I am noticing some diamond, potential bottoming, patterns on the hourly charts of the senior and junior gold miner ETF’s of late.
Keep an eye on them to see if they can get and hold over last Wednesday’s highs, which is when they shot up. It would be a bullish development to do so and indicate a tradable low, at a minimum.
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Chess in your post market analysis can you look at Sprint for me. Looks like it put in a bottom here?
Sure, Danny.
Chess,
I have now bought an investment in UVXY. This is not a trade, but an investment. Could you write something about how you determine if a 3X levered ETF is topping?
Thanks.
sethster99,
My view is that you are too prone to decay in the levered ETF’s, especially volatility ETF’s such as UVXY, even if you are correct abut volatility rising. I would prefer to short XIV so the decay benefits you to express the same thesis you have, especially for an investment.
I would usually agree with that, however, I did some research on the issue.
VIX Futures tend to be in contango nearly all the time, the affect on the ETF’s is decay, however when the futures go to Backwardation, the opposite occurs.
Futures are in backwardation, and I expect them to stay that way for a while.
Can you share your thoughts on Gazprom $OGZPY?
Considering it for IRA due to yield and chance the $ might flatten out or reverse.
Potential bottom on Friday. Keep a stop below those lows.