GoodFellas Big Board Catalyst and Chart Plays

[SwingKing]

I picked up a starter in TVIX last night at 7:30. I'm looking to add today and have a target of close to $2.40. Not sure we see that but that's what I'm getting. No matter what we get I still think the markets are going to top today, Monday at the latest and we see either a pullback to 2020ES or a new low below 1980ES.

Something to note here is that the move off the lows on Tues and this mornings retrace aren't the cleanest of patterns which tells me there's still some indecision on both sides. Trying to call these sloppy moves is like trying to guess how many jellybeans are in a gallon jug, it's just a guess and anyone that says any different most likely has a vested interest in the call they're making.

I also think that JNUG and NUGT top along with JDST and DUST bottoming. I guess the easiest way to call this pivot would be just to watch GDX to hit it's head near $21.50-$22. That should be the top there and would indicate we're setting up for a move to new lows for both GDX and GDXJ.

I have open position in both UWTI and UGAZ. This is pretty easy for me at the moment and it would take something drastic for me to change my position on either. A move over $3 for NG would have me increase the size of my position in UGAZ, I'm not willing to hold a red position here so my stop is set for me to break even. That being said I still think the bottom is close but not as close as it is for Oil. I've averaged down on UWTI but still red. It's very possible we've already seen the intermediate low for CL and even if we haven't I'm calling the floor at $45. I seen your post about $80 Oil and my target while not as bullish is still decent at $70. So let's split the difference and call it $75. I'm also in agreement with you on the longer term outlook and think no matter what we see shorter term another low is in the cards later in the year.

All just my opinion of course, good luck "GoodFellas"