Bought 10% OIH @ $14.30 Stop @ $13.49 Target @ $17.95 OIH found significant support at the December low. After consolidating for a month it has now broken out above the 20-DMA. Combined with higher oil prices caused largely by increasing tensions with Iran, we think OIH has strong upside potential.
Bought 10% GDX @ $24.68 Stop @ $23.39 Target@ $31.49 Major breakout in gold this morning could provide significant follow through in the coming weeks.
Moved stops on both trades: New AMZN stop @ $1869.50 New EBAY stop @ $38.95 The Fed will announce it’s June rate decision at 2:00 EST which will likely cause volatility in the markets (either up or down). Manage your risk accordingly.
Bought 10% EBAY @ $39.75 Stop @ $38.49 Target @ $43.90 EBAY is staging a strong breakout of an area it’s been consolidating in for the past few months. Setups like these have strong reward-to-risk.
Bought 10% YANG @ $55.78 Stop @ $51.95 Target @ $71.90 The markets are facing some headwinds right now—especially China. Trade war rhetoric continues as we reach nearly 18 months without any deals or concessions being made. With the G20 coming up in two weeks, and both Trump and Xi showing no signs of agreeing, it’s quite possible we see further weakness in China.
Sold 1/2 of JNUG position at $8.86. Miners showing some relative weakness to gold this morning so we’re going to book half of this trade for now.
Sold to close our TBT trade at break-even $29.90. It’s been a week, and yields just haven’t gotten the short spike that we expected to see.
Moving stop on JNUG to $8.19 We just want to send a brief update on gold to show the current situation as we see it. First, a look at GDXJ, which is the non leveraged version of JNUG. Notice on the chart below, that so far, GDXJ peaked on day 6 of this new IC, which is only 11 days old so far. Since the first daily cycle in an intermediate cycle is almost always … read more Trade Update