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Paul Mosgovoy
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Market updates are no longer posted to this site. All updates and communication are posted on LinkedIn: https://www.linkedin.com/profile/view?id=18898995&trk=nav_responsive_tab_profile Please request a link to be added to my network. Thank you, Paul Mosgovoy
My company:
Three Ten Trading, LLC
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Market Masters: Livermore, Wyckoff and Loeb
  • Market Update: FAZ, GDX, NEM 2 comments
    Apr 28, 2014 4:20 PM | about stocks: FAZ, GDX, NEM

    In this post, it was highlighted that Newmont Mining (NYSE:NEM) was experiencing a move that was "news" generated. These moves are typically not sustained and today's action in NEM may have trapped the bulls.

    From a trading perspective, the past two weeks in NEM did not ever represent (in our analysis) a low-risk opportunity either to the long side or the short side. So, as was indicated in this link, we were leaving NEM alone.

    The one thing that NEM may be telling us is that the overall gold mining sector may be making progress to a potential capitulation event that has been discussed at length.

    The Market Vectors Gold Miners ETF (NYSEARCA:GDX) is essentially caught in traffic and at this point does not present a low risk opportunity either.

    With the Fed meeting coming up tomorrow and Wednesday, a good strategy is to not establish positions or have marginal positions if there is a possibility of significant volatility.

    Moving on to the Direxion Russell 1000 Financials Bearish 3X ETF (NYSEARCA:FAZ) we have an excellent example of a low-risk entry and subsequent market action follow-through.

    (click to enlarge)FAZ Daily Chart

    Chart by TeleChart

    Since the position is well away from the entry point and in-the-green, the plan is to maintain (unless stopped-out) through the Fed meeting and the subsequent announcement at 2:00p.m. EST, Wednesday.

    Disclosure: I am long FAZ.

    Themes: Gold, Financials Stocks: FAZ, GDX, NEM
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Comments (2)
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  • zaw77
    , contributor
    Comments (54) | Send Message
     
    Thanks for your update re GDX. I sold out JDST with over $2 profit per share into end of yesterday's session. I stay now flat, waiting for more clearness and new opportunity.
    29 Apr 2014, 03:12 AM Reply Like
  • Paul Mosgovoy
    , contributor
    Comments (117) | Send Message
     
    Author’s reply » That is good work on a profitable trade.

     

    If you would like to let me know a little more about your background and experience (books that you have read, trading seminars, how long you have been trading and so on), I may be able to adjust some of my research for you.

     

    You can do this privately if you like. Just let me know and I will send you my company e-mail.

     

    If not, that is ok as well. Consider this an open offer that is available at any time now or in the future.

     

    Regards,

     

    Paul
    29 Apr 2014, 07:47 AM Reply Like
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