Friday's comments: I closed my DUST position EOD/AH, I should have just continued holding NUGT, but after it pulled back on relatively no news, earlier in the week, annoyingly, I might add, I thought both it and POG were going lower. Friday morning DUST and POG performed as expected, while DUST powered higher, POG did the old tankola, it was great, just like the old days. Feeling relaxed and confident, or more appropriately, overconfident, I took my eyes off the ball. NUGT tanked from from a high of 40, to 35 before lunchtime, life was good, I thought to myself. Before I knew it though, NUGT stealth rallied from 35 to 38, surely it would pull back later in the afternoon, paralleling a tanking market. Well, needless to say, we aren't dealing with the Nuggie of old. NUGT closed at Thursday's high, not to mention, POG, putting on about $5.00 on top of the $25 it gained on Thursday.
I did an all nighter on Thursday, since I was going to watch the match between Federer and Nadal anyway at 1:30 AM, MST, I decided to conduct the festivities in my trading room and play gold futures at the same time. BTW, yes, we do have a DVR, but I was way too excited about the tennis match, and for some reason watching live is more fun. For those who aren't tennis buffs, think Super Bowl, or some other event that you are excited to watch. Well anyway,Thursday night/early morning, POG performed as expected, showing the weakness after its Thursday $25 gain. POG tanked about $5.00, it was actually weaker that I had I expected, that is, until about 3:00 AM when it powered from 1258 to 1272 in relatively seconds, I guess on a upward spiking EUD/USD. Well, by the time the markets opened, POG had given back most of its gains, dropping from $1272 to $1264, yep, that's typical of futures trading, big bucks can be made or lost in a matter of seconds, not for the faint hearted, for sure. Anyway, I though the stage had been set, my mistake for presuming.
In conclusion, POG and the miners have stood up and now are being noticed, but not as the slouches of last year, instead, as overperformers of 2014. There is also talk that our economy is not as strong as it had appeared, giving credence to the theory of buying gold as a store of safety. Right now, I can't see the logic of standing in front of a runaway freight train, I held NUGT from November of last year, obviously I got tired of looking at her face, but after Thursday's and Friday's performances, she's looking hotter than ever. So far this year the miners have shrugged off everthng thrown in their path, but alas, earnings season is lurking like the pervebial Sword of Damocles.
SA
Newbies: POG=Price of Gold
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