Joined Apr 1, 2010
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Agreed: bull or bear $GDX (and $GLD) seem to be nearing a critical inflection point
The miners are setting up for a major move, and the tea leaves say the move will be up. A conservative strategy would be to buy a straddle in June/July options on some of the more volatile instruments. However, if you look under the hood, the most speculative, high beta names (SSRI, EKG, MUX) are outperforming the stodgy mega caps, and the silver miners are outperforming the gold miners. This is very bullish action, in the same way that out-performance by the juniors to the downside was bearish last spring.
Prediction: stocks are flat to weaker and the metals and miners catch a major bid.
oops EKG=EXK
Great idea Chess, don’t fall asleep here. I would add to the bullish RSI divergence the leadership seen of late in Palladium & Platinum, positive for Gold/Silver. Also of note would be the recent US$ Dollar weakness [dollar closed @ the lowest level since 10/13]. Geo-political pressures are building against the greenback.
Thanks, guys.
these are trying times,,,chess ,thanks for your fine work
trade the fib levels between the head low and the right shoulder high.market flushes distort but don’t change the levels.it is tough trading but the snap down and up action is highly tradable intraday. with a little luck I will be long a trade up when a macro/geopolitical/policy event triggers the trend.trying to keep my thinking neutral and just trading the levels