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I've been waiting on MEA, caught the boom but held way more than I should have. I agree about the volume on IMRS but I believe it still has at least one more high over $1.33 and it has to start somewhere. I'll stop out quickly if it doesn't move up from here.
I'm watching WLT, ANR, BTU and ACI tomorrow. Could be time for coal to get a little boost.
2.494-2.505 is the ideal pullback area if this is a wave 2. If it finds support there we can expect a launch to 2.80.
Have to eat, saved GDX/ES/SPX til last and I'll post them as soon as I get back.
Gold and Silver
So far metals ideally follow the impulsive scenarios supposing much higher levels but AFTER A PULLBACK - but now we are very close to the interim targets which could be hit overnight (as a possibility).
So, as I maintain my suggestion to avoid shorts other then hedge - I want to remind that hedges make sense here (taking into consideration possible top in the waves 1 off the lows overnight)
CL-Oil
The blue count was modified with the target zone: wave iv triangle seems to be about to coplete (though we can't be sure so far), and ideal target resides at 61.16 region. This target ideally matches the Fib resistance on the daily, and overbought technicals on the daily make me leaning to 61 region as a likely target as well.
To consider wave iv triangle confirmed I want to see WTI over 58.41; below 56.04 triangle count would be seriously questioned. 54.83 remains the signal level pointing to high probability of invalidation of the higher targets (alternative now)
You guys may be onto something here with HOV.
I'm going to do a midweek update tonight since I've been out. I'll do all the usual suspects but if you have something you'd like me to add please let me know as soon as you can. Have I good evening, I'll be back around 8 or 9.
SNAK, Not sure how the news about postponing the earnings call may affect the play but cause some selling. Not really sure just a heads up in case you guys missed it.
Inventure Foods Postpones First Quarter Fiscal 2015 Earnings Release and Conference Call
Good luck to you as well. Remember what I said about TVIX and UVXY, these are nothing more than flips at the moment. A good play yesterday could have gotten close to 15% on a 30 point drop. I also believe it's time to start watching closer and playing the short side more often. I've been long XIV on and off since $26 and plan on continuing a little longer but NOTHING goes up forever and it's always the top or bottom where bulls and bears seem to gather the most confidence and conviction while letting profits slip away. Hell I've been calling for 2150 for the longest, I was calling for 2150 at 1900 and there were several that though I was crazy but it doesn't seem all that crazy now. So when I call for lets say a 20-30% correction and everyone thinks SK hit his head again I'd seriously consider switching plays with TVIX and UVXY as the long term holds and XIV as the short term flip. Last year XIV lost 55% in a month on a 10% market correction, can you imagine what would happen with a 20% correction. At the same time TVIX gained 250% on the very same 10% correction. That's the thing with these 2x and 3x leveraged EFT's, as long as you're winning it's great but as soon it goes against you it can eat up your profits very very quickly. I understand the whole contango and backwardation process going on here but anyone looking at the chart thinking it can't change very very quickly is badly mistaken. I'm not saying this to try and scare anyone or anything like that. All I'm saying is you should never think that things can't change and can't change dramatically because they do and they do often.
I've been thinking about the R/S, as a matter of fact I've been thinking a lot about the R/S. I'm not saying it's a good thing but in the end I believe it's going to be a blessing in disguise if the timing works out well. It all comes down to timing.
TVIX with a DB, lets see if it holds.
Well it helped my TVIX and UVXY plays thats for sure, Down .06 on TVIX and .30 on UVXY, couldn't add any more TVIX so added UVXY to lower my average by .10. So have all I can afford to work at the moment. TVIX at $1.17 and UVXY at $10
GDX chart, just under $21 was the bottom of my target box but if it can't muster up some legs right here the chances of it going higher before pulling back are slim IMO.
Almost
If we can get that new high for both NG and UGAZ we'll be gold3en/
Wow that was crazy!!!!!!!!!!!!
BO(OM
GDX need to blow through $21 of I'm out waiting for the pullback to re enter.
I know what I said but i'm still holding, the MACD is set up too well to let it go now. Remember we have the FED tomorrow and I'm only down 2%.
short TWTR at 51
Starter in IMRS at .65ish
20.93 and I'm still holding
20.9555
20.96 so far.