Yesterday's long NUGT is up over +4.5% and the GDX and GLD calls are in the double digits (near mid-teens) which is not bad for a very quick position.
Early action seems to be that of selling/distribution.
I'd usually take gains with double digits this quick and signs of selling in to this strength, but there are longer 5 min positives that were the reason I felt safe taking these positions on yesterday, I just feel like there should be more upside on the bounce, however I have to tell you that early action looks like selling in to GDX and GLD.
I'm going to stick with them a bit longer, but I wanted you to know what's going on early.
I have to wonder if it weren't for that overnight ramp if the early selling in to the pop higher in GLD/GDX would even be happening or whether the original cycle that was laid out would unfold more naturally over a longer period of time before selling was apparent.
5 years ago
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