$GDX – to state the obvious

This is a stair-stepping downtrend in the precious metals.

Certainly can’t be because of the instability of the recent US election so probably because higher interest rates are coming but what does it matter?  It is what it is.

Rather extreme drop today which may lead to a bounce but the pattern is obvious – break support, consolidate, break support, every lower and lower, going down until it doesn’t anymore.

(right click on chart to see larger image)

gdx

$DUST – my prettiest charts

After the gold stocks’ long run, DUST, the 3x-Leverage Bear ETF, is finally having its swing to glitter.  Up 20% in the the past two days, 36% from a buy signal seven days ago.

Today’s blast looks climatic. So the prudent strategy, me thinks, would be to take some off or at least snug up the stops.

Almost needless to say, DUST and its direct bullish counterpart NUGT can be extremely volatile capable of double-digit advances or declines on any given day.

(right click on chart for a larger view)

DUST_2016-08-24_1028

Adding nibbles on $NUGT, $JNUG, $SLW long for an oversold bounce

Holding NEM from today and adding the two 3xLeveraged funds, NUGT and JUNG, along with the silver stock SLW in hopes getting a bounce in this oversold and emotional sector of the market.

Stopped out SA today for a one percent loss.

I call this sector “emotional” above because those doing anything with gold particularly, as well as with precious metal trading in general, are generally…crazy.

This is a scalp attempt but if it gets really rolling to upside it may become a swing trade.  Tight stops and time stops are in order (in my case these better move tomorrow or I’m likely to dump them).