Direxion Daily Gold Miners Bull 2X (NUGT)

[weazelboy]

Sad state of affairs the lack of activity on this board when NUGT is up 10%. Probably because we all question whether this move is real or not.

From a technical standpoint, broke above near-term descending TL and closed over it too. Bull cross in MACD and stochs pointing higher. "IN THEORY", this is bulls-on-parade signals...BUT, this is Gold/Miners we're talking about...so nothing is guaranteed.

I also just LOVE how they run GDX up to tag EXACTLY last weeks high at 20.99, keeping it still inside on the week. This needs to tag 21.00 and run ASAP...or risk is there for a plummet back to the lows.

I'm back to even in this forsaken trade that I've held way too long. Given the above, I'm giving it one more chance to show me something...

{queue the gap down to lows tomorrow AM...} LOL

My pessimism has me stating that, of course, but from a technical standpoint if GDX can get back in the channel...it's feasible for GDX/NUGT to have another one of their infamous 7%/20%-10%/30%, respective, days. Especially if miners start to outperform the base asset (which those charts are radically O/S and turning). Haven't had one in quite a while. That would get price back above 50 & 100 MA and possibly stop a negative cross of the two. Long shot, but throwing that out there.