ETF Trading Research 4/10/2019
Taking a look at what veteran market prognosticator said today made me feel that I am not alone in what many view as an unprecedented market run higher from December, despite bad data, lower GDP numbers, no trade deal, global slowdown and IMF downgrades on global growth. Even the last 2 weeks of oil supply builds has the oil price moving up. Any spark of trouble and this market will implode. But for now, higher she goes.
I got us out of yesterday’s holds where I thought we might have turned the corner with some sell signals, but today that dip was bought and we took the smaller profit. We gave it one more shot when the bad oil data came in and got out before all the shorts moved lower. I tracked if we didn’t sell on my demo site and the results wouldn’t have been that good at all.
I’m still going to track all these shorts closely and eventually we will have a home run entry. But for now, GUSH could take off higher here. Watch it closely. And I mentioned GBTC for the first time as I think it has bottomed and we should attempt to buy on any dips.
Miners are also intriguing with the dollar under 97 and gold up. They sold off post Fed, but JNUG under 10 now. The interesting thing here is miners will fall with the overall market and we’ll be buying that dip when it comes. Big time. I am working on that list of miners and along with trades in JNUG and NUGT, we’ll be set. We get up 30% or so and I may not sell for a long time, but know I will want to lock in some profit now and then for the track record of the service. I’ll have my points to do so. But we are getting ahead of ourselves.
What I am saying is we will be able to ride this market south for profit, and miners up for profit as our top two trades this year. The only question I have at present, do we head up to 3000 now and then 2200 with the crash or fall, hit 3000 and then 2200. The longer this nonsense of a market moves higher, the more likely we keep moving up. But something may trigger the fall. That something could be Turkey issues. Remember little old Greece and how it hurt the markets? Something is brewing somewhere and you can bet we will, like Gartman, not miss the next down.
