I Exited My GDX (Gold Miners ETF) Short Position And DZZ (Double Short Gold ETN)

I exited my GDX (Gold Miners ETF) short position and my DZZ (Double Short Gold ETN) position early today, and it looks like I made the correct decision, see http://finance.yahoo.com/q/ta?s=GDX&t=5d&l=on&z=l&q=c&p=&a=m26-12-9,p12,fs,w14&c for GDX, and, see http://finance.yahoo.com/q/ta?s=dzz&t=5d&l=on&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c= for DZZ. I covered GDX at 35.13 versus a short at 35.7501, and, I sold DZZ (Double Short Gold ETN) at 35.49 versus a purchase at 33.17.

Both the five day (http://finance.yahoo.com/q/ta?s=%5EXAU&t=5d&l=off&z=m&q=l&p=&a=&c=%5Ehui,nem) and the intraday (http://finance.yahoo.com/q/ta?s=%5EXAU&t=1d&l=off&z=m&q=l&p=&a=&c=%5Ehui,nem) NEM Lead Indicators were very bullish, which obviously helped a lot with my decision to exit my shorts.

I'm waiting for GDX to try and very likely fail to fill today 9-2's huge upside (likely bearish breakaway) gap at 37.64, see http://finance.yahoo.com/q/ta?s=GDX&t=5d&l=on&z=l&q=c&p=&a=m26-12-9,p12,fs,w14&c, and, I'm waiting for DZZ to try and very likely fail to fill today 9-2's huge downside (likely bullish breakaway) gap at 32.91, see http://finance.yahoo.com/q/ta?s=dzz&t=5d&l=on&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c, then, I'll look to reshort GDX and reenter DZZ. I'll watch downside gaps at 34.46 and 32.20 for GDX, and, at 77.63 for GLD for DZZ. I'll also find out where DZZ's upside gap is.

See Friday 8-29's update for all the GDX/HUI/XAU/GLD and NEM info at http://tradethecycles.blogspot.com/2008/08/it-looks-like-8-27s-gdxhuixaugld.html.

.......http://www.JoeFRocks.com/

NEM XAU HUI