GST Issue #164
Dear Member,
Finally, the meltdown in the U.S. equity markets is here, unfolding much like I expected. Hold on to your seat, the Dow is down almost another 300 points this morning, and while a bounce is possible at any time — the decline is just getting started.
I don’t see this temporary bear market ending until the Dow gets down to roughly 14,500.
You grabbed a modest gain on half of your iPath S&P 500 VIX Short-Term Futures ETN (VXX) position yesterday; hold the remaining half. Your shares in Direxion Daily S&P500 Bear 3X ETF (SPXS) are soaring. Hold.
Meanwhile, gold is mounting the expected rally. Trading at $1,238, gold has a real chance of getting back to the $1,250 to $1,270 level, where I will be looking to have you grab gains on VelocityShares 3x Long Gold ETN (UGLD), and then move to a bearish position on gold.
Stay tuned and hold all postions and related stops.
Best wishes,
Larry
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