Riding The Gravy Train: Gold Chart and NUGT Stop Updated

Riding The Gravy Train

Beating the market is fun and profitable. This is how we do it.

Wednesday, February 03, 2016

Gold Chart and NUGT Stop Updated

In November we turned long-term bullish on gold for the first time since we turned bearish at virtually the exact top back in 2011.

We were virtually a lone bullish voice on gold at the time, other than the poor souls who had been mistakenly bullish all of the long way down.  They will repeat their mistakes of the past while we'll seek to again sell near the top and turn short. 

For now we remain bullish, and probably many others are about to join us now that this giant declining wedge pattern seems to be breaking upward as we'd predicted it would.



We were lucky to time the current market bounce nearly to the minute, and remain long those positions. 

NUGT is up 77%, UCO is up 34% (having risen as high as +52%) and OKS is up 22% in just two weeks.  Not bad! 

If you have oversized positions or are in need of limiting risk after the market drop this year, it's prudent to ease up on these positions. 

We'll remain long, raising our NUGT stop to $22 on an intra-day basis (up from the original $16).  We've no stop on OKS and will leave the stop on UCO at $5.50




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