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Very successful trade. In my 401k I have to sell at the end of day. Also I can’t sell and then buy on the same day. Makes it hard. Sold my 2x shorts today. Will buy long in some 2x’ers if there are extensions lower on Monday. Should be a big drop at the beginning of next week and recovery…
I expect gold and silver to drop when the stock market and the dollar start back up.
Good luck all!
Maybe, unless the stock market bull is ending.
Great Chuck. Well played. Hopefully a high volume break of the February low and reversal. I guess I’m a little concerned this just feels too easy. Are you worried we may hit the 200 weekly at around 19,000 on the DJIA?
Thanks. Wasn’t easy to hold when I bought my short at around 25k Dow and it went a little higher.
Not really worried. This is going to be a very strong bull market in my opinion. Normal corrections like this one I expect but not more.
Thanks Chuck. I really believe this move in gold and particularly GDX was just a big fake out and the dollar and SPX will bottom together and move higher for a period. I’d love to see a repeat of January 2016 when we got a swoosh in both GDX and SPX and then both moved higher (with a retest on SPX in February) but that may require a lower dollar. Seems the SPX can move up with either a falling or rising dollar but with few exceptions (I think 2005 was one of them) a rising dollar is a headwind to gold. Thanks again.
There’s probably no need to over-think it. The dollar cycle is down for the next 7 years and the gold cycle is up for the same period. Stock market ? I’m not sure how long it can go without a 30%+ correction.
Well Played Sir Chuck
I’m with Northstar on this.
Thanks Northstar.
Near Feb lows. Seems like a natural place to bounce re the SM.
Dow weekly says it is going to 19000. Look at the ADX indicator. It has barely started its reset. And if this is a secular bear market, it will not stop at 19000.