Tuesday, November 25, 2014

Nov 25 - NUGT/ GDX poised for another leg up - SPY/QQQ continue to show strength

NUGT could start the next leg up despite supposedly bad news in wake of the strong GDP report.   A next upmove could bring it to 18-19 range. GLD has been consolidating for a while which is giving confidence to the mining sector.  UUP interestingly down for the second day in the row, although trend is up , could be the short term pullback as it could be a false breakout.

SPY and major indexes shrugged off the potential sell signal and for now looks like consolidation. My SDS position not moving and not unexpectedly slightly underwater.  As the week progresses, the thin volume will not do the position any favors.

At close, exited the SDS position because of the thin volume and historically bullish 1 1/2 days ahead and flipped long to SSO with an eye for rest of week.

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Jun 19 - Set up of the year in financials

I am heavily long calls in $C, $BAC, $JPM for late Jun, July, Aug.  Mad conviction here.