Loading ...Plunger Is Being Insufferable BUT
He is making a point…he has rights to crow !
He posted on late Friday he was taking a big short position in JNUG and holding it over the weekend
This is very out of character for Plunger. That is how sure he was of this event we had here today.
He held all through the early rally and is stll in…what a gutsy trade
…Now Plunger would be the first to tell you he doesn’t always get it right..but I am here to tell you he has the HOT Hand right now…he has called these wiggles in PMs really well and now we need to listen.
That’s the kind of market we are Playing in …Of course we grizzled veterans have all seen this before
It happens a lot….just like this
It seems like out of the Blue…jeez….HUI was up 5 points early on.!!! It looked like the weak shares from last week were now aware of the errors of their ways and were correcting back with the Motherships Silver and Gold !
Then… Out of the blue….in the last hour the PM Miners across the board take a BIG Dump….
But it never is out of the blue. it’s predictable as gravity. We Veterans KNOW the Shares always lead the Miners at important junctures in the market.
It took a dummy like me many knocks on the head to actually accept this as the reality.
I mean …talk about counter intuitive eh ?
Think about it ! The tiny little Mining Sector ( sometimes characterized with the little accronym HUI…one of the most insignificant little market sectors of all…and one of the worst performing I add….) HUI is the Gold Bugs Index ( so shouldn’t it be the GBI not the HUI) …where did they come up with HUI ? I heard once that HUI means in one Chinese dialect literally …” The most delicate place to get hit on a males body” …How appropriate is that ?
Mr Market is so Funny…haha
Anyhow HUI is one smart little bugger…He Always know and always signals when there is about to be a big market move in Gold and Slver. and Gold and Silver traders must be dumb as toast because even on a day like today with HUI down like 8% from its devious peak today…they just sat there like every thing is fine
Well I got news for you Mr Gold and Mrs Silver….
Baby HUI just had a shit fit and you are going to pay !
Which leads me to Fully’s Fearless Freediction
oo
A couple of things here. I am not crowing I am just writing in colorful terms so people can connect with it. I am on the right side of the trade for now and my visibility is very limited. We all saw the charts, and the markets tick action over the past 2 weeks did not feel bullish to me. As I mentioned I started to see numerous bear actions out there such as the markets response to earning and announcements NSU NGD were good examples.
Contrast that to Telsa’s earnings announcement. crappy but the stock still goes up.
Numerous backdrop issues just were not giving a bull market feel. I had laid out the intellectual framework 2 weeks ago with the Goldbug mirage piece. That’s a working hypothesis folks, I don’t know if it is correct. We will only know in the fullness of time, but it gave me caution and when the 2hr charts started ALL printing out possible breakdowns it was time to stop asking questions and act.
The acting part was to go to cash. The speculation part was to actually go short. One doesn’t need to do that, as cash is good enough, but this was a nice set-up. Sorry, not meaning to be insufferable just want to make the message loud and clear.
Most rising wedges fall. I reckon if gold wedge doesn’t, it may sideline, breakout up of wedge then throwback to wedge top.
I appreciate you perspective. Thats what makes this site stand out from all the other one slanted sites out there. Obvious times are uncertain and every view holds the possibility of getting it right.
Let me throw out caution to those thinking about initiating shorts here.
Two points … my unbounded stochastics for GDX hit -65 at the close. Similar to -50s in mid Dec, just ahead of the turn. Anything below -25 is extreme.
Also, (inverted) williams is now at 4, versus 99 early in Feb just before the top.
So we are MUCH nearer to the end of THIS move than the beginning. ON A SHORTER TERM basis.
I’m already on record saying we will be declining from here into summer. But a recoil move should be near.
As with Plunger, I don’t have great visibility on far that rebound goes in time or price. But its time to lighten up or plan out future shorts.
Rocks tend to sink.
I agree, and if we get a hard down open tomorrow, I will cover
It might surprise us from here and rocket higher, but will investors use that as an opportunity to bail or reduce, leaving only the long term players in. This is when it gets difficult to hold even the best shares, but I will keep my core holding having reduced last week and see where we go.
I cannot play the leverage ETFs as I always get it wrong and I should have a website where I tell investors when to go into them, but with the caveat that they should immediately do the opposite 🙂