OK, it isn’t THAT major, but I couldn’t resist using that title. What I’m talking about is happening, with respect to its resistance trendline, on both the GDX……….
Miners’ Major Breakout
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Oh Ye Of Little Fate
Since I dropped my long gold position like a hot potato first thing this morning (see circle below) I wanted to mention that I am still as big a fan of gold as ever. But there is a distinction between my very short-term view and my long-term view. My short-term view was to GTFO of my position, since this is a very emotional market right now. Indeed, I was relieved most of the /GC price gains were still intact by the opening of the cash market!
Beautiful Bounce!
The equity markets are surging higher this morning, I have almost nothing but short positions, and I think it’s great. Why? Well, because the markets are behaving in a completely chart-friendly manner, and the 23.6% retracement level I warned premium members about yesterday did a picture-perfect job calling for a bounce, which is why I covered my largest position, my IEFA short. There’s no doubt I’m going to see my positions weaken substantially at the open. It doesn’t matter, because the charts are behaving beautifully, and that’s really what I’m after. Plus, I have a ton of free cash available.
(more…)Betting on MGM
Makin’ Bacon
Who ever would have thought that a stock that would throw off triple-digit percentage gains in under two years would be boring old Tyson, purveyor of bacon, ham, and other meat products? But it’s true, and a lifetime high is on the board today.
