The recent action in gold suggests the trade is dead, for now. I sold out of NUGT yesterday — because it has been unresponsive and trending lower. Even though I like gold and am biased that miners are cheap, price is everything and right now prices want lower.
I’d look at 1,315 as an interesting level to climb back in.
Markets are fine, as long as crude is trending up. If WTI is up, oil stocks are up, and HYG is up — then you should not fear the market. Yes, we’ve run up plenty. But who’s to say we can’t V shape all the way up?
My bias is to be cautious. My actions suggest cowardice here, vis a vie my 55% cash position. My call of QQQ stalling at $175 came to fruition almost to the T. My recent trades have been as sublime as they’ve been improbable, leaving all of you silent FAGGOT gawking like slack jawed fools.
Presently, my top picks are VIPS, SOLO and CHK.
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Agree on gold. Two nuclear powers trade punches and gold loses a buck.
I’m now running 65% cash, 82% was too high. Looking more like a mild consolidation.
Gold is greatly miss-understood…
Gold is currency, anti fiat. That is all!
It goes up in the periods of of Fed ease and weakening $.
Recently the US$ has been strong but the expectation is that the tightening cycle is over for now and the US$ will eventually weaken, catapulting the gold higher.
We’re at the very early stage of big run in gold for few years.
Fly had it right a few days ago but sold already. That was a mistake. Buy LEAPs on few miners and forget about it…