My reply to an inquiry from a member of the site as to my trading plan on the NUGT (3x Bullish Gold Miners ETF) short trade that I posted taking in trading room yesterday. No need to watch this video if you don’t have any position or interest the miners today as other than some near-term support/resistance/target levels, as there aren’t any new developments that weren’t already discussed in the recent video coverage of the $USD, gold, silver & GDX.
I had also just wrapped up a similar video on the QQQ, including various support & resistance levels which might provide objective entries or add-ons to a short position. Unfortunately that video crashed while being processed. So far I’ve been unable to recover so I’ll either compose a new video or post some static charts & notes asap. Bottom line is that the move down in leading index, QQQ, is so far playing out as expected which helps to validate the near & intermediate-term bearish case that I’ve been making recently. Bottom line: For the near-term, bounces off support such as yesterday’s tag of the 104.90 support on QQQ, are likely to only produce fleeting bounces with bounces back to resistance (or any breaks of those support levels) as objective areas levels to add short exposure and/or reduce long exposure.