Seeking Alpha

jsIRA's  Instablog

jsIRA
Send Message
Lejun James Shao is the founder of www.myIRAs.net (http://www.myIRAs.net/), WhitePine Investment Inc of USA, and CEO of WhitePine Software Inc, Beijing, China. He was the top finisher in MSN's 1st US One Million Dollar Investment Contest, "Strategy Open Tournament," with a +45.88%... More
My company:
www.myIRAs.net
My blog:
jsTRA's Blog
  • GLD - Bottom Is Here 16 comments
    Oct 13, 2013 12:24 PM | about stocks: GLD

    GLD - Chart reading: It is forming a reverse bullish H&S pattern and the bottom is at around 120 - 122 level. I will pull my buy trigger this week. May be tomorrow Monday 10/14/2013.

    Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in NUGT over the next 72 hours.

    Stocks: GLD
Back To jsIRA'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 (16)
Track new comments
  • rodh7858
    , contributor
    Comments (138) | Send Message
     
    jsIRA:
    What is your read on GLD/NUGT after today's (Mon, Oct 11th) close? Are you planning to go long NUGT? The government fiasco has been negative for GLD/NUGT, won't the resolution hurt it further?
    Would love to hear your thoughts.
    14 Oct 2013, 04:30 PM Reply Like
  • jsIRA
    , contributor
    Comments (2427) | Send Message
     
    Author’s reply » I am waiting for GLD to touch 120-122 level to pull the trigger, which may take few more days to reach that target. Hope to see RSI breaking down 30. I did not pull the trigger to buy NUGT today.

     

    All gold miner stocks are oversold.
    14 Oct 2013, 10:13 PM Reply Like
  • rodh7858
    , contributor
    Comments (138) | Send Message
     
    Thanks. Would love to hear from you when is a good time to get into GDX/NUGT.
    15 Oct 2013, 08:42 AM Reply Like
  • jsIRA
    , contributor
    Comments (2427) | Send Message
     
    Author’s reply » May be the best time is after debt ceiling problem resolved. Just waiting.
    15 Oct 2013, 10:30 AM Reply Like
  • rodh7858
    , contributor
    Comments (138) | Send Message
     
    I have been really confused that the government fiasco has been negative for GDX (miners) thus far. I would have expected GDX (and gold) to go up during this ordeal but it has been opposite.

     

    Won't a resolution be even more negative for GDX (and gold)? Please do let me know your thoughts on this.

     

    Thanks.
    15 Oct 2013, 11:50 AM Reply Like
  • jsIRA
    , contributor
    Comments (2427) | Send Message
     
    Author’s reply » NUGT - bought it today at 37.85
    15 Oct 2013, 02:24 PM Reply Like
  • rodh7858
    , contributor
    Comments (138) | Send Message
     
    Nice!! Do you have price targets for exit?
    15 Oct 2013, 03:46 PM Reply Like
  • rodh7858
    , contributor
    Comments (138) | Send Message
     
    I am with you in NUGT. If the debt ceiling issue is resolved will it cause a sell-off in NUGT?
    15 Oct 2013, 08:44 PM Reply Like
  • jsIRA
    , contributor
    Comments (2427) | Send Message
     
    Author’s reply » My NUGT target: it will go up then down. But it should at least double from today's low.

     

    GLD is heavily manipulated. My chart reading is that it is forming a bullish reverse H&S. The bottom for GLD is at 120-122.

     

    No one knows the exact bottom.

     

    Debt ceiling: once debt ceiling is resolved (partially), stocks will go up and gold will go down for 1-2 days, then market will go down and gold will resume its run.

     

    Market is topped. Gold is bottomed. Ignore the debt ceiling noise.
    15 Oct 2013, 11:38 PM Reply Like
  • rodh7858
    , contributor
    Comments (138) | Send Message
     
    Thanks jsIRA. So just to clarify, sell NUGT tomorrow (Wed, Oct 16th) and then buy it back after a few days when it shd go down, right?
    16 Oct 2013, 12:45 AM Reply Like
  • jsIRA
    , contributor
    Comments (2427) | Send Message
     
    Author’s reply » For me, I will sell half of my position tomorrow at close. I am up 10.95% on this pick right now and hope to book 20% gain in two days.

     

    I hold 5,000 shares at the moment.

     

    NUGT is not for long term investment.
    16 Oct 2013, 01:51 AM Reply Like
  • rodh7858
    , contributor
    Comments (138) | Send Message
     
    Thanks jsIRA.

     

    I am also slowly starting to build a long term position in $PAAS. It has a good dividend yield, very low/no debt, trades well below tangible book value and has been around since 1992. In recent past they made few mistakes with hedging etc but that has been priced in.

     

    Do you have any opinion on PAAS?
    16 Oct 2013, 09:07 AM Reply Like
  • rodh7858
    , contributor
    Comments (138) | Send Message
     
    jsIRA : I sold NUGT at $54. Are you still holding?
    26 Oct 2013, 08:13 PM Reply Like
  • jsIRA
    , contributor
    Comments (2427) | Send Message
     
    Author’s reply » yes. bought at 37.85 and looking for a double. now market topped and money will be put into gold miner stocks. chart showed a bullish reverse H&S pattern. The run is far from over.
    27 Oct 2013, 03:27 AM Reply Like
  • rodh7858
    , contributor
    Comments (138) | Send Message
     
    jsIRA: GDX/NUGT sold off big today, Oct 29th. Do you recommend getting back in prior to FOMC announcement tomorrow?
    29 Oct 2013, 03:43 PM Reply Like
  • jsIRA
    , contributor
    Comments (2427) | Send Message
     
    Author’s reply » That is normal pull back after over 58% gain from its recent low (37.85->59.87).

     

    Check its previous run from 45.65 -> 102.5, it had a big pull back during the process.

     

    We sold it yesterday and waiting to re-entry.

     

    NUGT is only for short term trading not for long term investment. Gold miner stocks are.
    29 Oct 2013, 11:44 PM Reply Like
Full index of posts »
Latest Followers

StockTalks

  • ICPT biggest winner. My Aug 16 $275 call option up 4,000% in one day.
    Aug 11, 2014
  • KNDI - 20.00 Strong Q2 and the future of TSLA in China.
    Aug 11, 2014
  • Looking for another stock with 100-baggers in biotech sector. JAZZ up 300-folder in 4 years. Now we are looking for another JAZZ.
    May 9, 2014
More »

Latest Comments


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.