I have been bullish on precious metals and have lost a good chunk of money. Despite the extremely bullish COT levels and deep oversold conditions we saw at the last ICL, it just wasn't time for a big rally.
Now, I feel like sentiment is very morose. People have given up on gold.
Now, gold has already burned too much time this IC, and a big rally from here seems unlikely, especially in tax loss season.
Any additional rise in the already weak GDXJ should be short opportunity. We might get it if SPY and stocks takes one more dip low.
Now, I feel like sentiment is very morose. People have given up on gold.
Now, gold has already burned too much time this IC, and a big rally from here seems unlikely, especially in tax loss season.
Any additional rise in the already weak GDXJ should be short opportunity. We might get it if SPY and stocks takes one more dip low.
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Incredibly, GDXJ has fallen, in a single day, more than it has in a week during the previous daily cycle decline.
I closed my JDST for a modest gain. I strongly considered adding JDST when GDXJ tested resistance at 30, but failed to do so as I was asleep. I missed out on large gains. I thought maybe the FOMC volatility would give it a short-term pop to short into. Nope, it just dropped like a brick all day.
I closed my JDST for a modest gain. I strongly considered adding JDST when GDXJ tested resistance at 30, but failed to do so as I was asleep. I missed out on large gains. I thought maybe the FOMC volatility would give it a short-term pop to short into. Nope, it just dropped like a brick all day.
I think it's okay to lean short or put on hedges for longer term positions.
I think we are on the cusp of a convincing bear market rally in US Stocks, and this should coincide with a decline in precious metals. But, this has been a wild market so anything goes.
Tiny tiny position in JDST, to hedge my longer term positions. Long GORO, FSM, and a few others.