Trading the short side for US markets, here’s key levels to watch for this week
TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website joins us to share why he has been shorting the market recently. We discuss some key levels and a moving average that will be the most important factors to watch throughout this week. We also discuss the set up in Bitcoin after the quick drop and rebound form the latest attack by China.
HL has finally dipped further into its big gap of January 28th, just two cents further so far…
Bpgdm has cracked 16.67
Folks I can’t be more vocal then this, but we are at a major inflection point and the miners could well bottom as I type or this month. With the debt ceiling being the sniff that gold and the US dollar are closely watching and positing ahead of that announcement.
I’m not 100% sure if US dollar monthly tops this month or next but I can see gold decoupling right now and or both gold and dollar up equities down eventually equities and gold higher together is a possibility.
If your not buying these prices I don’t have much more to say!
Agreed Glenfidish. With the BPGDM decisively under a 20 reading now, the gold miners are definitely within range of putting in a turn in direction, back to the upside.
JAG selling at a P/E of 4.4… Was at $11 in February, now bellow $4.
JAG is looking increasingly more attractive on a risk/reward set up, and is becoming a larger and larger weighting in my gold mining stock portfolio the further it drops. I like the setup in Jaguar Mining a great deal at current levels.
waiting for one more little leg down on jnug to hit .618 weekly retrace…that will allow HL to test the lower part of gap…1:1 ABC down is literally 54.91 …Thanx for pointing that gap out Matthew…Almost guaranteed to test the 2/121 high volume bar…..after this low volume retrace dies out of sellers….
My biggest concern w gdxj is that a normal Weekly cycle is around 20 weeks and we are only about in week 7…..The reasoning going long would be that exceptional extraordinary fiscal and economic issues will shorten the normal trajectory down…so it is risky….
back in jnug ..lmao
TG WATKINS…I like his narrative on the charts…and if you know what is occurring he is describing the challenge of buying support or selling resistance w great awareness plus seasoned incite…Thank you for another great technician guest…..It is a good idea to just short the 3x long etfs for the major indexes…The long etf tracs better and you benefit from the massive fee slippage on triples….GLTA