Replies to post #16197 on Direxion Daily Gold Miners Bull 2X (NUGT)

[Letgoofmyfannie]

thanks, Another Bullish (?) Article:

Bulls go bottom-fishing in metals

http://finance.yahoo.com/news/bottom-fishing-metals-space-174842291.html

"" Metal stocks have been weak but now traders are value hunting in the space.

optionMONSTER's Heat Seeker monitoring program detected bullish activity in at least three major producers today, starting with the purchase of almost 3,700 Barrick Gold October 7.50 calls for $0.05 and $0.06 against open interest of 102 contracts. It was the second time the miner saw upside trading in the last week. ""


But, a Caveat:

"" ABX fell 1.06 percent to $6.05 in afternoon trading, MT slid 3.79 percent to $5.84 and VALE is down 1.68 percent to $4.69. All three companies have lost more than 40 percent of their value this year. They're also back to levels from the start of last decade's commodity boom in 2003.

The main reason for their recent declines is stagnation in China, highlighted by today's weaker-than-expected Caixin purchasing managers index.

Given their long-term declines, today's bullish trades could also be the work of bears looking to cover short positions. ""


FYI I'm holding 6,000 NUGT @ 2.83 and am prepared to add if we go lower. I have a JDST Trade @ 8.40 left in my ROTH that I may sell pre-market if the profit looks decent, I also made $ on DUST int the ROTH. I bought 2000 NUGT today @ 2.67 in my ROTH and will add if we go lower. I think tomorrow we go up in NUGT, we'll see, GLTA!

Trading these is quite an experience, wow!

[ProfitSnatcher]

More to look forward to


Bloomberg - Gold Buying in India Seen Rising 15% as Festivals Aid Demand http://bloom.bg/1gLLlo5