PMs Not Acting Well

I will get out of PM longs within a day or so and consider shorting.

Looking at the weekly chart, the current multiple-week advance in miners looks like a bear flag.

LT view

The SPX is in the beginning stages of a medium-term advance.

I know this must sound totally weird, as many people think that we are toward the end of long bull market advance, that began in March 2009.

However, the breadth readings we are seeing in this advance, the fact that international markets are soaring with us (the DAX, FXI and BSE) now suggest that this advance is for real, and will, in the medium-term (6 months) probably lead to all-time highs in many markets. The RUT has already hit all time highs.

The Dow should hit 14700 and the SPX 1590 or so.

Having said that, in the short term, this advance needs a correction.

I am lightly short equities (with SOX) and long PMs (NUGT).  I will also try to short via FAZ tomorrow.  I am looking for a drop, ideally to around 1430 SPX to go long again. Hopefully we won't go lower than that.

I am also looking for a small correction to go long Silver via AGQ. This would be an intermediate term long, based upon a bull flag on the MONTHLY chart.

Happy new year!

Cautiously long PMs

I know, I know, I said PMs were F-ed. But price action is king. What do I know.

We'll wait and watch.

Also, I am going long the Qs during this consolidation. I will be looking for a top in the SP 1480 - 1520 range.

Sold all SCTY at 15.75. 

Trade Update

Update: Will sell DUST today. Bought at 33.7. Will try to sell around 35.2. Strong, potential, positive MACD divergence on GDX and some miners - AUY, GG, SIL.

I'm currently looking for a tradable ST top to go swing short equities.

Gold, equities, the dollar

The dollar has bottomed.

GDX and Gold are f#$ed.

Equities are going to melt up.  BKX breaking out. SCTY breaking out, TQQQ bottomed.

Bonds breaking down.

I will trade accordingly.  Looking to buy DUST again.

Update: Will sell DUST today. Bought at 33.7. Will try to sell around 35.2. Strong, potential, positive MACD divergence on GDX and some miners - AUY, GG, SIL.

Trade Update

1. Bought TQQQ on Friday at 49.6.

2. Sold SOXS on Friday for a small profit. Did not like price action.

3. Bought more NUGT on Friday. Will sell today at 11.70.

4. Will try to buy AGQ around 44.5, NUGT at 11.30, TSL at 3.60, and more TQQQ around 52.1.