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Avast Mateys! It’s time to strike the main sail and deploy the twin outboard Mercuries, as Her Majesty’s Treasure Frigate, The H.M.S. Dollar-Dollar Bill, is taking on water and listing amidships! Now is out time to pounce, Jag-you-are (sic) – style.
As I type, the dollar has broken below the crucial $82.00 “line o’ death” it’s been flirting with this last month, and fighting against even as all the stochastics began to show divergences marking an imminent change. I think that change is here, and provided we finish the day below $82.00 (we are at $81.94 right now), I think we should be clear to fly until at least $80.70, which is the long term 50% fibonacci. I do believe we should bounce then, just in time for a little September flattening while the dollar gets ready for a test of the 38.2% fib line down below $79.00. That should coincide with some nice seasonality for the precious, which always seems to be great offerings for the Turkey Gods, come November.
As I mentioned yesterday, I pushed the risk pedal with some AGQ, as silver was moving first. However, I think today is gold’s catch up day, so if you want to add to your NUGT for a brief period, I wouldn’t gainsay that additional leverage. As always, I recommend small and cautious with these instruments. If you are seeking less “muss & fuss,” GDXJ is probably our most oversold ETF, as it got cranked the hardest in the recent “junior miner recession” this Spring. It’s relatively overbought in the near term, but nonetheless a good bet to test it’s 200-day EMA here ($23.40) before pulling back.
A more speculative play is AUQ, which got trounced recently on bad numbers, but appears to be forming an island bottom on the daily chart, and has almost a full dollar gap to fill north of here. Of course, the landscape is littered with these plays, and some of far higher quality. Keep an eye on the 200-day EMA of gold bull index $HUI for a near-term guide. It’s next resistance (top right of a daily cup) coincides with that 200-day mark, at about $465, and that should provide the near term stand by.
Happy near-term buccaneering to you all, me mateys!
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Metals are doing just fine.
More importantly, however, is DMND putting in a RED topping candle right under that 800 lb. resistance level of $20.00 I so gracefully pointed out yesterday. No follow throughf on yesterday’s sucker’s rally…imagine that.
Topped the tanks off yesterday with more call writing as the Fly had the DMND frenzy working in overdrive 🙂
You see, fundamentals do really matter and DMND is about to implode because of exactly that. Tic Toc…Fly fucked up! 🙂
http://stockcharts.com/h-sc/ui
Take a look at that overbought RSI up here in the $20.00 zone. DMND should have a hard time closing above 20.00. More thick resistance at $20.77 (MA)
DICK GUILLOTINE
Yeah, let me take part in your pain, why don’t I?
Enjoy your tax losses.
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Wow, this Mike guy is hellbent on being deposed gansta-style by Senor Tropicana if he keeps this up. On another note, thanks for the update Jake!
SAND is ripping tits.
Yikes! 5,000 shares traded?? Get ta flug out!
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I see 225K shares traded, not a lot but it just got listed on the NYSE. I’ve been in since about $5 split adjusted.
That’s odd… my “Stockcharts” graph shows a little more than 5k traded, while my other monitor shows 234k.
Sorry about the mixup.
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Internal polling (according to Bill O’Reilly) has Romney with more than the req’d 272 electoral votes.
Bill O’Reilly is a Chaminade alum Bag o’ Gas.
As Instapundit (via Indiana Jones) says “Don’t get cocky, kid.”
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LOL. I finally looked at the DMND chart out of curiousity from all this badinage with the resident short troll.
That sucker looks like its’ going to at least $24. You might want to rethink, M. LeTrol.
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Who’s Mike?
Blankenfein — the guy who is pumping the DMND short, much to his chagrin.
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Anyone see AGQ and BAA today?
Today was a good day.
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I did, yes, BAA had a nice day, and BRD as well
Hilarious name.
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Thoughts on the reversal candle on GDX today?
I’d be surprised if this was it before we hit the 200 day EMA.
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A lot of buying in that last half hour too.
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Cool and thanks!