We've been waiting patiently for a place to open or add to NUGT / GDX long, maybe a GLD position, although that's a bit too much correlation for me.
Today's +5.5% gain in NUGT caught my attention as I haven't put out the position yet, but after looking at GDX, NUGT, DUST and GLD, I don't think today's move is going to hold, it's very much in line with the broad market and there's no confirmation in any of the above mentioned assets for today's move.
I was considering taking some off the table or maybe even a quick NUGT long, however I don't want to trade against the underlying probabilities so I think I'll just let it be for the time being, but in case anyone needs to take action, there's no confirmation in this move so I think it will fill the gap at minimum and likely return back to the range of the last 6-days.
Is interest rates about to start going up?
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Yes, I know - it does not make any sense - FED is about to cut
rates...but....real world interest rates are not always what FED wants it
to be.
5 years ago
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