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Reducing Exposure to Gold Mining Sector

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Reducing Exposure to Gold Mining Sector

Although I wasn't planning on trading much this week, I have booked full or partial profits on numerous positions, including both the aforementioned Growth & Income Trade Ideas as well as GDX and numerous individual gold & silver mining stocks. All in all, I have probably booked profits on at least 2/3rds-3/4th of my total exposure to the mining sector today & would prefer to wait for a pullback before adding back exposure to the sector. I plan to post the updated static charts and some additional commentary on these trades over the 3-day weekend but until then, here are some of the active gold mining stock trades that have recently hit or exceeded a profit target and which the chances of a decent pullback are elevated at this time:

AEM: T1 hit & slightly exceeded.

ANV: T1 hit Wednesday & yesterday with prices sharply moving above that level today.

AUY: Also hit T1 on Wednesday & has moved sharply above that level today (potentially bullish if today's move sticks and prices don't move too far back below the T1 level).

EGO: T2 hit today.

GDX:  T2 hit today.

HMY: T2 hit today.

KGC: T1 hit on Tuesday & still trading at that level today.

PAAS: T2 (final target) hit & exceeded today.

SSRI: This one did exceed the previously suggested stop but was left on as an Active Trade as the longer-term charts remained constructive. I realize that I never did follow up with suggested targets for the most recent entry but prices are now back to the final target (T4) of the previous trade which is my final target (I just closed my entire position).

TRX: T2 (final target) hit & exceeded today.

As I don't have access to my primary desktop computer today, I am unable to post static charts.  However, the previous notes & charts on these trades, including live charts on most, can be accessed by clicking on the symbol tags at the bottom right-hand side of this post.

 

 

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2014-02-14T15:43:19+00:00Feb 14, 2014 12:04pm|Categories: Completed Trades - Long, Gold & Commodities, Long-Term Trades- Completed|Tags: , , , , , , , , , |Comments Off on Reducing Exposure to Gold Mining Sector