Direxion Daily Gold Miners Bull 2X (NUGT)

[doglover1]

Excluding WW2, the world has never been in a worse mess than it is today (in my opinion). Russia invading Ukrain, Iran, Iraq, Syria, Libya, countless other African countries, etc., etc. I think at least some of the blame should be laid on the present disaster we have occupying the White House at the moment, but we don't want to get into that.

The point is, usually when things in the world are this bad, gold thrives - but not this time. And this could be a small part of the mini-crash here. People see the world more or less in almost total upheavel, an appeaser in the White House, and gold is not responding - AT ALL. I'm really surprised by that, too. I can't believe that a strong dollar and a coming interest rate hike of a measly 25 basis points could cause a rout like this. Got to be more to it than that.

Anyway, I have a good 'til cancelled order to buy more at 3.35. IF that fills, I'll put in another at 2.85 and so on and so on, adding more on every 50 cent drop. I'll eventually make a buy close to the bottom.

I think we'll probably see more margin call selling for probably the rest of the week, which could push us lower still. Every big down day for the miners generates additional margin calls, and we've had two in a row now. I would look for 'bottom feeders' (like me) to start appearing in the PM sector, especially here.