Issue #200
Dear Member,
Since gold hit the first level of resistance that I told you about, it is now starting to head back down, currently down about 1.5 percent in trading this morning.
That’s what I was expecting. That’s why I recommended you sell half of your leveraged gold mining shares ETFs and raise the stops on your remaining shares. You were stopped out of the second half of your positions on the same day last week, after gold and gold shares started to pullback after running into technical resistance levels.
This short-term rally in gold mining shares handed you gains of 27.6 percent and 17.9 percent in your Direxion Daily Junior Gold Miners Bull 3x ETF (JNUG) position and 20.9 percent and 13.4 percent in your Direxion Daily Gold Miners Bull 3x ETF (NUGT) position.
Oil prices pulled back a bit late last week after spiking higher on the news in the Persian Gulf. You currently have small open gains of 7.5 percent on your position in ProShares Ultra Bloomberg Crude Oil (UCO). Continue to hold with your stop at $6.25.
Also, continue to hold your position in ProShares Ultrashort Dow30 (DXD) with your stop at $19.25. The Dow fell for 4 straight days before rallying a bit on Friday. I think the equity markets might have more room to move to the downside.
Stay tuned! New trades coming soon.
Best wishes,
Larry
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