Tuesday, November 15, 2016
So OK fine, I've put a small double long on silver (HZU), and a small double long on gold miners (HGU).
The silliness across the broad market (XLF, UUP, JJC, QQQ) looks about done, no -3SD condition can stay that way for long, SLV and GDX are already around 15% below their SMA(50)s which is usually as far as you can push them before they fight back (as long as they still have any fight in them), and the volume candles in SLV for the past 2 days suggest the selling was heavy enough to clear sentiment at least for a couple days.
Copper didn't affect miners on its way up so I'm not sure it'll affect miners on its way back down.
Close stops on both positions because, like I said, I'm in school a lot of the time.
It might have been dumb to place these trades based on the moves at the open, but then again the moves at the open might convince bigger money that the time to sell is past.
Any longer-term hopefulness, though, depends on GDX and SLV gaining, and then exceeding, their SMA(50)s. Any less than that and you're just living in fantasy-land.