Gold and silver continued south again today. Dollar was down early and recovered. Keep your eye on the dollar for gold’s next move.
Today’s market was all about what Draghi said as that’s how markets should be traded this day and age, not by what the data says. It’s simply that type of game that one must play and understand if they are going to trade markets.
Listen to what veteran NYSE floor trader Art Cashin had to say today; Cashin: ‘Santa Claus’ rally will be cut in half
and this article; Data be damned, Wall Street says all is well
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We offer swing trades where DGAZ for example got us over 30% the last few weeks and many other day trades give us profit each day like you see from the commentary below. It’s up to you how you want to trade, but I think there is something for everyone.
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These were my live comments throughout the day today where we took profit from 1 trade in JDST, 2 trades in JNUG, 1 trade in RUSL and some smaller profits in YINN, UWTI and GASL.
Doug Eberhardt, Contributor
RUSL up 2.53% and has in the past been a good higher high play.
BRZU up 1.22%
YANG fell a bit and YINN may become a play later.
EDC up 2.58% and another potential.The one’s that are higher pre-market offer the best opportunities for higher high plays.
Quick pullback in JDST and DST.JDST a buy over 30.11
DUST a buy over 16.50I usually like to wait a bit longer but watch gold for clues and make sure it doesn’t bounce.
RUSL at the high of the day and waiting for first pullback.
DGAZ good for a scalp over 13.46.TNA, FAS, UPRO, SPLX and UDOW the biggest market index movers (in that order). Look to trade the higher highs of those.
UGAZ will be setting itself up for a nice long trade this week probably sometime.Keep them on your radar.
UGAZ can’t get over 3.40 and is a deer in headlights.
Doug Eberhardt is a 28 year financial services veteran and precious metals broker selling gold and silver at 1% over wholesale cost. Doug has written a book to help investors understand how gold and silver fit into a diversified portfolio, how to buy gold and silver, and what metals to buy. The book; “Buy Gold and Silver Safely” is available by clicking here Contact phone number for Buy Gold and Silver Safely is 888-604-6534
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All trades, patterns, charts, systems, etc. discussed in this outlook and the product materials are for illustrative purposes only and not to be construed as specific advisory recommendations. All ideas and material presented are entirely those of the author.
YANG is up a little bit again pre-market
UVXY up a hair
TBT up a bit signally more strength in the market, but it’s early
ERY and DWTI both up
DGAZ up 9.75% this morning following its green monthly trend again.
Gold and silver both down along with the minersStill too early to call anything but my preliminary thoughts are to stay away from the market indexes until we get a clearer picture.Watch DGAZ for a higher high to trade and I’m not as interested in a bounce in UGAZ today, but will keep an eye out anyway for a move.
DWTI looks like it may get some play and is typically good for a couple points on higher highs on up days like this. Can sometimes get as much as 5 points but I wouldn’t get too greedy.
Mining stocks don’t look to do much just yet. The dollar down is a mixed signal to trade. Prefer to have gold/silver/dollar cooperating with the direction of the miners to provide more direction for the trade. I’ll lean long JDST/DUST but would jump to JNUG/NUGT in a heart beat if they hit higher highs.I will wait till after the market opens to look for trades. Otherwise follow the guidance from the report as to overall trend/direction/prices.