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Paul Mosgovoy
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My company:
Three Ten Trading, LLC
My book:
Market Masters: Livermore, Wyckoff and Loeb
  • Pre-Market: DUST, GDX 0 comments
    May 14, 2014 8:00 AM | about stocks: DUST, GDX

    It looks like the Market Vectors Daily Gold Miners ETF (NYSEARCA:GDX) is going to open higher and re-test its upper resistance area that has formed over the past two sessions.

    Pre-market trading has GDX at 24.01 - 24.04. Our stop in the Direxion Daily Gold Miners Bear 3X ETF (NYSEARCA:DUST) is to be executed if the GDX penetrates the 24.10 level.

    At this point, it is close.

    (click to enlarge)GDX 30-min

    Chart by TeleChart

    At the same time, one should be aware that there is a small gap shown above on the GDX chart. Price action may be coming up to test and fill this gap before reversing again.

    If the position is stopped out, then price action will be monitored to determine if the trade can be re-entered.

    Disclosure: I am long DUST.

    Themes: Gold Stocks: DUST, GDX
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