Official Short-term Investments Thread

[secol]

yes oil! was close to pulling the trigger when i saw oil dip a bit mid morning, but glad i held on to see if it would bounce and break out a bit more

[SilverRex]

just wanted to post Barrick gold chart here.

while I Was expecting gdx to come down to 29 and hasnt. looking at Barrick, the chart looks more in line to what I was expecting from a technical correction point of view.

with barrick bouncing off the 50DMA (so is goldcorp), a good follow thru daily swing in the next day or two would potentially seal the low. RSI has also hit oversold. as you can see every time RSI is oversold has resulted in the next up leg.

will this time be no different? we will soon find out

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

[SilverRex]

added back two core miner positions after a 6% drop in a bit over a week.

My portfolio is now back to 70% miners, 20% energy and 10% cash.

[Marsh]

Originally posted by secol
HNU was mentioned earlier as a x2

Maybe I wasn't too clear about. Interested in playing the futures curve itself, not just a general leveraged position in NG.

[troyl]

Originally posted by Marsh


Maybe I wasn't too clear about. Interested in playing the futures curve itself, not just a general leveraged position in NG.

Hmmmm You could try HUN-T which holds January next year Nymex contracts.

[Marsh]

Originally posted by troyl


Hmmmm You could try HUN-T which holds January next year Nymex contracts.

thanks will check it out!

[BavarianBeast]

Come on ARIA!

I need a 570s in my garage! :)

[SilverRex]

not much to comment.

Gold continues to consolidate towards an eventual upside breakout.

oil has closed above 46 which is even more bullish than I thought. today's oil inventory and Janet Y's speech will be market drivers.

setting a stop under my entry for Natgas. it needs to pop soon or it is starting to look corrective as a wave 4 heading to one more lower low.

Im 90% core miner and 10% leverage in my mining exposure. If gold does reach my target are by hitting 1320 and gdx 29s I will start to covert towards more leverage play

[Vanish3d]

Finally, my JDST paid off. I'm out and waiting for a good entry on JNUG

[SilverRex]

miners finally selling down into the sweet spot with gdx between 29-30.

now we will see where the bleeding stops.

[bspot]

Sold LABD. I think this triangle consolidation takes another couple days, then I'll reevaluate direction then:

http://930e888ea91284a71b0e-62c980cafddf9881bf167fdfb702406c.r96.cf1.rackcdn.com/data/tvc_9de510d407ffc698ea1a77756bdf4c55.png

[SilverRex]

oil inventory a draw of 2.5m, talk about timing when oil is at a critical resistance. or was the rally ahead of the report leaked?

[ercchry]

Well, got a full position in dgc now, looking for a 50%+ gain once gold takes off, which would be good considering my meg contracts expire this week and I'll be lucky to break even at this rate

[SilverRex]

with oil continue to trade above 46 dollar, inventory was positive. BTE looks like it is in a 1-2,1-2 setup. I wonder if it is now poise to make a run towards 8 dollar.

Natgas finally breaking out of consolidation. if this is wave 5 up, I expect UGAZ to at least break above 50


this is what a 1-2, 1-2 setup looks like for bte. while it can go either way. I am putting my bet on the green path.

Meg is also in a similar pattern

http://i.imgur.com/6pWtIlK.png

[bspot]

Originally posted by bspot
Sold LABD. I think this triangle consolidation takes another couple days, then I'll reevaluate direction then

*record scratch*

That didn't take long. Saw a pennant forming and bought a partial position. XBI has since broken down out of this trend.

Lost $20 on the flip-flop, so could be worse.

Edit: And it is worse. Headfake and I fell victim. At least only a partial position.

[SilverRex]

Janet speech in 40mins, my bet is that she will be dovish as to prevent any significant sell off in the stock market and continue to hold it up if not light a fire under it leading up to election.

[SilverRex]

after initial negative reaction on gold, now it is favoring the upside

[bball2]

Great little rally in gold in the last 5 mins :-)

[Vanish3d]

YES ! GO GOLD GO !

managed to get in JNUG at 287 before noon. Let's ride this bitch up

[Disoblige]

I set a limit on NUGT for $146.9 like 10 minutes ago, but it was in the 148+ range for the longest time. Did I get lucky that it got filled? No idea how that even happened.

[bspot]

In on JNUG at 284 today. Go go go!

[Vanish3d]

GDXJ is flirting with the downward trend line - will it go through or is it time to take profits and run?

[bball2]

Originally posted by Disoblige
I set a limit on NUGT for $146.9 like 10 minutes ago, but it was in the 148+ range for the longest time. Did I get lucky that it got filled? No idea how that even happened.
Looks like it dipped down to 145.40 before the big rally

[SilverRex]

right now I only see 3 waves up on the miners. if gdxj takes out 50.20 and gdx at 29.98

then we may not have a bottom just yet.

at least it hadnt taken out the support and started to move backup. will be looking to see if it can make a higher high tomorrow to confirm the low

[Disoblige]

I fucked up, lol. I sold NUGT in the afternoon because I didnt want to hold overnight. Ah well, if it drops back to the 145 range I could try to get back in. Seems unlikely though.

[SilverRex]

oil has clearly broken the down trendline to confirm the ICL low at 39 dollars. with this I am expecting a wave iv pull back at some point but due to how bullish oil is at the moment, there is no telling where it will top. I am leaning towards a wave iii top some where between 47-48 since RSI has hit over sold and needs to pull back alittle but it can also continue to keep extending and even hit 50 dollar before it corrects but does it really matter? the trend is back up. so those of us that are long in the oil sector should be rejoicing


edit: sorry I may have the initial wave i to iv in the wrong spots here when oil came out of the 26 dollar bottom just ignore it as I will put the right counts the next time. but clearly of late oil is now in sub wave iii of i of (III)
http://i.imgur.com/bA9l25W.png

[SilverRex]

for gold, it was very encouraging to see the Fed speech giving gold some life. I am now hoping that is the catalyst it needs for it to dial back up and perhaps finally channeling 1375 high and even break and test the 1380-90 during this next cycle.

for miners while yesterday's late day surge was great to see, it was only 3 waves. it would be technically positive if gdx can make a higher high today beyond 30.62. 3 waves are normally corrective, so I want to see confirm the low is in.

[SilverRex]

look at oil go. power of wave 3

[Vanish3d]

I'm thinking miners will take a dip today. Sold all my JNUG and picked up JDST with stops below today's low..

[ercchry]

Between Meg's run today and my bte and hou holdings I've recovered a ton of the loss I was looking at this week with meg expiring... But there is tons of resistance at $6.30... Considering selling, but $0.30 more is break even on meg, and like a 5% swing on portfolio... Hrm

[bball2]

I'm going to hold most of my oil stocks until that 49.5 - 50 mark on Crude. May look at rebalancing at that point but for now have about 50-60% oil in my portfolio.

[secol]

i have about 80% in o&g. started investing not long ago so haven't had a chance to diversify and i figure i might as well try to ride the wave on this before i rebalance

[ercchry]

Well, Meg shot up another $0.10... Put in a sell order and for the first time ever didn't get hit with "risk review"! Hopefully questrade has finally fixed that nonsense


... Hopefully it hits, will be break even on oil for the week if it does

[SilverRex]

i believe we have hit 5 waves up off the low since yesterday's bottom on gdx and miners are now correcting. with Option expiring Friday I Believe, past pattern of late shows gold usually go up after. so if miners have further weakness ahead for this correction, I see one last possible test towards 30.

it does not 'have' to happen, but technically, miners bullish projection remains intact even if there is further weakness today or tomorrow

[riander5]

Originally posted by bball2
I'm going to hold most of my oil stocks until that 49.5 - 50 mark on Crude. May look at rebalancing at that point but for now have about 50-60% oil in my portfolio.

Ill hold until she starts falling. I sold off last time when oil was at 48-49, and that last 2 dollars baytex shot up like 20 fucking percent

That was a tough one! Never again! haha

[bball2]

Originally posted by riander5


Ill hold until she starts falling. I sold off last time when oil was at 48-49, and that last 2 dollars baytex shot up like 20 fucking percent

That was a tough one! Never again! haha
Yeah good point, I think I'll set sell orders with stop losses once they get to that point. If they don't sell even better :clap:

[bspot]

I sold ARWR yesterday. God dammit. :banghead: :banghead: :banghead:

[SilverRex]

its interesting to note that gold has formed a large cup and handle pattern within a cup and handle...and yes within another smaller cup and handle pattern. uber bullish?

it feels as though all the shorts have piled up to the extreme and bulls have pushed them right up against the corner. it would be very or shall I say extremely interesting to see what happens if and when gold can cross or close above 1357

with the dollar index making new lows (broken a down trendline) it does not help the shorts.

[bjstare]

I'm hoping gold breaks out to the upside soon.

I'll also be looking at scaling back energy holdings probably in the next few days, and either putting more into gold or possibly HOD once WTI shows some weakness.

[ercchry]

well, didnt want to risk my contracts bombing to 0 tomorrow... so i cut my losses... first loser in a while :cry:

i'll survive though. basically just even over the last two weeks

[Meback]

Well i dont know whats happening with gold miners, but I eliminated my kinross position for 30 bucks lol. Seems like even though there is strength in gold, miners are a bit under pressure. Still holding YRI. So still have some exposure if it does shoot up tomorrow.

Still holding meg and bte. Shit is in the green. Wanted to sell have my position and take some profit, but i m giving it a chance to make some more money.

[SilverRex]

gold is starting the day being sold off this morning, mostly due to the USD dollar regaining some bounce as it is near a critical area.

so unless panic dollar buyers are selling into strength and further weaken the USD, gold will continue to be under pressure.

as you can see gold is back at the bottom end of the rising (smaller) triangle consolidation. RSI is oversold. certainly a bounce here would calm all of us gold holders. however the 1320 larger consolidation triangle (orange line) is not far under and I cant help but wonder if gold wants to have a date with that area before launching.

market does not always make it easy for both bears and bulls even if you pick the right trend.

we shall see if option expiry will help.

all I know is all the massive CoT short positions will have to cover at some point. Are they just trying to push gold as low as possible to cover? or will they have to be forced to cover at higher prices?

time will tell. stay patient.

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

[Vanish3d]

wow getting killed with gold... and gas....

My whole portfolio took a massive hit between yeseterday and today.

[SilverRex]

Originally posted by Vanish3d
wow getting killed with gold... and gas....

My whole portfolio took a massive hit between yeseterday and today.

I have my stops with Natgas at break even, if it takes me out then will wait for a lower entry.

oil is early in it's intermediate cycle which means it will have 12-14 weeks to run (of course with daily cycle low corrections along the way)

the energy sector has finally broken out of a multimonth consolidation channel. I expect this breakout to hold. so I wont be selling my oil shares any time soon

[KappaSigma]

Anyone know much about resolute energy, REN on us exchange? Aug been huge. Debt but termed out. Recent wells are coming on huge.

[SilverRex]

i am hoping OpEx will fuel gold's next rally out of this consolidation frustration.

here is a chart (not mine) and note the previous OpEx has been kind to gold

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

[SilverRex]

I wanted to post a silver chart today.

some significance because of the following

-has tested the 50 day moving average (something it has not done for over 2 months)
-RSI has reached extreme oversold (bottom is near)
-GSR gold to silver ratio near 70.00 which to me I think investor will begin to see value converting gold to silver

as long as silver does not make a lower low today, the green path suggesting the next rally should begin very shortly.

the alternate path (in red) is wave IV still has not complete and would then require price to dive under 19.20 and hit between 18.5-19.00 area. While I do not prefer this count, it is always a possibility.

so if gold does not breakout early next week, then the red path is more than likely.

bullish signs
silver needs to produce a swing low taking out 19.71+

bearish sign,
a lower low under today's low

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

[SilverRex]

a quick post on gold for the weekend.

gold's short term direction continues to hinge on where the USD is headed. while it looks weak, the US dollar may be due for a counter trend rally or new daily cycle that could continue to put pressure holding gold down.

as you can see, not much has changed for multiple weeks as gold continues to consolidate.

if gold does not breakout next week and the dollar continues to strengthen, then be prepare gold to test the larger triangle (orange) down to the low 1310s.

However, even if gold does breakout because the US dollar has a bit further down to go, the breakout in gold may not be sustainable so the near term top between 1380-1430 should limit any significant upside.

strategy is to be as flexible as possible.

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

[SilverRex]

as for oil

we have a massive inverted head and shoulder at play here, that puts a target into the 70s. Try not to get too excited just yet as it will not get there all in one push without daily cycle lows and corrections on the way.

it is very clear now that the intermediate cycle low has bottomed at 39 dollars and we are in the heart of a sub wave iii of I move.

I suspect oil should still have a little bit more upside next week but as we close in on 50, it should trigger a profit taking event as it is quite overbought in the short term.

if oil should fall dramatically I expect it will not break below the wave i top at 43.39 without beginning to question the move. in fact I think at worse a backtest of the trendline break some where between 44-45 would be max pain imo.

http://i.imgur.com/uD4mGmS.png

[Disoblige]

Anyone in GEVO or have thoughts about it? Looks like cheap entry with lots of potential.

[SilverRex]

looks like oil has started a wave iv correction. if the 50DMA doesnt hold just slightly under 48, next good support is right back at 46 which happens to be the 200DMA. for the time being, I do not see oil breaking the 200 DMA until it at least completes 5 waves up. (we only have 3 waves up right now) based on the time it took for wave 2, give it a day or two and see where it is at.

a 5th wave should push oil above 49.

as for gold, it looks like it finally did cave and wanting to test the bottom of the larger triangle pattern. sweet spot is around the 1320 area.

surprised how weak silver is. havent see the 18s for quite a long time. I may be tempted to go USLV if silver can hit 18.50-18.60

with the recent decline in metals, there is now more and more bearish talks of a much larger decline that could bring gold down under 1300 and silver back into the 17s.

That is why at this juncture, it is better to remain as flexible as possible. You just never know, a lower gold/silver prices only means a way better entry rather than the sky is falling is how I like to think of it.

gdx testing the low 29s is now very likely this week if not today. however if 29 does not hold, next support is 27

[SilverRex]

the only thing that would kind of mess around with the continuous weakness in the metals and even oil is if the US dollar suddenly makes a dash for another new low. As it appears the euro is trying to breakout from a down trendline while the dollar the breaking down from it's own.

if silver trades and sustains above 19.20 and gold above 1340, then this view is likely. so we shall see how the morning plays out. the metals should have no business in playing with those prices if the trend remains down for a couple of days.

[SilverRex]

so far big miners like abx, yamana and kinross are holding up extremely well <1% comparing to gdx and gdxj 2-3% in the red.

I wonder if a near term bottom is close.

[bspot]

Added USLV today. Dumped miners to scale into JNUG last week... ouch. Still have some bullets in the chamber waiting for JNUG, but exercising patience.

[SilverRex]

Originally posted by bspot
Added USLV today. Dumped miners to scale into JNUG last week... ouch. Still have some bullets in the chamber waiting for JNUG, but exercising patience.

im not doing anything today. my sweet spot remains with gold at 1320 and silver at 18.5-18.6 before I get tempted to open a position in USLV and perhaps increase my existing Jnug exposure.

[bspot]

^What's your average price on JNUG right now?

[SilverRex]

Originally posted by bspot
^What's your average price on JNUG right now?

@298, mind you this was 1/3 of what I had when I loaded up around 201-210 and sold at 294.

a relatively small size to ensure I will not give back all of the gains even if miners drop back to the low in late July.

Yamana and Kinross makes up about 60% of my portfolio and I bought most of them in the low 5s. So I have lots of room to work with.

[bspot]

I'm similar, but overall way scaled back in gold compared to Brexit, and no longer holding any miners. If a big opportunity forms here, I'll be shifting gas/bio/energy money back over to gold.

JNUG at 297, USLV at 23.57. More weighted to USLV which is 20% of my portfolio right now. JNUG is only 7%

[SilverRex]

with the USD dollar remaining on the weak side both oil and gold looks a little alive today.

I was expecting oil to find a bottom between 46-47 and it certainly can bottom here and begin it's 5th wave higher than 49.

however it is still possible the 200EMA would be the perfect reversal spot (orange) at 46 oil. It does not change my holdings either way I am expecting oil to begin to move back up to test 50-51 oil once a near term bottom is in (and it may have been in this morning)at 46.50

worse case scenario is the red count down to the 44-45 area without breaking below 43.39 (we all should know by now that in EW terms, if this is an impulsive advancing 5 waves up confirming 39 as the intermediate bottom, it should not break below the prior wave 1 top at 43.39

http://i.imgur.com/mhKeN1W.png

[SilverRex]

looking at BTE again, (mind you Meg is really sort of in a similar pattern) in fact alot of energy shares are in a similar setup.

what is happening with energy shares is beginning to repeat the initial bottoming process. we are either in a wave 2 correction or a 1-2,1-2 setup either is setting up a bullish wave 3 move.

wave 3 will certainly take us to higher highs in the coming months.

http://i.imgur.com/f0gUiUP.png

[bball2]

Crude oil / UWTI rising up nicely this morning :thumbsup:

[SilverRex]

gdx is very close to it's 50 day moving average near 29.03, 29.10 is also the 61% retracement of the 27.5-32 up move.

adding 1 tranche here on Jnug for a possibility of a short term bottom.

[Meback]

There should be zero chance of feds raising rates in sept. They wont throw a wrench in the system prior to an election. But i d be damn. YRI and K. Just cant catch a break. I could average down, but i feel that there is a lot of pressure on miners at this time.

[SilverRex]

Originally posted by Meback
There should be zero chance of feds raising rates in sept. They wont throw a wrench in the system prior to an election. But i d be damn. YRI and K. Just cant catch a break. I could average down, but i feel that there is a lot of pressure on miners at this time.

there is alot of pressure indeed, perhaps it is the case of the sector ran to fast and needed a break. I may scale back when I see important levels broken like gdx diving under 28.50-29.00 until then I have to play the upside and take advantage of each dip. once of these dip will no doubt turn into a much larger degree correction ultimately I do believe we are in a new bull market so any mistake will be corrected over time.

[el_fefes]

Are you guys planning on holding on to your miners into September? It sounds like there's a 50/50 chance that the Fed may increase rates.

Yellen is giving a talk this friday at Jackson Hole in which she may hint at the Fed's next interest rate decision...

[Meback]

Silver good move in the last half hour. You timed that really good.

There will be no hike in september. Thats pretty much a given. Friday we will see lots of volitility and hopefully see some strength emerge.

I

[SilverRex]

Originally posted by el_fefes
Are you guys planning on holding on to your miners into September? It sounds like there's a 50/50 chance that the Fed may increase rates.

Yellen is giving a talk this friday at Jackson Hole in which she may hint at the Fed's next interest rate decision...

there could be opportunity in buying gold much lower down to the 1300-1310 area if negative news comes out.

I incline to ensure I have some ammo comes friday to try and scoop up any panic sell off

[SilverRex]

just wanted to focus on the miners today.

I have been expecting gdx to hit 29 for quite some time and yesterday we finally hit this area.

not only have we hit this expected buy zone, it has also tested the 50 day moving average, is near the bottom of a rising channel (which should hold on during the first attempt) and RSI is now very oversold relative to previous cycle lows.

count remains uber bullish in green with the current wave c low bottom nearly completed if not completed yesterday. the Uber bullish count because it looks something like a 1-2, 1-2, 1-2 setup

Even though technically we should be poised for a good rebound soon, please keep in mind the market can change with the wind so being flexible and ability to withstand or anticipate lower lows needs to be on your checklist.

The bearish EW count as I have heard and seen and may agree (in red) is that the entire structure since the rally began this year have completed 5 waves and is now due for a significant pull back. I will begin to favor this count only if we begin to see certain levels of support broken, but with gold coiling up and cycle wise is not due for a top until late sept/oct. Timing wise it does not make sense.

so I will continue to lean towards a bullish view on the metals until more evidence of technical weakness shows up.

http://i.imgur.com/Z4SKIcS.png

[SilverRex]

daily down we can see gdx (miners) is in a descending wedge, which is bullish once it breaks out to the upside and it is currently trying to find a bottom. MACD positive divergence is showing up suggesting the same thing.

now we just wait for confirmation on a reversal to hopefully seal the wave c low.

will lower my must hold support down to 28.50 before I question the move and scale back due to technical damage.

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

[SilverRex]

things just got a whole lot interesting with gold opening down this morning and the sector will open low to begin the day.

gld fund is also testing the 50 day and miners pushing the envelope here at the open. Might be tempted to open another position at the open

[bball2]

God damn it NUGT, had a chance to sell at 165 last week -_-

[Vanish3d]

^ similar with JNUG.

I even made a comment about taking profits and running, but got greedy. Went from big profits to big loss.

[SilverRex]

Natgas is the only bright spot. selling that and converting it to one more tranche in jnug

[el_fefes]

Yup, in at JNUG at $294... sweating a little bit but I'll hold on. Down on USLV also.

[Vanish3d]

it's so oversold yet it doesnt seem to care. just keeps bleeding

[SilverRex]

great capitulation here in the miners. the weakness is much more than what I anticipate. While gold is still holding up. tested the 50MA today. I expected gold to try and test 1320, but the hard knock on miners is a bit concerning. if this does not shake out the average investor I dont know what is.

I do believe we are in a new bull market for this sector. the only question now is, perhaps we have to work thru some serious correctional period before the next major up tick.

I dont like selling at the low, but I may scale back my position on the next counter trend rally.

It may be better to wait for a breakout this time in case this sell of is only a wave A (a counter trend rally wave B) then an even lower low wave C to come.

[SilverRex]

for those feeling a bit of a panic, if miners are topping and much lower low ahead, I think we should see a lower high and a bounce from current levels to form a right shoulder with gdx back up to around 30ish (typical head and shoulder are usually the halmark of a top). So either take that as an opportunity to scale down or move your stop what ever it takes to ensure you can ride thru these seasonal volatility. I have no reason to unwind all my position, but definitely will try and lower my cost averages and maybe trade the bounces.

if gold still has a date with 1500 during this intermediate cycle, then we may look back today as being an opportunity rather than a sell signal.

[Disoblige]

Seems to be resistance for XBI $64.5? Could be decent LABD entry point.

NUGT, I'm more on the bullish side on this one. Just deciding if today or tomorrow is a good entry point for a medium sized position.

[riander5]

Remember back when JNUG was at 100 bucks

[Vanish3d]

Originally posted by riander5
Remember back when JNUG was at 100 bucks

if you don't remember, then worry not, because it looks like it's gonna be 100's soon....:banghead:

[BavarianBeast]

Decided to pick up 600 Jung shares to join the fun.

We'll see if this anxious feeling ever leaves ha ha.

[bjstare]

Originally posted by BavarianBeast
Decided to pick up 600 Jung shares to join the fun.

We'll see if this anxious feeling ever leaves ha ha.

Nice edit.

I was just about to call BS on your initial post :rofl:

[SilverRex]

I hope everyone did heed my original suggestion and remain as flexible as possible for days like this week.

I think this is max pain in my own opinion, and even I too will get rattled if miners were to drop another 10%

but lets get back to some basics. I am sure BavarianBeast will love this chart.

forget about numbering all the high level counts. just based on wave counts 1-5 in the lower swings the mining complex seems to love testing the previous wave iv low (and most times even breaking below it)

this is often a typical wave 'c' pattern. So I have spotted 4 here. will this time be any different? I Hope not. because if it does not bottom this week, then I fear we have more pain ahead.

market needs to to make a reversal this week

http://i.imgur.com/aaYTQuf.pngt

[Disoblige]

Originally posted by BavarianBeast
Decided to pick up 600 Jung shares to join the fun.

We'll see if this anxious feeling ever leaves ha ha.
Why buy today vs. tomorrow?

Are you anticipating the split to be a positive factor?
Looks like it's going to be going down all the way to close.

[bspot]

Well, now I'm fairly loaded to the tits in JNUG and USLV. This is rather scary. I feel like I should go away for a few weeks and not look and try forget about what just happened.

[Meback]

Lol burtal. Bloody hell. I just bought into kinross on american side. 9 percent day in the red. Fucking it should bounce back. Still holding yri and k.... and it aint looking pretty.

[Meback]

Double post

[Vanish3d]

forget retesting the bottom this week, it's gonna fcuking do it this hour lol

[BavarianBeast]

Haha good thing I didn't have the money to buy 6000 shares. I am only hoping to hold a week or two.

Reason I bough today is that I have data reception and likely won't tomorrow. Looks like it was a bad time.

[BavarianBeast]

Originally posted by bspot
Well, now I'm fairly loaded to the tits in JNUG and USLV. This is rather scary. I feel like I should go away for a few weeks and not look and try forget about what just happened.

I don think I'll be able to check the price again until next Wednesday. Here's to hoping!

[Disoblige]

LABD holy fuck what happened haha. Didn't think XBI would do that so quickly.

[bspot]

This was my all time biggest single day losses. Just insane.

Let someone talk me out of LABD and into LABU. Was looking like I owed them a thank you this morning.. lol.

XBI better make another run at 65 or I'm toast there too.

Might as well pave the streets with gold now that it's FREEEEEEEE.

[Disoblige]

http://www.dailymail.co.uk/wires/reuters/article-3756871/Clinton-calls-reduction-cost-allergy-drug-EpiPen.html

Blame it on Hilary.

[el_fefes]

Originally posted by SilverRex
[B]I hope everyone did heed my original suggestion and remain as flexible as possible for days like this week.

I think this is max pain in my own opinion, and even I too will get rattled if miners were to drop another 10%

but lets get back to some basics. I am sure BavarianBeast will love this chart.

forget about numbering all the high level counts. just based on wave counts 1-5 in the lower swings the mining complex seems to love testing the previous wave iv low (and most times even breaking below it)

this is often a typical wave 'c' pattern. So I have spotted 4 here. will this time be any different? I Hope not. because if it does not bottom this week, then I fear we have more pain ahead.

market needs to to make a reversal this week



We need Yellen to throw us a parachute on Friday... damn.

[riander5]

Well looking at this makes me glad I am only taking L's on BTE.

I also sold UGAZ last week for even and got rid of LABU.... shoulda listened to my instincts!! fack!

At least im not in JNUG.. or maybe i will be soon..

[Meback]

Da phak happened to labu? That shit went from an up day like i m gonna be dining at the keg to eatting mr. Noddles in a matter of a few hours.

[Disoblige]

Originally posted by Meback
Da phak happened to labu? That shit went from an up day like i m gonna be dining at the keg to eatting mr. Noddles in a matter of a few hours.
Grandma said no, that's what.

[SilverRex]

lets look at oil this morning first.

the wave iv correction is moving along nicely. while it has certainly corrected in time, now we need confirmation that it has ended. with a a bit of positive divergence developing, we are getting close. price is testing the 200 day moving average which was the minimum I was looking for, however with tomorrow's big Yellen speech it could push markets in both directions. the Ideal scenario is to see price breakdown and test the 45 area first.

technically the bottom of wave iv may be in, if oil can close and sustain above the 50 day moving average and trendline break above 47.10

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

[SilverRex]

finally gold. hope every remained liquid thru this correction as that would have been the best strategy. this morning gold appears ready to finally hit the 1320 area I was waiting for, the only surprise was the sell off in miners. That was unfounded and could simply a panic driven profit taking event that turned into a snowball. Yesterday I read the miners were at the top of the BoW (buy on weakness list) and the volume was massive, given the massive volume, a good bounce is coming so be patient.

Gold has also reached oversold, more than ready to turn up. so we will see if Yellen tomorrow can be the catalyst to drive this sector once again.

silver is also in a very good buy zone. the current big support is 18.30 before EW counts become an issue. so 18.30-18.50 area is extremely a good place to try and pick a bottom. I may be tempted to open a position in USLV here.

http://i.imgur.com/fSgDl9g.png

[bjstare]

Sold ABX on open, going to convert to JNUG at some point soon.

Still holding YRI that I bought yesterday.

Also hoping for the Yellen parachute!

edit: I bought JNUG about 2 min after I posted this. Here's hoping gold bounces.