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Market Recap 5-24-16

Discussed in following order are: GLD, SLV, GDX, USO, SPY, QQQ, SMH & $SOXX (semi-conductor index) with some brief additional commentary & trading notes at the end.

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May 24, 2016 10:13pm|Categories: Equity Market Analysis, Gold & Commodities|Tags: , , , , , , , , , , , |10 Comments

10 Comments

  1. freezer May 24, 2016 10:37 pm at 10:37 pm

    Thanks Randy,

    You covered use but any thoughts on the Xop short or shipping stocks?

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    • rsotc May 25, 2016 9:14 am at 9:14 am

      @freezer I just updated the XOP GUSH short in a new front page post. I’ll take a look at the shippers & give you my thoughts asap.

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    • rsotc May 25, 2016 10:01 am at 10:01 am

      freezer, Overall, the charts on the shipping stocks appear to be firming up once again & they could be poised to rally if the broad markets can follow-through on yesterday’s breakouts. I’ll have to study the charts further to see if I can find any promising setups with attractive R/R profiles.

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  2. jacant May 24, 2016 11:32 pm at 11:32 pm

    Thanks for Recap!

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  3. pangblood May 25, 2016 12:17 am at 12:17 am

    Thanks for the update Randy! Keep it up!

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  4. Eric K May 25, 2016 7:07 am at 7:07 am

    Thanks again for the analysis Randy! Very helpful.

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  5. dan123 May 25, 2016 10:23 am at 10:23 am

    Great recap, thanks

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  6. pangblood May 25, 2016 12:38 pm at 12:38 pm

    @rsotc
    Randy GLD almost hit your preferred target, what should we do with our GDX short? Are you still waiting for 21.46 on GDX? I reduced my exposure to about 2/3 waiting for a pullback to re-enter.

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    • rsotc May 25, 2016 2:00 pm at 2:00 pm

      For the official GDX / NUGT short trade, the official final target is T3 at GDX 21.52 ( http://rightsideofthechart.com/price-targets-for-nugt-gdx-trade-idea/ ). T1 & T2 were already hit (which I’ll post an update soon). The 21.20 GDX level & 155.70-116.00 GLD levels are the actual support levels which I believe that either both or the first of either GDX or GLD have a very good chance of reaching before this pullback has run its course.

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  7. tomnichols May 25, 2016 6:45 pm at 6:45 pm

    great work…thank you

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