Today we had the 2nd down day in a row until a reversal took hold. As noted at the site I got lucky and covered the short against NUGT before this happened. It was due to the old ‘don’t be greedy’ code and lots of unpleasant experience. This after adding GDX yesterday, as noted in an earlier post. I still think it would be for the best if GDX eventually works its way down to 16.50 to 17 (HUI 140) and the rolling MACD may imply this. But there is a small support shelf here and if it holds there could yet be a new short-term high. We’ll just have to wait and see what the market thinks.
What interested me was when I looked at my usual watch list of smaller stocks (incl. some I hold), which appear to have hit potential support/bounce points at the EMA 20 and lateral support (KLDX and SAND) and the 50 day moving averages (AAU and PVG).
Combined with gold’s still-open potential short-term target of 1308 I am holding my relatively light positioning for now and thanking the market godz for the profit shorting NUGT.
