Sold out in premarket the shares bought near close and aftermarket on Friday. Got 40 cent profit. Iron ore prices fell 2% in China on Monday so CLF struggles in here, but again, all dips are buys in my opinion. Not happy with the struggle CLF is having so far today but 20 remains solid support.
GDX And The Metals
I am bullish gold metal in here so I like buying GDX on dips. Commercials are heavily long while hedge funds are at record short interest levels. This should get resolved by rallying to 1450 or higher in gold futures which should force some short covering. I believe August gold closes above 1450 before it closes below 1350. I would not suggest anyone play the triple ETFs of NUGT or DUST right now as we are in a consolidation phase right now and it is too dangerous to play these until we develop a trend again.
I have been buying micro gold contracts on dips, along with buying July platinum 1450 and below for nice scalp trade profits. Platinum is very bouncy in here and doing great.
On all new lows in June Australian Dollar I believe one can buy. I have buy orders sitting at 9550, 9500, etc., buying every 50 cents lower with intentions to sell out on 100 to 150 point rallies. This strategy has worked well since June Australian dollar fell to 9850 and buying on dips should work even better the lower we fall. I am also scalping from the long side in the Australian.
I believe crude oil is a buy on dips and it should rally a bit in the next couple days. I would switch to the short side once July Crude Oil approaches 97 to 98. I am cautiously bullish live cattle in here but bearish on lean hogs. I am looking to sell out of the money lean hog puts on strength, in the August and October option months.
Disclosure: I am long CLF.