ETF Trading Research 6/10/2019
Today in and of itself, with all new trades today, was and is positive. This despite the run up to 2905.75. We did take a little profit on new trades with DRIP, but that was simply to make up some for the mistakes of going short last Thursday and Friday. That is totally on me, but I did lighten up on some shorts on Friday. 2905 area was my larger degree topping area after blowing through the prior resistance area. The move up has caused some green shoots in FAS, SOXL, TQQQ and UDOW, but notably not SVXY. Also, TMF is still on a buy signal and up off the lows today. DWT is also positive and has moved up with DRIP overall. So tomorrow, with these signs, we just need TMF to be up with TVIX/VX//VX and see BRZU go more red with USD/JPY heading back to 108 or below.
Good news on the gold/silver/miners front is that we got a very nice pullback. We will look to one of two things happening before we get aggressive long;
- We head to 1300 now and get long.
- We head up then down with a deflationary credit contraction that will take us most likely below 1300 and we get long somewhere there.
This means that any move up will be short lived. We will not be shorting but concentrating on some individual miners to go long with for a longer term as well as JNUG and NUGT. This would also mean dips in USLV and UGLD to buy as well. I would much rather prefer we just drop now, but we won’t know if that will occur or not. We do however have confirmation of a sell and move lower with the data in the nightly table below where everything went to a sell.
UGAZ has shown some life of sorts in the low 17’s now a few times. It should be on your radar, but potentially could be in buy the dip mode. It can still hit the 15/16 level for a blow off bottom and if so, could set up one of those trades you want to hold on tight with long. If my nightly report shows a sell in DGAZ, pay attention to it.
/ES is starting to fall a bit after hours down -1.50 to 2887.75. We need to break 2880.50 today’s low and stay below 2905.50. If we can crack 2880.50, then we have a good shot at 2820 next. We’ll know more after tonight’s price action.
