Direxion Daily Gold Miners Bull 2X (NUGT)

[weazelboy]

The hard part now is picking a spot for re-entry as the "ghosts of NUGT past" haunt your thinking since it always turns around when it shouldn't and get slammed. I remember NUGT when it goes full on bull mode though...and it takes no prisoners to the upside.

Yep. When it happens, it doesn't give a damn about our techs...overbought, outside Bolly/Kelts, etc. It just rips. GDX/NUGT have almost completely wiped out the decline from early April to end of May in 3 days.

I think there might be a small bit left to the upside to fill the GDX gap at 22.59. Then, it really does need a pullback to cool off, even if just an intraday PB to reset techs on shorter TFs. GDX over 23.00...and all hell breaks loose.

Longer TFs are looking so powerful ATM and just getting started (on Gold too). There's always a possibility of yet another false b/o, but with a Fed-head finally admitting today what we've all known (rate cuts likely)...that changes things.

I've got a small position of DUST to try and play for a quick turn on the anticipated PB, but realize I'm literally playing with fire here as it can easily just keep going. All JMO.