Holding NEM from today and adding the two 3xLeveraged funds, NUGT and JUNG, along with the silver stock SLW in hopes getting a bounce in this oversold and emotional sector of the market.
Stopped out SA today for a one percent loss.
I call this sector “emotional” above because those doing anything with gold particularly, as well as with precious metal trading in general, are generally…crazy.
This is a scalp attempt but if it gets really rolling to upside it may become a swing trade. Tight stops and time stops are in order (in my case these better move tomorrow or I’m likely to dump them).
A pure technical play for day and swing traders.
Serepta Therapeutic (SRPT), Insys Therapeutics (INSY) and Retrophin, Inc. (RTRX) are three of the many biotech stocks to have had substantial tumbles since the bloom went off this leading sector with the advent of fall.
Each stock is in a down trend with with SRPT up 23.6 percent on its latest longer-term short signal, INSY up 22.7 percent short, and RTRX up 38.6 percent short, all of this in the midst of a screaming market rally.
It the market wavers (and it looks as if it is beginning to), it is likely these three stocks are about to take another step down and give traders a chance to scalp profits or to have another opportunity to get on the overall down trend..
All three of these health-care equities managed to move no more than sideways during the latest market rally becoming short-term overbought. Each have now have given individual sell signals.
These are shorts on tomorrow’s open with initial stops at yesterdays highs.
If the market, which is wildly overextended, comes down on top of them, I’m looking for all three to challenge if not break their recent lows. For SRPT that’s around 24, for INSY approximately 22, and for RTRX 17.20.
(click on chart for a larger view)