if NUGT opens up at 120 like it is now, im cashing out all the way as this was my price target. its been a great ride, of course ill keep looking to buy back in on any major pullbacks. im forever bullish on anything gold as long as monetary policy around the world stays as it is. gold is about the only thing ive been right on all year, lol.
I entered lot 1 long at SPX 2055 this morning. I almost bought lot 2 at 2050 but decided to manage risk and see if it collapses non above 2050 at some point in the future. But entering at anything non above 2060 should prove to be profitable. It seems the market had priced in the FED maintaining the status quo vis a vis the rate hikes but the market is in the midst of pricing in the potential Brexit. But, anything non above 2060 represents, according to my theory, a buy zone for buyers.
So that support line is saying the 10yr will be going lower soon, since I'm assuming the 2yr is not moving. I don't think it's being taken out.
It's hard to say whether the collapse today is because of the Brexit issue or whether this is the monthly options expiration shenanigans. But, the FED has spoken. No rate hikes for some time. It seems to me the Brexit is too far away for this collapse. The FED has created a bullish environment. That suggests to me options expiration shenanigans. The SPX, in fact, is at 2070 at 9:45 a.m. PST. from 2050.
Stock action suggest a potential head fake in the major indexes The action in the market right now is suggesting that it may be setting up for a bit of a head fake, with the current move lower punctuated by a bit of a pop, with the probability of a lower low and accelerated declines high after the bounce stalls. There are a number of factors suggesting this, including mid-term technical indicators from the S&P 500 SPX, -0.05% Nasdaq COMP, -0.25% Dow Jones Industrial Average DJIA, +0.19% and Russell 2000 RUT, -0.87% but none is more important than our Sentiment Table. The Sentiment Table shown on the homepage of Stock Traders Daily suggests that the market is very close to being oversold, and oversold implies that it is poised to bounce. In association with a strategy whose objective is to take advantage of short-term reversals after overbought and oversold conditions, our Sentiment Table has been an exceptional leading indicator of short-term moves.
so what exactly happened to make the dollar and gold sell off and the market bounce? i fell asleep after i sold my nugt position.
It's interesting how oil is taking a beating but the market bounced off 2050. Why is oil falling? Brexit's got nothing to do with that. On the other hand this market...Brexit fear and falling oil, but bouncing.
