Direxion Daily Gold Miners Bull 2X (NUGT)

[weazelboy]

It shouldn't surprise you...I've been warning you for a week.

The move up in GDX was on low volume with black candles galore. Zero conviction there. Once it broke the bear wedge I pointed out first thing this morning, it was all over but the crying for today. My only hope now is that I didn't sell my huge DUST position too soon...as technically the bearish wedge could play out further to the downside.

GDX has lots of support from about 21.80-22.00...so I'm hoping it stops in that range. It closed at 22.05 which is just below the 200 MA on the hourly that was huge resistance before. However, it just under went a golden cross on Friday...so hoping that lends support.

Ideally, it needs to make this a flush and turn-and-burn higher to trap shorts. Half size NUGT currently at 29.73 entry...which was a good entry up until about 15 seconds left in the day and they slammed it to close right above there. LOL.