Gold dumps $48 in 1-minute

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It tested the prior lows (1080), which is not a bad thing, and briefly flew down to 1072. If it can close above 1080 (currently 1082), that would be a good thing and perhaps considered a successful test and you may see buyers step up. Otherwise, a close below 1080 and 1067 may be next.
 
tsptalk said:
I bought some NUGT after hours for 3.51. Couldn't resist. This won't be a day trade. More like 1 to 2 weeks. There are some extreme oversold readings.

This was in SentimenTrader Home last Thursday (7/16)...

Precious metals have been taking a hit lately, and that has reflected on the miners. Every stock in the HUI Gold Bugs index has traded below its 10 - , 50 - and 200 - day moving averages for the past two days, and on both days more than a third of the stocks have reached 52 - week lows. In the history of the index, this has occurred on 9 other days, clustered in four time frames (early September 2008, mid - October 2008, mid - May 2012 and late October 2014). They all occurred within several days of 10% rallies in HUI and other indexes of gold miners. They should be getting a reprieve soon, with any heavy selling in the coming day(s) likely to be exhaustive and quickly reversed.
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Like I said, this was 3 trading days ago and now we've gotten the "heavy selling."
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A little follow-up. I decided to bail on NUGT today selling at 3.57. This was a small gain after coming back from some stiff losses. I think it can hit $4+ and there's an open gap near $5, but I hate holding these gold ultra ETF's too long. I had a 13% gain after 1 day and that vanished quickly - so volatile. They are not good investments, just short-term trading vehicles as we've discussed.
 
tsptalk said:
A little follow-up. I decided to bail on NUGT today selling at 3.57. This was a small gain after coming back from some stiff losses. I think it can hit $4+ and there's an open gap near $5, but I hate holding these gold ultra ETF's too long. I had a 13% gain after 1 day and that vanished quickly - so volatile. They are not good investments, just short-term trading vehicles as we've discussed.
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I've been buying it for weeks at $3.00 or less and turning around and selling it, sometimes in the same day. If you buy enough, you can still make some good money.
 
tsptalk said:
A little follow-up. I decided to bail on NUGT today selling at 3.57. This was a small gain after coming back from some stiff losses. I think it can hit $4+ and there's an open gap near $5, but I hate holding these gold ultra ETF's too long. I had a 13% gain after 1 day and that vanished quickly - so volatile. They are not good investments, just short-term trading vehicles as we've discussed.
Click to expand...
Crazy to think a year ago, it was trading in the 40s
 
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