Seeking Alpha

Paul Mosgovoy's  Instablog

Paul Mosgovoy
Send Message
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 book:
Market Masters: Livermore, Wyckoff and Loeb
  • DUST: Looks To Continue The Trend 2 comments
    Jun 6, 2014 9:47 AM | about stocks: DUST

    The pre-market post indicated that the Market Vectors Daily Gold Miner ETF (NYSEARCA:GDX) was at a confluence of resistance.

    This morning's action in both GDX and the Direxion Daily Gold Miner Bear 3X ETF (NYSEARCA:DUST) indicate that the test may be complete and that DUST is now continuing its up-trend.

    At this point, just 12-minutes into the day, DUST is rising briskly.

    This ease of movement indicates that the test is complete.

    (click to enlarge)DUST Daily Chart

    Chart by TeleChart

    Disclosure: I am long DUST.

    Themes: Gold, GDX Stocks: DUST
Back To Paul Mosgovoy's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (2)
Track new comments
  • SpikerLexus
    , contributor
    Comments (4) | Send Message
     
    $DUST, I also see this as a prudent play right now. $NUGT had it`s small reversal breakout and couldn`t continue to hold the uptrend. Today`s close was a bearish harami cross for $NUGT and that says a lot for next weeks move in the the gold miners sector overall.
    6 Jun, 11:36 PM Reply Like
  • Paul Mosgovoy
    , contributor
    Comments (113) | Send Message
     
    Author’s reply » Thank you for the heads-up on the candle formation.

     

    From a bar-chart perspective on a weekly basis, what looks like a reversal is actually an "inside week".

     

    Volume also declined for the week. In Wyckoff terms, this is bearish behavior. Volume increasing on the prior down week and decreasing on the test.

     

    One can never be sure in the markets. However, I would rather be positioned short (long DUST) now, than have to "chase" the market on Monday morning.

     

    Thanks,

     

    Paul
    7 Jun, 10:18 AM Reply Like
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.