Official Short-term Investments Thread

[riander5]

All aboard the HGD DUST train! and crude crashing too damn it

[SilverRex]

i was afraid of oil being crushed with a strong US dollar but at least my miners short is up big

[SilverRex]

now the question is should I be holding until the June FOMC meeting as you buy the rumor and sell the news in this case its selling gold until the announcement.

hopefully this is the catalyst needed to drive gold to a lower low and crash the miners complex. I need to start scaling back into the sector if it can drop 20%+ starting with gdx near 21-22

[JudasJimmy]

Originally posted by bball2


Had it on my watchlist for the day, spiked back up to $2.10 before coming back to $1.95 in the last 30 mins - definitely a mover.
I jumped in this morning after BavarianBeast posted. I'll be taking a G note to the bank in a few hrs. Should be 10% I hope. :thumbsup:

Edit: settled for 7%. $700 in the bank. not bad for a few clicks this morning. I love this tread.

Put the money right back into Meg late in the day

[Vanish3d]

I got out of DUST waay too early :(

[SilverRex]

looks like Meg was unable to breakout from the down trend line after all, which has always been my fear on first pass.

assuming Meg is in fact in a new up 5 waves up leg. this wave iv correction is now being extended and as we know, wave 'c' down are usually the scariest. the typical expectation is a 5 waves down with wave iii possible finished today, a bounce then one more lower. I may add another position if it hits near 6.00. While price can certainly go after the gap left at 5.70 but I do not prefer as the would begin to make the entire rally off the 5.21 low corrective in nature which would begin to suggest we may see lower lows ahead

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

[riander5]

Didnt get in DUST, and didnt take BB's tip on SUNW. I did get out of BTE and POU before they lost another 5% on the day though. Minor win. If crude reverses here she could drop a few bucks which would give another good entry for those two. Or back into MEG

[SilverRex]

massive volume dump on gdx right before closing. will see if this is indication of things to come. will continue to hold my two hgd position for the time being.

[bjstare]

Originally posted by riander5
Didnt get in DUST, and didnt take BB's tip on SUNW. I did get out of BTE and POU before they lost another 5% on the day though. Minor win. If crude reverses here she could drop a few bucks which would give another good entry for those two. Or back into MEG

I debated dumping my POU this am. I decided against it, I'll hold this core position for a while. If it dips down to the low $7/high $6 then I'll add another position to trade the swings.

[Vanish3d]

Originally posted by SilverRex
massive volume dump on gdx right before closing. will see if this is indication of things to come. will continue to hold my two hgd position for the time being.

Hmm... I jumped into NUGT close to the day's bottom. Hoping for a quick rebound tomorrow AM before continuing the slide.

[theken]

Question for you guys. I haven't read this thread and don't plan on it lol. But Calfrac stock, usually at 10 ish at 1.81 as of today, if oil rebounds in the near future this stock would be up again I would assume. And it jumps around like crazy, would this be a good day trader? Or a longer term? I have about 8 grand I was thinking of throwing at it

[bball2]

Originally posted by theken
Question for you guys. I haven't read this thread and don't plan on it lol. But Calfrac stock, usually at 10 ish at 1.81 as of today, if oil rebounds in the near future this stock would be up again I would assume. And it jumps around like crazy, would this be a good day trader? Or a longer term? I have about 8 grand I was thinking of throwing at it
Sure you could day trade if there's sufficient volatility or if you want to hold a short position, but with how their books look I would bet towards bankruptcy before a recovery to their 2014 price point;

http://www.theglobeandmail.com/globe-investor/markets/stocks/news/?q=cfw-T

[bball2]

Originally posted by Vanish3d


Hmm... I jumped into NUGT close to the day's bottom. Hoping for a quick rebound tomorrow AM before continuing the slide.
Closed my NUGT short position at $85 right before close. That was my biggest single day (non option) profit percentage so far. If only I'd bet bigger :rolleyes:

Will be watching gold closely to look for a reentry position.

[Khyron]

Originally posted by theken
Question for you guys. I haven't read this thread and don't plan on it lol. But Calfrac stock, usually at 10 ish at 1.81 as of today, if oil rebounds in the near future this stock would be up again I would assume. And it jumps around like crazy, would this be a good day trader? Or a longer term? I have about 8 grand I was thinking of throwing at it

I've got quite a bit in it (bought at 3$) - it will rebound but not anytime soon IMO.

[riander5]

Originally posted by bball2

Closed my NUGT short position at $85 right before close. That was my biggest single day (non option) profit percentage so far. If only I'd bet bigger :rolleyes:

Will be watching gold closely to look for a reentry position.

What did you buy the contracts at?

[bball2]

Originally posted by riander5


What did you buy the contracts at?
$108 from yesterday afternoon, straight hold of a short position, no option contracts

[Vanish3d]

:banghead: not looking good. Bad gamble yesterday with NUGT

[SilverRex]

oil looks like it is working down to the correction as I first posted yesterday morning, except I was premature in thinking it had enough to punch thru the rising channel. the correction is back on the table and it has tested 47 which imo would be a bare min but will see how things go by days end. Meg looks like a big gap down will be adding some position

gold 1251 is key support obviously it broke this next support and a big one now lies at 1231, nearly there, but gold is very oversold, cant rule out counter trend bounces in between so I will be selling half of my hgd right at open to lock in profit

[SilverRex]

actually I shouldnt be greedy, dumped all my Hgd for a very nice profit will see if I can short higher

[SilverRex]

Originally posted by SilverRex
i like to think we have finished 5 waves off the low at 43 and now I am expecting oil to correct.

38%-61% or the previous wave iii/iv range is usually the best area for support and or bottom.


http://i.imgur.com/TOuVABD.png:nut:


just bringing back up the oil chart I post yesterday. will see how oil corrects

[SilverRex]

anyone notice the massive volume on dust? (miners short) cant help to wonder if the trend has changed and gold has more downside

http://i.imgur.com/tICugJ6.png

[SilverRex]

picked up some Meg at 6.01 which is 50% retracement from the 5.21-6.8 run up. I would like to believe the wave c of wave iv bottom is in. while 61% and gap remains in the 5.7-5.8 area. I prefer we not go there. Oil has tested the 47 support previous breakout resistance. I also like to think due to the over reaction from yesterday's US dollar surge, at the least oil should recover slowly all morning and get Meg back above to a healthy trading momentum

[bspot]

Took profit on basically everything within the last 2 days. MEG, LABU, HGD, SUNW (Thanks Bavarian Beast :rofl: )

Now debating re-entry on oil.

Not sure what to do with Biotech, no action at all caused by the ASCO abstracts, so not sure if there will be much build up based on news heading into June.

If the market as a whole pulls back, I'm nervous it gets knocked back down.

EDIT: Well timed post by SilverRex. I like your logic. Partial MEG position resumed.

[SilverRex]

updated my oil chart. I like to think what threw me off was oil breakout (wave 'b') that it was extending another wave higher but ultimately the 5 wave is in and so correction started and given the sharp sell off, this is a wave c down I hope. oil has every right to go back up and we would know if it can reclaim back above 47.75 today or tomorrow, until it does, risk remains that it can make a divergence down below the 200EMA and even the bottom of the rising channel in the low 46s

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

[BavarianBeast]

Originally posted by bspot
Took profit on basically everything within the last 2 days. MEG, LABU, HGD, SUNW (Thanks Bavarian Beast :rofl: )

Now debating re-entry on oil.

Not sure what to do with Biotech, no action at all caused by the ASCO abstracts, so not sure if there will be much build up based on news heading into June.

If the market as a whole pulls back, I'm nervous it gets knocked back down.

EDIT: Well timed post by SilverRex. I like your logic. Partial MEG position resumed.

Do you still have some ARIA? I am still waiting for payday..:banghead:

[bspot]

Originally posted by BavarianBeast


Do you still have some ARIA? I am still waiting for payday..:banghead:

I sold part of it when back near even, but still holding a chunk of it. Lots of news surrounding them lately. Maybe this year... :rofl:

[SilverRex]

added another position at 5.9 Meg with stop below days low, hoping oil will turn here// finger crossed

[SilverRex]

I can only imagine the consequence, has miners finally able to correct further?

time will tell, the longer we stay below the broken channel, the higher the chance it will fall yet again

http://i.imgur.com/5QKNdCa.png

[SilverRex]

gdx coming up to the 38% of the 25.85 to the 22.78 low near 23.95 will see if this is the first area it can turn around

[SilverRex]

re-opening my hgd position with stops below yesterday's low. if this is the real deal, it should not completely go back and break yesterday's low otherwise something is wrong. I have locked in my gains anyways so I can afford to give back 1/3 of my gains for a chance that miners can move down another 10%

oil is holding well. looking to take profit if Meg bounces to the 6.2-6.3 area

[riander5]

Why didnt we get into JNUG at market open?!?!

I was too scared! ahhhh

[SilverRex]

sold 1/3 of Meg to cover my 2nd Meg position SL (if it takes it out)

bought a 2nd HGD with stop below today's low to see if gdx can reverse here or I will wait for a higher re-entry

[quick_scar]

Got in and out of both MEG and POU today for profit. May get back in for a longer hold if they end up down today.

Bought into a couple penny stocks as well for longer holds to see if they go anywhere in the next couple months.

[riander5]

Originally posted by quick_scar
Got in and out of both MEG and POU today for profit. May get back in for a longer hold if they end up down today.

Bought into a couple penny stocks as well for longer holds to see if they go anywhere in the next couple months.

Lets hear about the P stocks!

[quick_scar]

Originally posted by riander5


Lets hear about the P stocks!

Bought into LTS today for a small position. Will see if they can avoid bankruptcy. Maybe a buyout.
XGTI was the other one I got in on. High volume today
Picked up some ZAR recently. Another buyout play.

[SilverRex]

exited all my Meg, despite a great recovery on oil, Meg just unable to break higher above 6.18, I could regret it but chart looks corrective with a possibility it still wants to get back below 6.00

with oil completing 5 waves off the low under 47. a pull back will drop Meg as well. Will gamble to buy back much lower

[Vanish3d]

Gold is still going up, but miners are trying to go down.

Contemplating holding DUST overnight.

[SilverRex]

Originally posted by Vanish3d
Gold is still going up, but miners are trying to go down.

Contemplating holding DUST overnight.

gold bounce was expected considering it was over sold. the fact that gold inched up and miners didnt jump shows it's running out of buyers. hopefully.

after all, I am trying to keep it simple. fed rate hike in june, so sell gold until the rate hike. the last time back in oct2015 I re call Fed was hawkish for December hike and gold went down from 1180 to 1045, it feels like history is repeating. of course after the hike, gold rocket to current levels.

So if it does repeat, I am guessing it could see a similar drop from 1303 to 1180 then rise from there. that would be my perfect scenario to play the short hat then go long for medium term hold after

[riander5]

Originally posted by quick_scar


Bought into LTS today for a small position. Will see if they can avoid bankruptcy. Maybe a buyout.
XGTI was the other one I got in on. High volume today
Picked up some ZAR recently. Another buyout play.

LTS is toast. No one will buy them out. People will wait for the firesale after they go into receivership.

maybe you can make some cash swing trading but i feel you are realllyyyy against the trend on this one

[quick_scar]

Originally posted by riander5


LTS is toast. No one will buy them out. People will wait for the firesale after they go into receivership.

maybe you can make some cash swing trading but i feel you are realllyyyy against the trend on this one

Maybe, but I am not in it for a lot so I am not too worried. More a hail mary play to see what happens.

[ickyflex]

Originally posted by quick_scar


Maybe, but I am not in it for a lot so I am not too worried. More a hail mary play to see what happens.

you could make that same play on TBE

They have until May 30th

[SilverRex]

let see what Friday brings

gold is near its 38% retrace around 1261 and seems to be fighting hard to break upwards. would really hope this can turn gold around if the trend is down, otherwise a pop beyond this area will certainly gave back all the gains hgd/dust made in the last two days. Even if gold does not recover from the point of collapse prior to the fed announcement

next month contract has rolled over and looks like oil is trying to fill the gap left near 48.25 and since the 50DMA is under it, oil looks healthy this morning to begin the day. Probably wont chase oil unless somehow it would drop a bit further

[bspot]

Looks like a good day to take LABU for a spin

[SilverRex]

please excuse all the lines I know its confusing as hell lol, as I mention, the 50DMA is so far trying to reject price as well as the 38% from the recent sell off in gold near 1261 providing resistance.

I am hoping this is a wave iv high and downtrend resume. My next level down target is 1231 as this is the key support channel bottom on the daily chart. Will hold both of my hgd position until 1231 is hit and see where the miners area. unless of course it suddenly reverses, but my stops are in place

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

[bball2]

Set up some buy orders for Jan 2017 Suncor calls, I think the contracts maybe undervalued right now with the problems in Fort Mac / rise will be compounded if oil continues to improve by the end of the year

[SilverRex]

so far the H&S pattern breakdown appears to be false and the market has reversed fully. confirmation that the low is in and we are going to see new highs if price can break the down trend line (red) until it does, the expectation is still a lower low possibly down to the 2000-2011 area. So we will see who wins here, bulls and bears fighting and the short covering if spx punches above 2090 will take place triggering much higher prices.

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

[bspot]

Judgement day coming fairly soon for XBI:

http://930e888ea91284a71b0e-62c980cafddf9881bf167fdfb702406c.r96.cf1.rackcdn.com/data/tvc_742338de563968ebdd6b1c2b1058f1a4.png

[bball2]

Originally posted by bspot
Judgement day coming fairly soon for XBI:

http://930e888ea91284a71b0e-62c980cafddf9881bf167fdfb702406c.r96.cf1.rackcdn.com/data/tvc_742338de563968ebdd6b1c2b1058f1a4.png
Come on breakout :clap:

[BavarianBeast]

Originally posted by BavarianBeast
SCTY is on sale for under $16 :thumbsup:

Should be back over $20 in 2 weeks imho.

Made some nice gains on this one. Sold everything I put on it today.

[bspot]

Originally posted by SilverRex
Will hold both of my hgd position until 1231 is hit and see where the miners area. unless of course it suddenly reverses, but my stops are in place

What is your strategy when you meet the edge of major support/resistance or a price channel?

Do you dump a certain % of your position and hold some to see if the trend breaks in your direction?

Do you get rid of everything and wait it out to confirm which trend is in place?

Per my XBI chart, I'm going to be hitting a similar spot with my LABU position within a couple days.

[SilverRex]

market seems quiet now, must be the long weekend. but I am expecting 50-51 oil next week. so im re-opening a small position in Meg, will add more towards days end if it drops...

this is my own game plan for next week

http://i.imgur.com/94Z46sQ.png

[bspot]

I dumped my LABU position at $29.43 as XBI is creeping close to the upper channel and also touching the $54 resistance, and the 200MA line on the hourly.

I'm banking it takes a couple tries if it's going to breakout.

If I'm wrong, I'm willing to miss out on a bit of gains to confirm which way the trend is going. I lost way too much holding way too long last time on the way up.

[riander5]

Originally posted by BavarianBeast


Made some nice gains on this one. Sold everything I put on it today.

You are the solar guru

[quick_scar]

Originally posted by BavarianBeast


Made some nice gains on this one. Sold everything I put on it today.

:banghead: :banghead: :banghead: I really should just start listening to you.... fuck

[bspot]

Biotech did not really pull back at all today (Had I been around, there was a chance to renter my position $0.50 lower, but I missed it. Otherwise just sideways movement after the rise this morning).

Sat on the sidelines most of the day, but went back in at the end as it looked likely XBI was going to close at $54+

There is now a nice morning star on the weekly, and the 20 period MA has been regained:

http://930e888ea91284a71b0e-62c980cafddf9881bf167fdfb702406c.r96.cf1.rackcdn.com/data/tvc_8cb0d31130647bf86d51d347309fde6b.png

On the daily, there was a MACD crossover this week, and today the 20, 50 and 100 MA were regained.

http://930e888ea91284a71b0e-62c980cafddf9881bf167fdfb702406c.r96.cf1.rackcdn.com/data/tvc_3ce858eb6fcd3f317dc2312cbc695825.png

The worrying part is that red line at the top of the falling channel. I'm banking on a big move up Monday to break out of that channel, which is a bit risky. With so many bullish indicators, I'm hoping it happens.

That said, I'm still struggling with setting stops for situations like these. If XBI is rejected by the top of the channel, I want out quickly.

I seem to be the master of setting my stops for the exact spot a false reversal ends, stopping me out, and missing the beginning of the huge move back up.

The low of LABU today was $27.65. Is that a good starting point, or too low?

[riander5]

Made a quick 4% on NUGT today... really liking how it behaves with a 5m/15m indicator lining up in the direction of the 1hr trend.

Will be watching it next week too

[bspot]

Originally posted by bball2

Come on breakout :clap:

http://930e888ea91284a71b0e-62c980cafddf9881bf167fdfb702406c.r96.cf1.rackcdn.com/data/tvc_70ef4010322a56292833a73e52cde3ba.png

:clap:

[bball2]

Originally posted by bspot


http://930e888ea91284a71b0e-62c980cafddf9881bf167fdfb702406c.r96.cf1.rackcdn.com/data/tvc_70ef4010322a56292833a73e52cde3ba.png

:clap:

:thumbsup: Starting to lock in some profits but will keep a small position in to see how far it can go!

[bspot]

I think XBI should test just under $56 at the least, so I'm going to let this run a bit.

[bspot]

Sad to be in HGD today and not DUST. It was a great opportunity to sell, watch gold bounce, and get back in lower.

[Vanish3d]

Originally posted by quick_scar


Bought into LTS today for a small position. Will see if they can avoid bankruptcy. Maybe a buyout.
XGTI was the other one I got in on. High volume today
Picked up some ZAR recently. Another buyout play.

nice play on XGTI - over doubled now
If only I gambled with you lol

[bspot]

Out of LABU at $30.90.

After the initial push it's looked weak all day and is coming off the top of the rising channel. The upward trend looks very much intact for the time being, so I'll look for lower or more certain re-entry.

http://930e888ea91284a71b0e-62c980cafddf9881bf167fdfb702406c.r96.cf1.rackcdn.com/data/tvc_f52f96b288909a959fa0d40ae23f9e31.png

[SilverRex]

gold nearly hit my target to 1231 then I suspect it will rally as there is a rising channel support on the daily chart near this area. I have exited half of my hgd and will let the rest go soon

update: exited all my hgd, looks like wave iii of C is about to be done around here. still expecting one more wave down possibly taking out 1231 for a impulse panic sell which then I will be watching the miners closely to begin scaling back in

still holding two position in Meg. will try to hold on until oil hits my 50-51 target

[quick_scar]

Originally posted by Vanish3d


nice play on XGTI - over doubled now
If only I gambled with you lol

Lucky play. Just wish I had put a bit more in. Probably going to hold a while longer and see where it goes. Set a stop high enough to cover trading costs and dinner and call it a day.

[quick_scar]

Looks like it will be a good day to get back into MEG under $6 and POU if they can fall to under $8

[bball2]

Originally posted by bspot
Out of LABU at $30.90.

After the initial push it's looked weak all day and is coming off the top of the rising channel. The upward trend looks very much intact for the time being, so I'll look for lower or more certain re-entry.

http://930e888ea91284a71b0e-62c980cafddf9881bf167fdfb702406c.r96.cf1.rackcdn.com/data/tvc_f52f96b288909a959fa0d40ae23f9e31.png

Still holding a small chunk, but I'm going to set my sell limit @ $33 :thumbsup:

Suncor Jan 20, 17 @ $34 call is up very nicely this morning

[bspot]

Originally posted by bball2


Still holding a small chunk, but I'm going to set my sell limit @ $33 :thumbsup:


When I saw the very late buy action yesterday I figured I'd miss out on a morning surge.

Didn't expect a nice big gap up though.

I also bailed on HGD way too early. It lagged the gold price drop way more than I expected.

[quick_scar]

Originally posted by ickyflex


you could make that same play on TBE

They have until May 30th

In a gambling mood this morning. In on TBE.

[bball2]

Originally posted by SilverRex
gold nearly hit my target to 1231 then I suspect it will rally as there is a rising channel support on the daily chart near this area. I have exited half of my hgd and will let the rest go soon

update: exited all my hgd, looks like wave iii of C is about to be done around here. still expecting one more wave down possibly taking out 1231 for a impulse panic sell which then I will be watching the miners closely to begin scaling back in

still holding two position in Meg. will try to hold on until oil hits my 50-51 target
Pretty bullish on gold right now as well, have a limit buy order on NUGT @ 76.5

[ickyflex]

Meg just can't do it haha

[el_fefes]

Originally posted by el_fefes


If you're a gambling man look at CRE.v on the venture. Not a producer but it's an exploration (rare earth metals lithium/tantalum) company with properties in Quebec.

Did anyone end up picking this one up? :clap: I am in at 0.32 now at 0.69

[bball2]

This one's a bit of a riskier play, but shorted SRPT yesterday when it spiked up to $20, all indications are that the FDA will not be approving their Duchenne drug (small sample testing, no placebo, not great results, and previously rejected by the FDA panel) but their stock has improved close to 100% after falling hard on the first announcement.

[bball2]

Originally posted by bball2

Pretty bullish on gold right now as well, have a limit buy order on NUGT @ 76.5
Guess not, closed my position for a small loss as gold is still dropping.

[bspot]

I was very wrong about Biotech yesterday. Pops off another pretty strong day, and I was on the sidelines.

Should be super heavy resistance for XBI just under $56, where it sits now. Hoping if it will pull back at all and give a chance for lower reentry. Not touching it where it is now however.

[Vanish3d]

Sold half my DUST. Debating to sell all or let it ride and hope there is no gap down tomorrow.

[bball2]

Originally posted by bspot
I was very wrong about Biotech yesterday. Pops off another pretty strong day, and I was on the sidelines.

Should be super heavy resistance for XBI just under $56, where it sits now. Hoping if it will pull back at all and give a chance for lower reentry. Not touching it where it is now however.
I'm going to try and close of my LABU positions today, but I'd hesitate to get back into biotech before the end of the week or early next week. I don't think the outlook is very positive with some of the upcoming FDA announcements.

[bspot]

Oil storage down. Crude surged up to $49.20.

Loaded up on MEG today at $5.90. Please for the love of god actually pop on some good news tomorrow.

[ickyflex]

Crude -5.137 mln barrels
Cushing -0.189mln barrels
Gasoline +3.606mln barrels
Distillate -2.922 mln bbls

[bball2]

Originally posted by bball2
This one's a bit of a riskier play, but shorted SRPT yesterday when it spiked up to $20, all indications are that the FDA will not be approving their Duchenne drug (small sample testing, no placebo, not great results, and previously rejected by the FDA panel) but their stock has improved close to 100% after falling hard on the first announcement.
That was a poor call, FDA said they would be delaying their decision and the stock is up 20% this morning :nut: too much uncertainty at this point, will look at closing the position if it dips down again otherwise it's going to be a risky hold.

[bball2]

Sold the last of my LABU position at $34.5 during the quick spike this morning :thumbsup:

[SilverRex]

looks like SPX has broken out of a down trend line which is bullish for stocks imo. next confirmation is to break above 2090. it is looking more and more like stocks is on run towards an all time high.

http://i.imgur.com/BpgkIU6.png

[bjstare]

^Good work, XBI has done a great run in the last little bit.

[SilverRex]

I sense gold/miners could bounce here. tempted to open a small position

using the previous bull run analog, using hui as a guide once the mining complex drops about 20% it will be good to start buying some some miners for medium-long term hold

http://news.goldseek.com/GoldSeek/1463774100.php

[SilverRex]

picked up yri at 5.39 for a short play.

will see what the oil inventory can do this morning, hoping it is positive so we see 50-51 oil. then I will exit Meg and may even short oil

[troyl]

Draw of 4.226M bbls. Estimate was for a draw of 2.45M

[bspot]

^ So then what the hell just happened to oil prices?

[ickyflex]

Originally posted by bspot
^ So then what the hell just happened to oil prices?

Gasoline Build of 2.0M vs Draw expected

[SilverRex]

possibly buy on rumor and sell on news. anyhow oil isnt crashing any time soon. not until it hits 50-51,

[SilverRex]

a while back when silver first formed a H&S pattern I expected a break of the neckline would target down to 16 area. well we are nearly there. expect price to be volatile in this area and I imagine anything below 16 is a screaming buy for long term.

key would be to see an eventual breakout over the down trend line which will then mark the end of the metal correction as we head into a new bull run this fall.

in the mean time I have opened up a few core miners position with today's drop in the sector as my very first entry. using GDX as gauge amything under 22 is a very good buy zone starting point. EW points to a bounce follow by one more leg lower towards 19. And as I posted earlier if gold follows the previous two gold bull market, then a correction of 20-22% is in order which means miner could still produce another 5-10% lower in which I will double up my positions.

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

[bspot]

Originally posted by SilverRex I have opened up a few core miners position with today's drop in the sector as my very first entry. [/B]

Which miners are you in for? I've only ever traded ETFs in this sector, but would love some tips on actual miners to look at.

[SilverRex]

I buy yri.to and k.to and the strategy will be when I feel the market is ready to correct again I will sell them and move into abx/g as big miners tend to correct less. I am doing this in hopes to never get caught out of a position while riding the junior company and correcting less with the bigger miners. I cant say its going to work but thats my plan.

also picked up a very small position in sil.v, will buy more if it drops further. seems to be a very high risk/reward if silver does breakout again

update: exited all my Meg position as it continues to struggle despite oil was up at one point. will buy again under 6

[bspot]

Thanks for the miner info!


Originally posted by SilverRex

update: exited all my Meg position as it continues to struggle despite oil was up at one point. will buy again under 6

Did the same, but waited until $6.17 to see if it would pull it's typical later day partial recovery after losing morning gains.

It actually paced BTE pretty well this morning.

Are you expecting oil to pull back before it hits $50+ to present a reentry opportunity?

[SilverRex]

Originally posted by bspot
Thanks for the miner info!



Did the same, but waited until $6.17 to see if it would pull it's typical later day partial recovery after losing morning gains.

It actually paced BTE pretty well this morning.

Are you expecting oil to pull back before it hits $50+ to present a reentry opportunity?

pull back may be completed. did not expect it to be so mild, I got back into Meg roughly around the same exit price. will give it one more shot as it looks technically very bullish and it wants to hit 50.00 this week if not today/after hours

keep in mind we have a key resistance pivot near 51.39, I will be attempting to go short for a short play once we reach this level and if I see some sort of price rejection pattern will enter there

[bspot]

Saw oil surging, and MEG had still held at $6.17. Reopened a partial position to see if it can hit morning highs again.

EDIT: Happy to see the above post, means I may not have screwed this up :rofl:

[SilverRex]

not much change from the last chart I posted on oil but I am expecting oil to find a top in the 50-51.4 area then possibly a profit event will take place that will take price down below this channel to at least 46s for starter

http://i.imgur.com/H9IJfPi.png

[bspot]

How do you determine your wave V target? Fib? Size of wave I and/or III?

[SilverRex]

Originally posted by bspot
How do you determine your wave V target? Fib? Size of wave I and/or III? there are ways to do calculate targets and such but I tend to just like to keep things simple and focus on just trend lines/channels and wave counts

[bspot]

LABU/XBI looking set up for a pull back. Opened a small LABD position to see what happens tomorrow. Overall trend is still up, so won't look to hang on long.

[SilverRex]

Originally posted by bspot
LABU/XBI looking set up for a pull back. Opened a small LABD position to see what happens tomorrow. Overall trend is still up, so won't look to hang on long.

very possible considering dow broke the down trend line and so it can pull back to backtest. this pull back will most likely drop biotech, then again I have also seen biotech diverge from the market as well from time to time.

[cloud7]

Originally posted by SilverRex
I buy yri.to and k.to and the strategy will be when I feel the market is ready to correct again I will sell them and move into abx/g as big miners tend to correct less. I am doing this in hopes to never get caught out of a position while riding the junior company and correcting less with the bigger miners. I cant say its going to work but thats my plan.


what are your thoughts on smf.to?