irrespective of the bounce in GLD today, i still like the recent GLD short trade. as in the previous posts, GLD was/is still a short as it re-tests both this 2-day uptrend channel from the chart below, which is also the uptrend line that it is testing from beneath on the weekly chart. i still consider this a very good R/R trade at this point as stops can be placed not to far above current levels, of which is a small fraction of the potential downside target (i.e.- one unit of “risk” for multiple units of “reward”).
personally, i shorted some NUGT yesterday, which is the 3x leveraged miners bull etf, as i am also bearish on GDX/the miners and there is a possibility that this could morph into a longer-term swing trade, whereby i would likely benefit from the decay on the leveraged etf, in addition to the index value falling. with the uptrend on just about everything still clearly intact, i only shorted a small starter position in NUGT of which i will only add-on to IF/AS gold and the miners start to turn down from current levels. otherwise, i will likely be stopped soon out not far above current levels.
