Issue #143
Dear Member,
Yesterday, gold fell a bit harder than I expected, and so too did the Direxion Daily Junior Gold Miners Bull 3X Shares ETF (JNUG), hitting my recommended sell stop at $25.49, for a modest loss of about one percent of capital based on a $25,000 account.
Getting stopped out never “feels good,” but it’s part of trading. Losses come with the territory. There are no profits without incurring occasional losses.
Right now, gold is looking like it needs one more small leg lower, possibly to the $1,284 level. That’s fine with me. The recent selloff is simply building up energy for gold to move all that much higher on the next leg up. Ditto for silver.
For now, stand aside JNUG and wait for my next signal. I will be looking for you to get back in it.
Hold the following open orders, which are for each $25,000 in equity you are trading …
#1. Buy 500 shares of Kinross Gold Corp., symbol KGC, at $4.10 or better and place a protective sell stop at $3.58, stop, good till cancelled.
The low for KGC came in at $4.11 yesterday, so I expect you will get filled very soon.
#2. Buy 380 shares of Silver Standard Resources Inc., symbol SSRI, at $8.12 or better and place a protective sell stop at $7.47, stop, good till cancelled.
Hold all other positions and stay tuned!
Best wishes, as always …
Larry
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