Tuesday, November 15, 2016

Morning market comment

So it looks like $19-$20 was the support level for GDX after all.

I mean, sure it bounced on Monday afternoon, and that was enough to shake me out of my low-commitment double shorts (why not book the profit and go back to neutral with all this market craziness going on?). But it can still drift slowly from here, back down to $19-$20.

I actually might have felt it was time to book my profits Monday morning, and earn an extra few thou, if I wasn't writing a "math for economists" test. That's the problem with being in school: there's a lot of trades I can't make, because I don't have the opportunity to follow them as close as I need to.

Which is actually good. Being in school has forced me to trade much less: to only go for the slower, less speculative moves, to sit and wait on positions, and to spend a lot more time getting a handle on the underlying facts.

It would make for a boring investment newsletter, though, wouldn't it?:

This week I sat on my S&P index ETF while binge-watching Mr. Robot. Oh and I bought a Unabomber t-shirt online. Maybe if the GDX looks like it's bottomed I can put on a double long, but that's probably a few weeks away. Now let me rant about the global neoliberal elite kleptocracy for 20 pages....

I'd have to give that away for free.

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