Friday, September 9, 2016
Yay! I can post charts again!
I wonder if this is a one-day freakout, or the beginning of a breakdown through the SMA(50)? If the latter, I should be able to earn another 5 figure profit shorting $VIX futures when it's done. I'll hold my single-long position for the time being, cos it's so easy to sell it and go double-long later, or go short $VIX futures later.
For the time being, the $211 area looks like a possible target for the TAs.
I wonder what the Bloombergbot will blame as the reason for the drop, later today? It can't be "Trump victory fears", since he's only got a 6% chance of winning right now.
As an aside, I'm hoping the first presidential debate will be epic at the level of Biden's merciless destruction of Sarah Palin. I mean, Hillary is no pushover, and with her disability (i.e. having a vagina) she does need to prove that she can kick ass with the best of them.
Anyway, back to charts.
Amazing how GDX stopped advancing right at the Bollinger mean and MACD crossover, eh? That kinda tells me that GDX is being traded according to TA. Will it stop its decline at the cluster of support at $25, or fall farther to its stronger support at $20? Either way, that also sets up a chance to make another 20-30% going double-long miners when the time comes.
I kinda suspect that with GDX's recent drop to RSI<30, failure to move forward past RSI=50, and self-fulfilling prophecy of a reversal at the Bollinger mean, that the downward move will turn out to be fairly aggressive.
And here I thought I was done making money this year.