Current Thoughts 1-27-2015 Midday Report – JNUG and JDST Trades

ScreenHunter_07 Jan. 27 11.18

When I write my Current Thoughts I mention the words "higher high" in trading the various ETFs. In explaining this pull up a chart of JNUG which you can find here: http://finance.yahoo.com/q?s=JNUG Click on the 1 day chart for reference (as shown below). The following analysis is based on price action only. No Elliott Wave analysis. No fibonacci, RSI, etc. gobblygook. One can successfully trade these triple leveraged ETFs based on price action and some simple rules. The higher high … [Read more...]

Gold and Silver Current Thoughts 1-26-2015

1-26-15 UWTI Chart

Today we got the gap down in gold and silver and both metals meandered at these lower prices with silver signalling a daily red arrow down. JDST opened up over $9 a share and the various mining ETFs opened down but a reversal occurred mid-day and JDST turned red and the miners all went green. In a sense we got the volatility for this Fed meeting week not with the metal itself, but with the miners. This was a rather bullish move by the miners after being hit hard on Friday with gold's fall … [Read more...]

Gold and Silver Current Thoughts 1-25-2015

1-25-NUGT GDX Chart

In Thursday's Current Thoughts I said I lean towards JDST  and it turned out to be the start of the day up 14.94% as gold took a hit. The daily red arrow for GLD and the mining ETFs was triggered but SLV is still green. The Greek vote came in with the anti-austerity Syriza party winning the election but falling short of the percentage needed for an outright majority. Tsipras, 40, will lead the first eurozone government to openly oppose bailout conditions imposed by the European Union and … [Read more...]

Gold and Silver Current Thoughts 1-22-2015

1-22-15 SLV Chart

Gold and silver gapped down in Asia and European trading with gold all the way down to just below $1,280. The metals started creeping up pre-market for the U.S. and once the ECB announcement came out that everyone was looking for, went green for the rest of the day. The funny thing is, JDST also ended the day green and simply ignored the move up in gold As I type, gold is sitting right at $1,300. $1,308 still seems to be resistance. Silver gapped down then with ECB announcement moved higher … [Read more...]

Gold and Silver Current Thoughts 1-21-2015

1-21-15 GLD Chart

Today the price of gold and silver gapped up to over $1,300 and $18 the prior resistance and almost immediately after the U.S. markets opened, began to drift lower.  In yesterday's Current Thoughts I said this; "JDST moving above $7.48 would be the conservative trade." In fact, I said "or if we gap down a higher high is playable." We did just that, but closed at $7.20 so you may be sitting with a little bit of a loss if you went the conservative route. I do expect some lower lows in gold to be … [Read more...]

Gold and Silver Current Thoughts 1-20-2015

1-20-15 UWTI

  From the Trading Desk With the US out yesterday for Martin Luther King, Jr. Day, the markets were quiet and gold took a brief pause from its recent rally.  That rally has resumed in full force today though and the yellow metal is pressing against $1,300 for the first time since August of 2014.  Gold is still feeling the effects of last week’s news of the Swiss National Bank ending the CHF’s cap against the euro and the central bank deepening negative interest rates.  Gold was given … [Read more...]

Gold and Silver Current Thoughts 1-19-2015

1-19-15 GLD Chart

Interesting thought as I type these Current Thoughts on Monday afternoon is the following; Why has there been no movement in precious metals since Asia opened for trading? Answer: because there was a 3 day holiday in the U.S. and the U.S. market is what makes the metals market tick. Unless of course there is some mysterious seller that brings the metals market down during thin trading in Asia, which has happened a couple times in the last year. Yes, the U.S. price of gold moves based on U.S. … [Read more...]

Gold and Silver Current Thoughts 1-15-2015

1-15-15 GLD Chart

From the Trading Desk Just when it looked like gold had exhausted its move to the upside, an entirely unexpected market event gave it new legs in today’s trading session.  A shocking move from the Swiss National Bank reignited markets fears and caused investors to flock to the safe haven appeal of gold.  Switzerland’s central bank abandoned its long-standing floor against the euro which spurred double digit reactions in the CHF and EURCHF, colossal intraday moves for currencies.   The SNB also … [Read more...]

Gold and Silver Current Thoughts 1-14-2015

1-14-15 TZA Chart

Gold took all day to figure out what it wanted to do today while silver was down the entire day. Watch $1,244 to be taken out for the bullish trend to continue and $1,200 for the bearish case.  $17.23 bull and $16.61 bear for silver. If you notice, silver acted more like the deflationary metal today where we saw copper, another industrial metal close sharply lower. My next article will expand on the deflationary side of things and be out later this week. The mining ETFs all ended up the … [Read more...]

Gold and Silver Current Thoughts 1-13-2015

1-13-15 GLD CHART

Gold moved past the resistance in the morning only to come back down by the afternoon. Silver finally moved higher as it was lagging gold and triggered a green weekly arrow which is bullish. While the mining ETFs all still have green weekly arrows, they did take a hit today. JNUG lost 10%,  GDXJ 3.8% and GDXJ 4.37%. After hitting a lower low at 7.50 today, JDST rebounded closing up 10.42%. Next resistance will be at 10 for JDST.  If gold and silver do continue higher like the weekly arrows up … [Read more...]