Hopefully, you didn’t pick up on the typo from my original post above (still intentionally unedited) where I had mistakenly left in “sight” instead of “site” when stating that ‘I just joined the sight….’

Thank you randy I made a move and I appreciate all your good work. Your quick heads up and analysis made it easier to make my decision and pull the trigger. I decided to round 1st base and head for a double holding over the weekend for more potential upside. If I would have taken profits before close it would have been an easy 50%-80% profit in just under 2 hours thanks to you. Im fine with the R/R of holding over the weekend and possibly having the position go against me. I’m posting the screenshot not to brag and say look at what I did but show what position I took and to say thank you for possibly making me some money.

Thanks for the reply. But there was more to it than that today. There was some sort of forced liquidation event of the ETF. Look at the 5 minute chart of GDX and compare it to the index it tracks (GDMNTR). The index it tracks was only down 8% but the GDX ETF was down 22%! This is warning for all ETF holders. These products are dangerous. This could seriously hurt you if you are holding one on margin and a liquidation event like this happens.

Unfortunately, the recent plunge in GDX & GDXJ makes perfect sense for what has happened lately. I often say that the miners are typically a leveraged trade on gold prices, meaning if gold goes up 10% or so, the miners will often go up 2x or 3x that and vice versa when gold falls. I’m not saying that is the exact leverage factor but simply that the miner tend or rise & fall more than the price of gold while normally moving in the same direction.
However, I also have stated many times over the years that gold mining stocks are exactly that… stocks, not a commodity or precious metal like gold. They are companies with balance sheets, employees, expenses, & shareholders, like any other publicly-traded company as being stocks, not commodities, they tend to get sold during impulsive corrections in the stock market along with most other stocks, quite often when gold is rallying due to a flight-to-safety bid.
Recently, gold has been in one of the largest & most impulsive selloff in years while the stock market has as well which only makes sense as to why the miners have taken it on the chin recently. I’ll try to cover GDX in the next update on gold early next week.

Hopefully, you picked up on the typo from my original reply above (since edited) where I had mistakenly left out the word “not” when stating that ‘my convictions are not very high right now…’

Thank you very very much for your expertise so now I know about that even if the stock market drops the vix can still decline so I will roll over to sqqq. Thank you very much

I do suspect that gold is close to reversing for at least a swing tradable bounce up to at that 146.95 former support, now resistance level & quite possibly beyond although my convictions are not very high right now because of the clearly bearish recent technical developments on the daily & weekly charts coupled with the fact that gold is in a near-vertical drop with zero evidence of a bottom or reversal at this time.
What that might mean to some traders/investors is to stay clear of gold until a case for a bottom or reversal can be made but what it means to me, based on my commentary in this post above as well as the video on the PM’s & forex that I followed up with is that I have decided the R/R is favorable enough to take a starter position in gold & silver which I will allow some room on the stops, due to the relatively small starter position, with the intention of adding to the position, if the charts start to firm up soon (i.e.- a decent case for a potential reversal begins to materialize) or pull the plug on that starter position, depending on what happens next week.

I am not able to provide individual investment advice so I can’t tell you what to buy or sell. I can and will, however, give you my opinion on particular securities & I can say that upside potential on TVIX right now doesn’t outweigh the risk of a sudden & sharp drop, including on that could come on a big opening gap down & bypass any well-placed stop-loss order.
As one of the worst culprits of decay for any ETF or ETN that I am aware of, if held for extended periods of time, TVIX is best used as a “hit & run” swing trading vehicle: Get in, ride up a pop in the $VIX & then get out before the inevitable sharp drop in both.
You can glance any long-term chart of TVIX and compare it to the $VIX to see what I am referring to about the decay over time. Also, consider that the during the last bear market from Oct 2007-March 2009, $VIX peaked out slightly current levels the week ending Oct 24th and fell sharply from there although the stock market continued to fall for months with the bear market finally ending on March 6, 2009, with the $VIX down about 50% from that high & falling much further from there.
You caught the bulk of the initial surge in TVIX so far. Maybe there is more to come, maybe not. Either way, it would be prudent to at least raise stops to protect profits at this point if you decide to let the trade ride as I could easily see & in fact, favor, more downside in the stock market next week.
Finally, to your question, if I were lucky enough to have held my TVIX this long (I did very well but in hindsight, sold too early), I would consider rolling some of all of it into index shorts such as PSQ, QID or SQQQ (1x, 2x & 3x short QQQ ETFs), SH, SDS or SPXS (1-3x short SPY), etc..
Again, congrats on the trade so far & best of luck going forward!

Please help me out as soon as possible