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Paul Mosgovoy
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Truth is timeless: “Markets never change” – Jesse Livermore, 1923 The early masters, Livermore, Wyckoff and Loeb isolated themselves from the crowd and crowd thinking. None of them ever graduated high-school and yet they each became legends in the market. Their techniques have been time-tested.... More
  • Market Summary: CCJ, GDX, FAZ, NEM 4 comments
    Apr 24, 2014 4:31 PM | about stocks: CCJ, GDX, FAZ, NEM

    Cameco Corp. (NYSE:CCJ) was stopped out at 22.77 at the level indicated in yesterday's post.

    This set-up appears to have failed as they will do occasionally. So, we are out and on the side-lines.

    The Market Vectors Gold Miners ETF (NYSEARCA:GDX) continues to get beat up in an unstable market.

    There is no clear indication of a low risk entry, so this one is being left alone.

    If Newmont Mining (NYSE:NEM) pushes below 24.97, the potential breakout discussed yesterday may be failing........again, leaving this one alone.

    Meanwhile, the Direxion Financial Bear 3X Shares (NYSEARCA:FAZ) does have a low-risk opportunity.

    The chart below shows that FAZ had a gap-lower open and a higher close. The set-up is not perfect but it has closed back into the previous trading range which classifies this as a false breakout (to the downside).

    (click to enlarge)FAZ Daily Chart

    Chart by TeleChart

    Initiated long FAZ at 20.09 with a soft-stop at 19.87 and a hard-stop at 19.80. At a stop of 19.87, this gives a risk of 22-cents/share.

    Disclosure: I am long FAZ.

    Stocks: CCJ, GDX, FAZ, NEM
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Comments (4)
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  • ptTL9
    , contributor
    Comments (235) | Send Message
     
    nem reported earnings, will be interesting to see market's reaction tomorrow:

     

    http://bloom.bg/1fbYyVR

     

    Appreciate your updates, gltu
    24 Apr 2014, 07:44 PM Reply Like
  • Paul Mosgovoy
    , contributor
    Comments (119) | Send Message
     
    Author’s reply » Thanks,

     

    Price action makes sense now.....could have been "buy the rumor, sell the news" if NEM drops significantly.

     

    Earnings are down.

     

    Since NEM was not in consideration (for us here), did not investigate too heavily.

     

    Posting a follow up to the position in FAZ in about an hour.

     

    Thanks for the heads-up on NEM.

     

    Paul
    24 Apr 2014, 09:08 PM Reply Like
  • zaw77
    , contributor
    Comments (54) | Send Message
     
    Hello, I follow you re GDX, I would appreciate your new update. I sold out with nice profit my JNUG position into end of the day. Not sure here, next week FOMC, job data and Ukraine.
    25 Apr 2014, 05:25 PM Reply Like
  • Paul Mosgovoy
    , contributor
    Comments (119) | Send Message
     
    Author’s reply » Update on GDX just posted.

     

    Thank you for your input.

     

    Paul
    26 Apr 2014, 10:03 AM Reply Like
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