The #StockMarket – it rhymes Part 2…

Just updating the chart below that noted the moment the post election bounce became a market rally.

Nothing much more to say except one suspects there will be a break of the highs everywhere either tomorrow or early next week.

But it’s been a blast that, coupled with the first run to the upside, is now fairly extended without a pullback (115 points in the last three days on the Nasdaq Comp) so I’m tightening stops just to be safe.

(This are just my notes to myself, presented here solely for entertainment purposes, and not to be construed as investment or trading advice.)

(click on the chart for a larger view)

it_rhymes2_2016-11-15_1154

$GDX – to state the obvious

This is a stair-stepping downtrend in the precious metals.

Certainly can’t be because of the instability of the recent US election so probably because higher interest rates are coming but what does it matter?  It is what it is.

Rather extreme drop today which may lead to a bounce but the pattern is obvious – break support, consolidate, break support, every lower and lower, going down until it doesn’t anymore.

(right click on chart to see larger image)

gdx

Adding nibbles on $NUGT, $JNUG, $SLW long for an oversold bounce

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).