Direxion Daily Gold Miners Bull 2X (NUGT)

[weazelboy]

Well, the back and forth BS continues. Another false breakout from Friday. GDX closed below 500 MA (no bueno) and back inside the tip of the wedge it broke out from. Needs to regain this promptly tomorrow.

If it breaks the rising support, it will get ugly fast. I don't even know what to think about this garbage anymore...as nothing is trading the way it should.

The only bright spot is that GDX/NUGT were not down very much considering the HUGE (manufactured) smackdown in Gold of 20+ points at one time today.

I will say this, the price movement we are currently seeing in Gold and Miners is well beyond the typical USD strength/weakness, rate hike mumbo-jumbo or any of the "normal" narratives. There are big players clearly leveraged to the downside that are doing everything in their power to protect that position from blowing up on them. I mean...not one, but TWO "multi-billion dollar" single transaction paper sells in Gold within a few days of each other? Come on! All JMO.