________________
It’s 1:50 PM and I see [[UUP]] banging up against the downtrend line and fully expect it to turnover here right now.
Target $23.05. Good time to grab some of your favorite options play for quick snicker-snack of your Vorpel blade.
“Abort! Abort! Abort!” signal is upon a break of our aformentioned $23.28 to the northside.
I am looking at [[PAAS]] , Silver Standard Resources Inc. (USA) [[SSRI]] , Silver Wheaton Corp. (USA) [[SLW]] , and [[GDX]] .
Caution: Follow me at your own risk, and make sure you Wait for the rollover!
Best to you, Jake out.
__________________________________
UPDATE: Bot 50 Sept $34 calls on GDX @ $5.60 . Caveat: If you follow me into GDX you may contract “Midas Touch Syndrome” and end up turning your favourite (sic) poocho into a very valuable knick knack, and you may lose money too.
_______________
If you enjoy the content at iBankCoin, please follow us on Twitter
Update posted… took GDX this time around.
_____
I think this is it… UUP headed south again… @23.20. DXY @ 78.02.
Call me crazy but if we get another pop in FRG before the close, I’m taking profits.
Yipes, some move. Yes, taking at least a little off (50%?) seems prudent on this flagger.
_________
Well, it was a nolo contendre. UUP ended up at $23.23, which was below my breakdown line, but still not taking the ultimate dive off the cliff. Also annoying that DXY stayed over $78.00 too.
Que sera, we’ll see what happens with our dollah hollah on Monday.
__________
If the $ does turn around how will you react with so much leverage to metals – hedge or sell?
I will bail on those calls, but likely hold my core PM positions. Gold has actually moved up with the dollar as well. As for the rest of the market, there should be a pullback with dollar strength, so I’ll be selling there as well.
___________
So you won’t by puts or write calls on the core Jacksonians in your personal portfolio but just stand pat?
That’s pretty ballsy considering the possibility of a double bottom somewhere out there.
What have you got for a .618 fib retracement on the S&P? I heard it’s around 1063, so this rally could be coming to a close soon $ or no $.
E8
Missed the “selling there as well” reference to non-PM holdings … tried to edit but no go???
BTW … Prechter’s comment re “consumer debt destruction” having a positive affect on the $ left me scratching my head as well!