Position Update 3.26.2014 9:35 AM EST

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Good trading all.

Steve Chapman, TRI


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33 comments on Position Update 3.26.2014 9:35 AM EST

  1. SidMcguire
    March 26, 2014 at 10:55 AM (9 months ago)

    has the s_&_p given any new clues as to which direction it wants to go?

    • Steve Chapman
      March 26, 2014 at 11:04 AM (9 months ago)

      The only clues we are seeing are bonds breaking higher. The VIX is still extremely complacent and stocks/US Dollar haven’t done anything. We are probably within 24 hours of a cycle low in metals if it isn’t put in today.

  2. Pablo
    March 26, 2014 at 12:19 PM (9 months ago)

    Still in NUGT? Even worst case, we should still get a bounce tomorrow, right?

    • Steve Chapman
      March 26, 2014 at 12:25 PM (9 months ago)

      I like to buy capitulation, and I would have added at the close if the primary trend wasn’t down now. Gold technically had a great finish after running the stops below $1300, the 50 MA, and the 200 MA and forming a momentum divergence. I was fooled by the overall size of this move down and admit that I bought a few hours too early because Wave 5 hadn’t occurred yet. This bear could be big.

  3. David Akridge
    March 26, 2014 at 12:55 PM (9 months ago)

    Steve, my NUGT/DUST hedge got out of balance in favor of the DUST position so I added another traunch of NUGT at 3:58 EST @ $34.37 avg. Balanced out and ready for either an up or down day tomorrow. Looks like POG bounced off the $1,300 level with NUGT up almost 1% in after-hours trading. If POG continues up overnight and into the open, I may get brave enough to add another traunch of NUGT in the morning. Thank you for explaining things so that even I can understand what’s happening!

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