at support and very close to testing or breaking the previous Aug low last year. obviously a breakdown below this channel will mean gold to go insanely much higher which I do not prefer as miners as already (the ones I like anyways have gone up 300-350%) ive heard juniors has gone up 600%.

a correction will occur, as it has always thru history and the higher it goes up without a significant pull back the deeper it can snap back as it is stretched way above its mean.

the ideal scenario is that US dollar remains range bound in this channel and so for this declining wedge to do a fake breakdown next week only to reverse like it did back in Aug. hopefully this is the technical signal gold needs to correct into June. (I kept talking about a low in May) but gold has broken to the upside above 1283 which means it was a failed low and the previous high was extended.

http://i.imgur.com/W2HdBKL.png

[SilverRex]

market trying to find a low while the US dollar technically as broken a key support. I am waiting to see if the market will reverse.

miners has gap up for the 3rd time making it extremely overbought. I am going to expect a big pull back in this sector once a top is in place.

surprised at how weak Meg is performing, oil unable to make new high does not help the cause. last line of defense is 6.00 and 6.25 I will not add any more position and may even reduce my position if it closes below 6.00 but if it doesnt I will continue to hold to ride out the current shake out. this area is also the 50/200 DMA which makes it a very strong support but at the same time very dramatic if it does not hold

[SilverRex]

the rising channel has technically shifted down slightly. Again to reiterate the importance of Meg holding above 6.00 in this area.

http://i.imgur.com/XEUCcoK.png

[SilverRex]

we have a very nice reversal candle in biotech in the lower time frame. is this is turn?