Opportunistic Stalking

While I am on the road this week, at an undisclosed location(s), it is worth checking in to update the increasingly bullish price action in the gold miners and indeed precious metals complex with GDX breaking about well-defined trend resistance.

As many of you know, we have been opportunistically playing the long side (mostly) of the gold miners and precious metals inside 12631 dating back to the late-spring of 2013, where I repeatedly analyzed in my Weekly Strategy Session the likelihood that downside was limited in the space after a vicious bear market.

While the complex remained (and still may be) hated by many equity-driven traders/investors, the 12631 Trading Service pounced on many quick, profitable trades. The reason for this is because we kept an open mind and did not become dogmatic in any ephemeral belief that all gold miners were immediately going to zero, across the board.

Of course, we had some losers, and some quick winning trades on the short side. But the winners out-shined the losers as we stayed true to our core 12631 philosophy of mitigating downside risk in the face of inevitable losses. Just this Monday, for example, I was shaken out of my long gold miner and gold positions for a loss.

However, I am eagerly stalking a reentry and will have no qualms about getting back in at higher prices–What natters most is making sure the consistent winners outweigh the frequent small losers.

I am still in and out this week, so leave me your top ideas for this tape.

To my eye we have a mild bounce back so far but nothing too strong yet.

I wil be out for the next few hours, at least, and in and out the rest of this week.

Leave me your top trading ideas, although the market right now looks like it slipped on a banana peel.

I am seeing bull traps/false breakouts galore out there, in the likes of GTAT PANW, even FB.

In addition, many stocks such as DATA FEYE P SPLK TWTR YELP could easily be rolling over from failed rallies/lower highs, despite the bounces dragging on for months.

I moved to 100% cash yesterday inside 12631, announced on this blog, too, and am content to let this play out for now, though the short side sure is tempting.

We also day-traded UVXY for a win yesterday, but it is nice to see quite a few of our members decided to swing it overnight.

The internet is full of puffery, gamesmanship, and braggadocio.

But after all these years the fact remains that the 12631 Trading Service offers the full package to traders of all levels and is the real deal, with unparalleled actionable trades and trading ideas in real-time, on top of the many other features of the service.

For just one example of our real-time idea, consider the ideas we suggest in the room but do not take ourselves, meaning @RaginCajun and I, simply because we cannot take every single trade out there. A bearish Southwest Airlines thesis is the most recent one.

chessNwine

Airlines stil weak here. Keep an eye on $LUV to follow the majors lower.

12:31:49pm EST on Mon, Jul 7, 2014

chessNwine

$LUV multi-quarter chart parabolic here.

12:54:30pm EST on Mon, Jul 7, 2014
chessNwine

@Piesangboer $LUV – Longer-term, looking at multi-year charts, it has the same look as other transports such as $UNP in terms of the abnormally-steep angle higher. Would keep stops tight on shorts above recent highs in case of a further blow-off higher.

01:22:01pm EST on Mon, Jul 7, 2014

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Enjoy tonight’s video, and enjoy your evening. 

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