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Robert Edwards
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Contrarian daytrading technician who specializes in locating high probability short term trades while predicting price movement directions with over 85% accuracy. Most of my trading involves either extremely short term micro scalping of stocks or commodities (using 1 minute bar charts), or swing... More
  • Robert Edwards Trading Update For May 13, 2013 1 comment
    May 13, 2013 10:28 AM | about stocks: GDX, NUGT, DUST, GLD, CLF

    Sold 100 DUST at 88.90 in premarket, that I bought in the aftermarket at 84.25 on Friday. I was correct in that we did get strength from the inverse hammer pattern that we had on Friday (a candlestick pattern I made up myself).

    Gold and GDX are giving mixed signals. On one hand, there is a large gap formed on Friday from about 1461 to 1468 in June Gold futures, which is quite bearish and we broke down through recent support at 1440. However, lower prices were rejected and gold closed only down $20 late Friday. Gold followed crude back off the lows. This morning gold tested Friday's lows and so far they have held. I am thinking that gold wants to stay above 1400 for a few days and possibly longer. This might allow someone to sell 32 strike NEM weekly puts that expire on Friday, May 17th. One could also sell GDX 28 puts that expire May 24th.

    Bought some CLF back in the low 23s again this morning but won't buy any size unless we trade down to 21.80 to 21.00, two support areas that I am expecting this market to correct down to.

    Disclosure: I am long CLF.

    Additional disclosure: I expect to short NEM and GDX puts expiring this week or next.

    Stocks: GDX, NUGT, DUST, GLD, CLF
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  • Robert Edwards
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    Author’s reply » Sold NEM 32 puts expiring 5/17 for .31.

     

    CLF made a higher high and higher low than Friday. Continues to look strong with all dips bought up. May have to go higher before it can go lower. High so far is 23.75, right in the middle of the 23.50 to 24.00 area that I indicated last week, would be resistance. Was able to pick up shares in low 23s, twice already today for scalping profits.
    13 May 2013, 12:18 PM Reply Like
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