NUGT Short

In the screen shot intro for NFTRH 347 a couple posts ago it was noted that the short position in NUGT was covered.  Profit was taken on the short amidst a reduction in risk by other indicators.

But that reduction in risk is not a fine market timer.  As today’s rally began to fizzle I re-shorted NUGT to go along with my few holdings in the mining area.

The daily chart below shows what could be interpreted as a bullish falling wedge.  But the sector’s technicals continue to stink if we’re going to be unbiased about it.  Let the technicals show something.

[edit] Silver-Gold ratio tried to bounce today, which would be a positive if it comes about.  But we are only talking bounces as the weekly chart shows.

nugt

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