Direxion Daily Junior Gold Miners Index Bull 2X Shares (JNUG)

[Montanore]

I wish I had more details, but I don't--just repeating a rumor told by a trader. He said some fund in Italy was forced to dump it all and that it should bounce back nicely tomorrow. I'm reluctant to spread such a rumor because I can't verify it.

As you know, this follows junior miners and NOT gold--although gold leads the way and the futures show it rebounding nicely so far...even though the rest of the market is already down 1,000, which hurts the miners. That said, the miners ARE profitable with gold at this price AND fuel costs have plummeted so I'm thinking it's way over blown. Doesn't mean the manipulators won't drive it down again--what happened on Friday seemed almost criminal to me.

I averaged down at $9 and again at $6 so I'm hurtin' like so many others but it's not like I tossed the kitchen sink at it, so I'll live. I do take stops and got raked over the coals by someone who used to post here regularly (he never lost), but at these extreme low levels it seems the best strategy is to average down and hope for the best. So far all we've seen is the worst.