Direxion Daily Gold Miners Bull 2X (NUGT)

[weazelboy]

GDX/NUGT are stalling right at a long-term declining line of resistance. Unless/until that breaks...the highs we saw today (or slightly higher)...are about as high as things go in the short-term. Again, the only reason to hold over long weekend is hoping for a major geopolitical event IMO. I'd rather not have to worry about it either way.

Lastly, there were technical reasons for my decision too. Just as I stated yesterday that the day after an inside day has typically been higher (like today was)...the second trading day after an inside day has been a huge down day. If that pattern holds, should have a nice entry again early next week.

If your position is well into the green, you likely have little to risk. I just felt my current position was at the high end of the current trading range. Will look for re-entry next week at a better position (or higher if it breaks out). All JMO. GL!