Official Short-term Investments Thread

[ercchry]

Oil.... was so promising

[ickyflex]

Just out of no where down 2 bucks. Nat Gas down 10% as well. So confusing sometimes lol.

Opec legitimately starts cutting too

[SilverRex]

one concern is that gold managed to break last week's high yet miners did not. So we have to see who is leading who. perhaps alot of technical buyers are hesitating until miners can break out from the multi month down trendline.

also gdx now has a right shoulder forming. which means if gdx dives or closes under the 21 neckline, it would target the 19.9-20 area which happens to be the 61% fib level of this entire run up

so as long as gdx holds above 21, I will continue to hold, failure means I will let my leverage position go for a chance to buy lower

[ercchry]

The news today is blaming the weakness in commodities on the still strengthening USD... seem like they want to pop, but just can't catch a break

[SilverRex]

fantastic start in the metal sector to begin the year. once miners make a higher high I will be looking to unwind my leverage play. then wait for another pull back

[SilverRex]

cooper spiked today, that should bold well for fcx perhaps to start making some good moves.

gold finally produced a weekly swing high, another bullish confirmation. will be looking for gdx and gdxj to find a top to complete the 5 waves off the low. then a 3 wave correction.

will be looking to unload my jnug above 7-8
edit: not liking the action with gold up 5 bucks and miners are slightly down. (selling half of my Jnug) Yes perhaps there isnt enough buyers until they see the breakout and with miners near a major resistance area short sellers are piling up looking for a good trip down south.

[SilverRex]

despite gold still being up, miners are struggling, well it was rejected right off the multi month down trend line. short sellers are just refusing to give up the bullish sentiment.

the only question we have now is that has the correction started? and this is only a wave B up follow by wave C down to the 20 or slightly under?

either way I believe the bottom is in when gdx hit the 18s.

if gdx manages to breakout (bull trap) I will unload my leverage then wait for a pull back. but if it turns out the correction has started, then I will look to add to my position when gdx breaks towards 20

[SilverRex]

both fcx and biotech is looking good since the breakout move yesterday.

[SilverRex]

Originally posted by SilverRex
looking at the daily chart for gdx to start the week. as mentioned previously, i was expecting gdx to take a break at 22, sure enough it came crashing down after it hit slightly above 22. obvious reason is the down trend line that started this entire swoon. closing or breaking out from it would have been extremely bullish.

also on this chart, miners looks like there is only 3 waves up. which means, if the bottom is in and a multi week or even month up trend beings, then we need to see a 4th wave higher than 22.23

also notice how gdx is currently backtesting a previous neckline breakout. ideally i would want to see price continue to hold above this neckline until the next breakout.

the alt view is that somehow this pullback is already wave 2, and could stretch further down to the 20.4 and under 20 level. which i will gladly add more positions

dont forget this chart I posted yesterday. it is still possible miners could be consolidating in a triangle wave iv pattern still before a breakout occurs. But none of these variation change the fact that I believe the bottom is in and we are in a phase where any dip is a good buying opportunity.

[jacky4566]

Curious that Tesla stock is up 4% after the announcement of Faraday Futures FF91 last night. Figured it would have gone down.

I watched the entire announcement and despite the cringy presenters the car looked good to me. I doubt there will be a model on the ground till 2019 but some health competition in the EV market!

[Kloubek]

Originally posted by SilverRex
both fcx and biotech is looking good since the breakout move yesterday.

I have been eying biotech, and figured it was due for a rise. With your suggestion, I finally made the move yesterday. Great timing, and I'm currently up 11.7%. It just took a downturn the last few minutes, but I'm going to keep going and see what happens.

Anyway, thanks for confirming my own thoughts and encouraging me to make this trade.

[JustinL]

Originally posted by jacky4566
Curious that Tesla stock is up 4% after the announcement of Faraday Futures FF91 last night. Figured it would have gone down.

I watched the entire announcement and despite the cringy presenters the car looked good to me. I doubt there will be a model on the ground till 2019 but some health competition in the EV market!

I'm not sure that Faraday is more than just vaporware. I think it highlights the interest in electric and autonomous vehicles as a market and that is what is causing Tesla to pop. The FF91 (admittedly I haven't really researched it) has a lot of claims and not much to back it up. Worth keeping an eye on, but that's not a company I'd put money into.

[SilverRex]

ibb biotech after breaking out of the 275 major resistance zone. it has only completed 3 waves up. it looks as though it wants to retest the breakout around 275. I suspect this would be a good wave iv low follow by another wave higher.

But given the over all correction should be behind us, the current move is suppose to be a power ful one. exit at your own risk.

though personally I would draw the 270 area as the line in the sand and would question the rally shall price close below it.

[SilverRex]

FCX is hottt today

[ickyflex]

Any thoughts on why BTE may be lagging behind super hard these days?

[Kloubek]

I did actually exit LABU since I know how quickly it can drop. Got out at 35.80 for about a 12.5% gain when I saw the plateau. It did actually continue to slightly go up another percent or so afterwards, but I'm happy with the returns for now.

[SilverRex]

while gdx is more bullish than gdxj since it has move passed its previous swing high. but more or less both etf are on a new daily cycle up trend.

looking at gdxj, there is a confluence of over head major resistance ahead. couple the fact it is on it's 5th wave. a top could be perfect if we see miners gap up tomorrow.

i will be looking to sell at the top. even if miners suddenly collapse. it will be the same buy zone. either scenario i will be looking to buy back or double down with stops below the bottom in the buy zone

[SilverRex]

so far gold is up after hours. lets see if it can hold up until tomorrow. i can use a gap up to unload the rest of my Jnug

update. gold making some strong moves here. despite dollar made a nice reversal after the Fed minutes today, it has given it all back and then some.

let see some short squeeze here

[SilverRex]

looks like gold has 5 waves up off the low today. not sure how much more upside left. a good chance miners could gap up but close red.

all eyes on the US dollar, if it can take out last week's low then gold might still have legs

[SilverRex]

normally its bed time, but im enjoying the show as you can see shorts are getting squeezed and gold is running all sell stop here.