I'm Looking To Day Trade GDX (Gold Miners ETF) Short Right Now
I'm looking to day trade GDX (Gold Miners ETF, http://stockcharts.com/charts/gallery.html?gdx) short right now, see http://finance.yahoo.com/q/ta?s=gdx&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c. It looks like I'll try to short it at 37.95ish versus a likely session cycle high at 38.07.
The GDX decline from late 9-22 until late yesterday 9-23 is a likely Wave A down type move. The rebound since late yesterday 9-23, that appears to have peaked early today, was a likely countertrend Wave B up type move. So, GDX appears to have entered a Wave C down type move, in which it'll probably at least try and will probably succeed in filling it's downside gap at 35.20 from 9-22, see http://finance.yahoo.com/q/ta?s=gdx&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=.
The very bearish intraday NEM Lead Indicator right now is an obvious sign to look to short, see http://finance.yahoo.com/q/ta?s=^XAU&t=1d&l=on&z=m&q=l&p=&a=&c=^hui,nem.
I'd rather short HMY (Harmony Gold, downside gap at 9.38 from 9-22), see http://finance.yahoo.com/q/ta?s=hmy&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=, but, it's thinly traded so far today versus it's average daily volume, so, I'm avoiding it right now. It's a relatively low priced stock, so, that makes today's volume so far a bit light/thin. One wants strong volume/liquidity (especially) when trading substantial positions.
.......http://www.JoeFRocks.com/
NEM XAU HUI
The GDX decline from late 9-22 until late yesterday 9-23 is a likely Wave A down type move. The rebound since late yesterday 9-23, that appears to have peaked early today, was a likely countertrend Wave B up type move. So, GDX appears to have entered a Wave C down type move, in which it'll probably at least try and will probably succeed in filling it's downside gap at 35.20 from 9-22, see http://finance.yahoo.com/q/ta?s=gdx&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=.
The very bearish intraday NEM Lead Indicator right now is an obvious sign to look to short, see http://finance.yahoo.com/q/ta?s=^XAU&t=1d&l=on&z=m&q=l&p=&a=&c=^hui,nem.
I'd rather short HMY (Harmony Gold, downside gap at 9.38 from 9-22), see http://finance.yahoo.com/q/ta?s=hmy&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=, but, it's thinly traded so far today versus it's average daily volume, so, I'm avoiding it right now. It's a relatively low priced stock, so, that makes today's volume so far a bit light/thin. One wants strong volume/liquidity (especially) when trading substantial positions.
.......http://www.JoeFRocks.com/
NEM XAU HUI
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, XAU
posted by Joe Ferrazzano at
7:59 AM
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