The following notes & charts provide an update to the JO, coffee ETN, swing trade as well as an update on /KC, coffee futures. Silver or Gold level access required until this trade is completed.
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JO & /KC (Coffee ETN & futures) Update
2020-07-17T10:27:06-04:00Jul 17, 2020 10:27am|Categories: Active Trades - Long, Gold & Commodities, Long Setups, Long-term Trades- Active, Long-term Trades- Setups|Tags: $COFFEE, /KC, JO|6 Comments
It looks like CCJ and UUUU get an uptick lately, both from uranium sector. CCJ is particularly bullish after 2 months of consolidation.
Decent action in uranium miners. I think UEC got quite a bit of upside (about 20% till May highs)
UUUU is at resistance now. It happened fast. I have entered half position in the morning and then the other half on a break above $1.65. Up about 6% by now, but the daily chart and the previous high was at 2.35 which I assume was due to a short squeeze, however as it seems the whole sector is pumping. The spot for uranium is still at ~$32 so I don’t know why such a sudden bump. The spot price for uranium can be checked here https://www.uxc.com/p/prices/UxCPrices.aspx (sign up required) Not sure if it’s too late to enter this trade… Read more »
Cheaper solution (UEC) is pumping too. I think it has quite some upside given that it was at $1.20 in May. In a haste, I bought at resistance as a smart cookie. But nonetheless good volume.
On the plus side. I am drinking coffee every morning, trying my best to help push this trade up up and up.
On the negative side. I am in this trade, which usually means it will under perform or go negative. My apologies to everyone else in the trade.
Jumped off the SNES ship upon hitting the 1st target. Quite overbought by now. I’d look into buying on a pullback. A lot of action today. @rsotc any suggestions for a re-entry on SNES?