I gave your your battle plans, actionable and in real-time, for the gold miners yesterday with the NUGT trade. Who took them? Who showed a lack of discipline and will now have to be executed like George Washington did to soldiers during that long winter in Morristown, New Jersey?
Updating the NUGT chart, first below, you can see the miners have been trading inversely (again, we have seen this before) to the major equity indices. I took a long position in NUGT at $6.11 yesterday inside 12631, peeled off some this morning, and am letting the rest ride until further notice.
And on the second chart, below, you can see coal play Walter Energy bull flagging on the 30-minute timeframe. A move back above $12.20/25 likely sets in motion another leg higher.
The base and precious metals’ miners have, by and large, been untouchable for a while now, mired in vicious downtrends for at least the past few quarters. However, there is no denying their outperformance of late. Still, there is much work to do to fully heal them.
In other words, they are best viewed right now as vehicles for scalps (or swing scalps) by aggressive traders.
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I’m listening. Picked up EXK yesterday and WLT a week ago. What is a swing scalp?
1-2 days tops
nice work on $NUGT
You did it with $ANR. Well done.
Listened, and took the NUGT @ open trade. Thank you for all that you do!
Doesn’t always work out that way but nice to see a plan follow-through.
Your NUGT shout made me look at FCX and it looked nice. Is that still a barometer in your outlook?
@homer: FCX stopped being a good “tell” for me a while back, unfortunately, namely in 2012. However, I am impressed with the strength this week.