Another thing to consider is the price of oil is not so much factored by supply/demand as much as it is speculation on futures. The Saudis are suspect of shorting their own oil to drive the prices down faster and deeper, creating more fear among their competition. Very easy for them to use the Saudi SWF's to do this for them. Who's gonna margin call you on your own tangible assets?

I bet it will be at the Saudis break even point. Somewhere in the mid-teens maybe. I really don't think its possible to go under 12$. I think I am a buyer of UWTI at $20 dollar WTI, to make sure I am in there when it pops hard. Seems the market is into self fulfilling prophecies lately, not so much fundamentals or emotional peaks. Pick up what I can under that. Maybe UWTI@ .60 when $20 comes around. So much fear, good for buying into. Good luck.

For sure, not a lot looks good. But the crowd trades adversely of how they should, and that's why they are "the crowd". I could recite the old Warren Buffett cliche, but we all know what that is. I like to buy the opposite side of greed, and sell the opposite of fear, ha, or anyway you want to translate the cliche. Nobody seems to fear the downside of $GOLD right now. Same for gold miners and NUGT. It's the herd trampling each other at the funnel gates to the corridor that leads them to the trailer that takes them to the slaughterhouse. As far as crude, I don't think UWTI is ready yet. Eventually though, there actually will be a concerted and global effort to cut back in supply and put a band aid over the bleeding, and when that does, UWTI will absolutely return huge profits very quickly. I think the Saudis are waiting for some big U.S. oil company to really take a poo, and when they do, they will do something. I think at WTI 20$ the downside risk is so worth the upside potential. Crude really can't go under 15$ without everybody losing. Eventually somebody will go to war because of this, if it doesn't stop, IMO.

I think its the outflow of bond capital to $GOLD haven seeking. No reason to hold bonds if the money manipulators are gonna "negative interest rate it", lol, Such a silly concept, IMO. I think the Fed needs to quit catering to the stock market they pumped up all these years, and stick to their plan.

Sounds like a good strategy. I really think it will cup and handle now. Lot of fear of recession and not many commodities looking attractive. Looking for only 10 on DUST now, not 12. Gonna turn all my profits into UWTI after we get a 20 hit on WTI crude. Maybe play that cup and handle on NUGT. Just a little risky to play the upside to spot, Fed can eat your lunch any day. They are so dang wishy washy, just look at the moves today.

I can't understand the mentality of anybody buying spot long here, unless its short covering, but shorts should know better. Margin call maybe, dunno. Looks ready to fall of the cliff, just saying. Its all just trades and percentages to me, no love involved. Knowing charts, it is a serious no no to buy daily RSI+ 80.

1214 high so far. Still going parabolic. Nothing lasts in parabola land. Nice profits on this side though, never thought it would get this far without a pullback. More reason for me to buy my short side.

Right! WOW, it hit 1214..those silly asians, lol. I don't think I have ever seen RSI 100, lol. Maybe it can go…all…the…way, haha. It looks like the final push for a bit. Has to cool down. Longer it keeps going the sharper and swifter the retracement is gonna be, IMO.

Maybe, but I think it goes to 10 first.

I am averaged around the same. Just saw $GOLD jump to 1206. It's worrisome, but I know from experience nothing lasts overbought, especially since this is going to be at a relative 85-90 RSI if it opens at this level or higher tomorrow. If spot is higher than 1206 in the morning, I am doubling down on DUST wherever its at. I have the funds standing buy for UWTI, but I will gladly buy the short side of the proverbial load letting loose of spot in the morning before the gold bugs know whats about to hit them.

Agree. $GOLD +80 RSI.

$GOLD closed out 80+ RSI today, bumped that head against resistance over and over. Meanwhile, the miners in the NUGT group also had a hard time bumping their resistances at about 70 RSI. I welcome a move over 1200 in the overnight hours, like the last few days resistance hits, it will most likely only amplify the move down. If this is a cup and handle for $GOLD, we have a nice retracement ahead anyway, and 6$ DUST is a good short term buy. NUGT, $GOLD, GDX, are all overbought, along with the miners and will have to reverse. I stick with my conviction and the hammer candle DUST formed on 2/8/16, gap at 10, too much optimism on spot gold and miners. Goldman is calling for spot to lose from here, and they have had a stellar track record so far, but that is just Sachs smack anyway. The chart is exactly the same from January to March, every year so far, as pointed out by some analysts. I think we are seeing a lot of follow through on retail moving into $GOLD on the miners, and larger funds with the knowledge to sell into strength holding it back, who found that niche to make money in the crap market we have had. Buyers are getting worn down, according to my charts. I didn't sell any of my 6.5k shares today, even though I had a feeling we were gonna get whacked. I don't think 8.29 was the best price I will be getting for them this week. I believe DUST is good to go for 10-12$.

I believe you meant to spell that "bullion", right?

'BackPedalar37'

Very possible. A lot of euphoria in that trade right now. Gonna be a bunch of frowny faces soon. Looks very toppy too.

Got me 3k more shares of DUST in 1k blocks from 6.84 to 6.21 today. Got a total of 6.5k from 8.5 to 6.21. Want to see some more red for DUST to load up more, but I think we are about to roll. Miners are soooo overbought, overdone. Gonna give up 1,1,2,3,5,8,13,21….wink wink, of their gains from breakout. 12$ target, 9$ easy. Thought we would see a little bit more carnage on the miners today from their highs, but looks like it is tomorrow or Fed that is gonna do it. Nice hammer formed on the daily DUST chart today as well. All the miners charts show rejection today at the 1200 area, and still are 74+ RSI. Gotta watch the piggy backers overnight though, one thing that stinks about trading commodity biased ETF's. Another day of NUGT running is a serious all in no brainer trade on DUST. Gonna be ready for the big buy if we go lower.

Already getting the "crooks", "blame the MMs", the "corrupt Fed" posts ready huh? I would be nervous holding NUGT at these levels too.

Maybe. Thats what the boob tube is touting at least. The broad market indexes charts show the end of the uptrend as Elliot Wave principle suggests, pretty much a year ago. I have been aware of this for awhile. However, there are many smaller trends in the larger trends and the timeline of the charts and trends is what matters to me. As I see it right now, sell NUGT, buy DUST. Wait for the overbuying of NUGT to flip to oversold or confirm a reversal after the selloff. Subject to change from day to day.

Sure thats the trend, I agree, but it doesn't change the overbought situation. These 3x ETF are more of a trade mechanism than a buy and hold, but if you're not good with charts, then maybe buy and hold works, but the deep retracements are liable to purge many out from realizing their full profit.

Sounds like your talking yourself into denial with snarky patronizing comments. Kids? Lol. I was just stating the obvious, nothing goes up forever. You know who talks about overbought and oversold? Traders who know how to make money on technicals, not followers, piggy backing off hedge fund 13g's. Profit taking right around the corner, I am sure I will hear a lot of crying on here next week about how gold is manipulated and the "MM's" brought it down. Just an FYI, NUGT doesn't follow $GOLD. Read the prospectus.

Indeed. DUST is gonna be a nice trade from here.

There is not even close to enough gold in the world to back the paper that has been printed.

Judging from the outlandish euphoric posts on here, capitulation is right around the corner. Seems reality is going to give a nice gut check next week. Every miner included in NUGT is overbought from 75-80+ RSI. NUGT itself is almost 75 RSI on the daily. I believe profits should have been taken today on the panic buying, or at least Monday if it opens up. Resistance is gonna be bad at 44-45 range which shouldn't be there long. These funds that are buying the gold miners are absolutely going to take profits at these levels. The trade is on DUST now. I am banking on a run back to 12$. I started averaging into DUST this morning with three different buys today as I fully expected what happened and will buy more anytime it goes lower than my previous buy. Good luck. Trading is about taking profits when trades are profitable.

Anybody gonna hold their positions through the API numbers this afternoon?

Let me translate here:

lets get this straight bro, WTI crude price went down 11 out of 12 sessions, bro. that price fall bro was like 30%! what makes you think bro, that it won't go up the same way too, bro. bro, this could be a fib bounce, but it looks like a short term reversal bro, and spring and summer contracts coming up on deck bro. move and close over the 34.5 area and its probably not a fib bounce anymore…..bro.

You have definitely come to the right place to ask that question. There are quite a few "peas" from that same pod on here. I especially liked the absurd comments I heard from analysts stating that, "If it goes to 25 then it could go to 20 and if it goes to 20, it could go to 15, and if it goes to 15, we could see 10 dollar oil". Wth, that is the silliest most unintelligent thing I had ever heard from an "analyst". I can't remember exactly which one it was, but I am sure that rhetoric was echoed by many. Good thing, from a technical perspective, we have a full blown reversal if WTI closes over 32 today. Shorts gotta be feeling the burn.

Oh look, another gap down overnight. 12 more days like this and they will be paying us to take the contracts, lol.

Strange thing, everybody is talking about oversupply, and nobody talking about the Saudi SWF's shorting the crap out of their own product every single day. If they keep it up somebody will make war with them. Lots of countries are being hurt by this at the moment, and I dont think it will stand if we go under 25. I still think we will see an emergency OPEC meeting soon to cut production, which will also see huge short coverings, obviously not by the SWF's, because they will have covered themselves by then, but by all the lems that played right in to this game. Gonna be a wild ride. Get your tickets now. Rebalancing my balls, demand is higher than ever, and continues to grow. Its pretty obvious to me, this isnt supply/demand driven. We are approaching 11 of the last 12 days red, deep red, if crude loses again tomorrow. Thats short manipulation at this point. It has broken too many technical supports without a single bounce.

On another note, I heard ISIS is cutting their fighters pay, possibly from loss of profits from bootlegged oil. Reinforcing my theory of another reason we are having the route in oil.

Woooo, come on 25$ oil. Gimme my 3x for a buck. Gonna be one hell of a ride when we come up with shortages for months because of the shut-ins. Fear fear little piggies, crude going for free soon, lol. Looking for OPEC to finally break up this year or oust Saudi. Sand people are ostracizing their peers into insolvency. Wooo!

Has there been some kind of ruling against shareholders? Sorry, a little bit lazy, I have been watching from the sidelines getting stabbed to death by the fallng sword of oil, lol.

It would be very interesting to see if and/or how many shares Ackman still holds here. Wonder if Icahn or Berkowitz still hold their commons? This is bleeding pretty bad. Looks like sub 1$ coming up on deck.

10 of 11 trading days red. Yay!! Think we're finding a bottom here.

Are you a Marc Faber fan? Mr. Faber is in complete denial about being wrong this morning too. China growth looks to be in line with expectations...oh noooooo! Lol!

Is that really an LOL? About what? India? You be the only one in on that LOL, lol.

Is it really getting ugly, just now?

Fear fear fear, crude to 1$!!

Apparently, lol.

Already up 6% Since I had the cajones to buy premarket. Looks like a good trade to me. WTI 29 looks very good at this moment.

On experience. Wait and see.