Position updates

I've been buying NUGT today 27.40ish to 27.52

added the last of my NUGT purchases today @ 28.41.  A move above 31.70 and this thing will really run. hold for months if this is your only holding. for me it represents the trading portion of my gold miners position

I am still short QQQ and IWM and may be so for a few months into the new year. We'll see. I am very bullish on the Gold miners as you know. IRVRF that I have told you about many times is up 30% the last two days. VERY amazing drill results. I have gone from 100% long miners to about 125% counting the leverage of NUGT. JNUG is also a good choice. I have just gotten a very bullish signal that was followed by two days of pullback. I added leverage on that pullback. I feel that as miners do well, the stock market will begin to roll over but the really good stuff may wait until January 2020

The reason I chose NUGT is because I have owned GDXJ for a long time so this gives me a slightly different exposure. If you have neither I'd go with GDXJ or JNUG over GDX or NUGT. The interesting thing is GDX has already almost exactly tested the 2016 high. That is a big statement. GDXJ has much further to go to do that so it's performance going forward may be better in order to catch up. So I'm not certain I made the right choice here but I felt it better to diversify some. GDX will be bought more by the big institutions and the fact that it is leading tells you the bigger money has been coming in to this sector.

Edited by skott, 06 November 2019 - 01:07 PM.

still short the market. Vix still has not given bullish signal. I'm looking for a multi month top. 

Looks like bad timing on my NUGT purchases. 3X moves. Bullish signal is very reliable and will not sell today or tomorrow which is both good and bad. I'm expecting a reversal, or is that hope? certainly a ton of volume on the two down days for Gold. I would bet alot of the shorts are getting covered.

one good thing I did was exit NatGas long trade. it's now well below my sell price. Could still be bullish but I"m out for good. Gold futures are approaching 600k contracts traded today alone!  similar action Monday. I only see levels like this since July of this year. Nothing like it going back 5 years on my data.

If I could buy more gold shares now. I would.

still short the market. Vix still has not given bullish signal. I'm looking for a multi month top. 

 

Looks like bad timing on my NUGT purchases. 3X moves. Bullish signal is very reliable and will not sell today or tomorrow which is both good and bad. I'm expecting a reversal, or is that hope? certainly a ton of volume on the two down days for Gold. I would bet alot of the shorts are getting covered.

Keep up the great overview!  I believe you're right on target.

I hope so, it will be alot easier if the miners resume the uptrend and shorts decline.

some of my miners are bucking the Trend. IRVRF is up about 20% this week. Lion One Metals up 6.6% today. Marathon gold up a little. Novo Resources is up.  I just went a little too far with the size of my NUGT position.  I have no idea but I won't be surprised if gold drops to 1425

Lion ONe Metals appears to have hit something big. Assays will be out in november. It's up another 8% today. I expected this morning seeing gold down, QQQ etc up, miners down that my account would be crashing. I'm actually up on the day pretty nicely. Alot of key miners are up today. Novo is up too.  Even 3x leveraged NUGT is up today. very bullish action for the miners. My signal did not even come close to selling. But it can by early next week if we don't get a move up today. That would be ST bearish but I'm still long term bullish. So if it doesn't look good going in to the close I'll take the leverage off. 

Edited by skott, 08 November 2019 - 12:33 PM.

I'd like to see GDXJ close around or above $37 today and Hui @ 208  those are my comfort levels. Hopefully we get EOD prices at or above those levels.