Issue #174
| 1. SELL ALL of your remaining shares of ProShares UltraShort Silver, symbol ZSL, at the market, and simultaneously cancel your protective sell stop at $97.87.
2. SELL ALL of your remaining shares of VelocityShares 3X Inverse Gold ETN, symbol DGLD, at the market, and cancel your protective sell stop at $61.85. 3. If you own the SPDR Gold Shares Jan-15 118 Puts, symbol GLD150117P00118000 … SELL ALL of your remaining GLD150117P00118000 put options at a price of $5.70, or better, good till cancelled. |
Dear Member,
It now appears that the secondary low in gold at roughly $1,160 last week should hold as a secondary low, and a renewed bounce should soon begin.
Therefore, I now recommend exiting your remaining bearish positions in gold and silver, per the above table.
Hold all other positions, including Direxion Daily Junior Gold Miners Bull 3X ETF (JNUG) and Market Vectors Gold Miners (GDX), with your stops in place at $1.30 and $13.48, respectively, good till cancelled.
My models tell me nearly all markets are now reaching a short-term pivot point, which means we should see higher prices in the metals, and a selloff in stocks.
But remain alert, volatility should increase over the next few days, and if the bounce in the metals develops as I expect it to, I will be using it to grab gains on long positions and to reverse back to bearish positions in the metals, to profit from the next leg down.
Hold all other positions and their related stops.
Stay tuned and best wishes …
Larry
