Don't pay dollar to keep 2 cents when wrong. Cut your losses quickly. Trade what you see, not what you think.
Joined Oct 26, 2011
719 Blog Posts

To sit, or not to sit–that is the question for gold dust trade

$NUGT has been on a tear since I began buying on Aug 7th.  Don’t believe me?  I had it time-stamped on twitter…


With only one day of minor correction to fill the gap on Aug 13th, price continued to march on.  While I had proclaimed I would “try” to sit on this position, the trading bug in me had me taking profit and jumping back in a couple of times since the blast-off.

As luck would have it, after taking profit yesterday at the $8.2x level with a bit of concern that I might have gotten out too soon, $NUGT opened lower and then bounced!  Without hesitation, I immediately jumped right back in to buy $NUGT at the low $8.xx.  And when the morning retracement brought the price back down to low $8 again, I added a bit more to take advantage of the retracement.  I would call today fortune of my ability to jump back in below my exit price yesterday as “lucky” intuition.

As of now, $NUGT price has broken out of the 7/23 high as I had suggested on my Aug 9th post,  Can $NUGT continue to go up from here?

I like to say so.  With the market on a correction mode, flight to safety in gold may be the next favorite trading position.

Take a look at the daily chart below:


As I began typing this post, $NUGT was still trading around the previous high of $8.57; now I could see price action continues to accelerate to the upside.  My next target for $NUGT is $12.42 (or $124.20 after 1 for 10 reverse-split).

Perhaps, I shall “sit” a little tighter now with the reverse split coming on line soon.  The split may or may not drive the price even higher.

My 2 cents.

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  1. Jakegint

    I think they need to dump this 1-10 reverse split idea, post-haste.

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    • Zenhunter

      True. They might be expecting price to go further down; hence the need for reverse split idea. Now with price heading back to the upside, I concur with you.

      Thanks for reading!

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  2. Adam

    nice work Zenhunter

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