Comments on: GDX NUGT Trade Update https://rightsideofthechart.com/gdx-nugt-trade-update/ Stock Trading, Investing & Market Analysis Wed, 08 Jun 2016 15:10:11 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: GetItRiight https://rightsideofthechart.com/gdx-nugt-trade-update/#comment-1749 Wed, 08 Jun 2016 15:10:11 +0000 http://rightsideofthechart.com/?p=171663#comment-1749 I got in DUST at 9.75, with a stop below today’s lows, at 9.30.

]]> By: rsotc https://rightsideofthechart.com/gdx-nugt-trade-update/#comment-1748 Wed, 08 Jun 2016 14:33:12 +0000 http://rightsideofthechart.com/?p=171663#comment-1748 pangblood – Yes, the fact that gold prices have recovered is a stick-save for many of mining companies that were in a precarious fundamental position, no different from the way that many of the energy stocks that were facing potential bankruptcy recently have received a stay of execution as crude prices have rallied over 60% since the Feb lows. Also add to that the fact that I’ve always said that the gold stocks, in the purest form, are essentially a leveraged play on gold prices.
FYI- GDX managed to stay above 26.10 throughout the first hour of trading today so it is officially stopped out although I’m still betting on a failure of GLD at that 61.8% Fib & a likely backfill of today’s gap on both GLD & GDX.

]]> By: rsotc https://rightsideofthechart.com/gdx-nugt-trade-update/#comment-1747 Wed, 08 Jun 2016 14:15:55 +0000 http://rightsideofthechart.com/?p=171663#comment-1747 In reply to Ruben.

Although many gaps are backfilled, not of them are so I won’t say that those gaps will MUST to be backfilled but I will say that I think that they will. Despite the explosive move in GDX on Friday & again (so far) today, I’m still leaning towards more downside & quite possibly, a complete erasing of Friday’s massive rally in the miners.
First things first, of course. Let’s see if my call for a reversal on GLD off that 61.8% Fib pans out. So far, GLD stopped right there & has reversed. I’d now like to see it fall below the 120.30ish support/resistance level & then backfill today’s gap. If that happens, the miners will most likely follow suit & at the very least, backfill today’s gap. We’ll just have to take it one step, or support level, at a time from there.

]]> By: Ruben https://rightsideofthechart.com/gdx-nugt-trade-update/#comment-1745 Wed, 08 Jun 2016 13:50:39 +0000 http://rightsideofthechart.com/?p=171663#comment-1745 Randy,
GDX has created two gaps within the last 5 trading days. Even though they are brake out. Do you think that these gaps have to eventually cover?
Thank you

]]> By: pangblood https://rightsideofthechart.com/gdx-nugt-trade-update/#comment-1744 Wed, 08 Jun 2016 13:44:37 +0000 http://rightsideofthechart.com/?p=171663#comment-1744 @rsotc

I think a while back someone posted along term chart of GDX/GLD ratio in the trading room (kudos and thanks to that person), and that chart showed that GDX has fallen much more than GLD over the past few years. I think that may be the underlying reason GDX is flying, junk companies no longer viewed as junk

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