Gold continued its climb today and all my recommendations from yesterday, GDX, NUGT, JNUG and TNA ended higher. TNA opened lower and could have been bought at $54 to $55 and sold after going green. It then fell back to $54 again and closed over $58, up $1.80 even with a stock market that closed down 173 on the day.
The miners were a little less volatile. The miners score improved to -85, but still in downtrend mode. Gold was the bright star again with a score of -60 and silver improved to -85. Gold is propped up of late with a weaker dollar as the dollar is no trading under 85.
Retail sales disappointed and the market already feeling downward pressure just kept falling.
Crystal Ball Foggy for Tomorrow
Tomorrow is more a wait and see kind of day. While I may lean bullish still with TNA and the miners, all could take a breather and test some lower lows from a micro level. If they did, I would still be a buyer. Also keeping an eye on UGAZ. It’s a natural gas play that looks poised for a bounce depending on tomorrow’s supply data. Can still test the lows, but from there it could be a nice trade.
The old adage, when in doubt, stay out is in play, and of course, TAKE PROFIT on trades.
Gold and silver bullion are of course a long term hold.
10-15-2014 GLD CHART
10-15-2014 SLV CHART
10-15-2014 GDX CHART
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.
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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.