Loading ...Back Up The Truck
Yesterday before the market opened, I said to sell stocks into the huge gap open as it was the INTERNAL stock market top. Despite the DJIA ending up and opening higher today, the NASD COMP went from up 175 to finish only up 15 and today is dropping sharply again. Today is a great buying opportunity in the precious metals stocks particularly SILVER. Buy MAG and CEF with both fists.
I’d say CEF may be close enough, but GDX surely appears to be backtesting the 31 break out zone. SIL and SILJ look a bit more strong here, but a panic sell under the bollinger bands is my sweet spot
My work is calling for a short term bottom here, just past the open here Wednesday. Look for a rally now for 1-2 weeks then I am out. Regarding that sweet spot buy point mentioned above below the BB. We saw it in a few issues (AGI, KGC, others) but not the index. Don’t think it will happen. Need more of a washout low, that’s not now.
I wouldn’t characterize this as a Back-Up-The-Truck moment, but I would call it a spot to get fully invested for a short term long position. The Back up the truck moment comes mid-summer IMO
Thanks for your insight!
Plunger, I believe you are MAG silver investor with that assumed have you looked into Reyna silver? I am considering a position in it when it becomes available to purchase…Aloha
Chartmaster–we had similar thoughts yesterday–I posted this yesterday
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ALERT=A big buy in the June 19th VXX $40 call=4526 calls sold-that is huge and all other strikes and dates have just a few hundred at most
Richard640 May 26, 2020,3:40 pm Forum Chat 1 Comment Edit
https://finance.yahoo.com/quote/VXX/options?p=VXX&date=1592524800
The june 19th $40 VXX call is $152
the june 19th QID $18 call is $25
FilledBuy to Open250QID Jun 19 2020 18.0 CallLimit0.21——15:13:39 05/26/20
The NDX100 actually is DOWN 24 PTS for a 180 pt reversal–The NAZ Comp is up 15 for a 160 pt reversal…but will it matter?
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I posted this today=
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The NAZ is down 20 pts-that’s almost 100 pts off its pre-mkt. high-this is the 2nd day of
Richard640 May 27, 2020,9:24 am Forum Chat Comments Edit
the NAZ’s solo reversal. Is this the “wobble” a top displays before spinning off its axis…or is this just another bearish divergence that will get negated by am ocean of liquidity??
Updated: May 27, 2020,9:24 am — 9:24 am
Stay positive Richard640, as I said in my post yesterday(& today’s continuation) is only the Internal market top. The External top should be a week or two away and that is when you go short and or Buy Puts.