Both gold and silver had up and down days in a somewhat tight range for silver and a little bit wider range for gold. The same can be said for the mining ETFs where if you played higher highs you would have had to keep a stop. These are always tough kind of days to trade but if you took quicker profit, you may have come out ok.
JNUG for example had a drop of $3 in the last 30 minutes of trading falling $1.50 in the last 7 minutes. You’ll see some of these fast drops or rises on the triple leveraged ETFs from time to time so be aware of them and keep stops or jump on board the direction for a quick profit.
A fall below $1,270 again on gold would have me looking to JDST and a fall below $17 on silver would have me looking at DSLV. Can’t say I am 100% bullish when the mining stock arrows on the daily are pointing down but the JDST arrow on the daily is green so I’ll lean towards it but keep an eye on what precious metals prices are doing for hints along with the dollar.
Other ETFs
Yesterday I said I lean bullish on TNA and today it was up 1.79 to close at 74.28. It did gap down to under the 70 level I was warning about but only by 3 cents, then zoomed up $4 a share.
UWTI continued its nice run and never got to the 2.80 stop. I would now move your stops up to 3.20 and if happy with a gap up tomorrow, think about taking some profit on some of the shares.
UGAZ hit another 52 week low today of 2.51 but had a change of heart midday and on a higher high from the bottom could have given you a little profit closing at 2.73. It’s at 2.81 after hours so maybe it will join the oil energy play run now. I would go long tomorrow on a break to a higher high if the trade presents itself.
RUSS and RUSL didn’t offer much in the way of trades today. Still would lean towards RUSS which is sitting at 22.12 after hours. If long RUSS I would keep 22 as your stop. A fall below 22 and I would look to play RUSL for a bounce but be quicker with profits because the overall trend is against you.
Gold and Silver Stock Mining Package
We will be coming out with a mining package where we pick what we believe to be the best mining stocks to buy based on my research the last 8 months. We have been patient in releasing this because of the timing in purchasing these mining stocks can be tricky. We were one of the only one’s who recommended selling mining stocks in September of 2010 when the HUI was trading at 512.56. Much has transpired in the mining industry since that call with many companies disappearing or being taken over. Today many companies are struggling and if we do get a further pullback in the price of gold and silver, more companies will go bankrupt. Knowing which companies have the best opportunity moving forward will be key to you getting returns that we believe will be in the 100% to 500% range, and possibly much higher for some of the miners. This package will be released in the next few weeks and we will announce it on the site.
If you are interested in this Gold and Silver Stock Mining Package let us know by clicking this link below and completing the form.
Gold and Silver Stock Mining Package
2-2-15 GLD Chart
2-2-15 SLV Chart
2-2-15 GDX Chart
2-2-15 GDXJ Chart
2-2-15 NUGT Chart
2-2-15 JNUG Chart
2-2-15 JDST Chart
2-2-15 DGAZ Chart
2-2-15 TNA Chart
2-2-15 TZA Chart
2-2-15 UWTII Chart
2-2-15 USO Chart
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About Doug EberhardtDoug 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
Disclosure:
Commodity Futures Trading Commission Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with capital you can’t afford to lose. This is neither a solicitation nor an offer to Purchase/Sell futures or options. No representation is being made that any account will or is likely to achieve gains or losses similar to those discussed in this outlook. The past track record of any trading system or methodology is not necessarily indicative of future results.
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.