I lowered the stop to 1.60 yesterday on our four August 23.63 calls (@ 1.85), but it proved unnecessary when GDXJ powered itself out of a hole with a promising $1.00 rally. As I explained in the chat room, my rationale for fiddling with the stop was that I did not want to be forced out of a good position just because the underlying was drifting lazily lower. Infact, GDXJ would need to be under a full-blown attack beforeoptions pros hit a 1.60 bid in the August 23.63 calls.Still, it never hurts to play it safe. The result was that we remain long just as this vehicle has generated a promising impulse leg on the intraday charts. This is shown in the thumbnail inset, and as you can see, yesterday’s surge left only a small distance tobe covered for a third external peak to be surpassed on this run-up. A fourth awaits at 23.81, and by then bulls will be able to sit back and relax. Click here for information about the upcoming Hidden Pivot Webinar and a $50 discount.
Silver A Drag On Gold
May Silver has its work cut out for it if it wants to get into bullish gear with gold. Check out today’s tout for precise details
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GDXJ – Junior Gold Miner ETF (Last:22.94)
Published 04/11/2012, 06:05 AM
Updated 07/09/2023, 06:31 AM
GDXJ – Junior Gold Miner ETF (Last:22.94)
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