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).
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.