Two days ago in the “Grrrr…ressive” post, I suggest aggressive investors should pick up SMN, the inverse Basic Metals ETF, due to resistance that Copper/Silver were facing and that the metals could start “acting HEAVY!
(see post here)
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It is very early in this trade and early this morning, yet I wanted to share that from a price/pattern perspective I like what I see so far, especially yesterday! Why?
Yesterday the Dollar fell over 1%, which the majority of the time results in a huge stock and commodity rally. One day a trend does not make, yet found it interesting that the Dollar fell 1% and the inverse metals ETF not only didn’t get creamed, it was up a fraction!
Game plan….For those that bought SMN…..Raise your trailing stop to 6%. For those that didn’t buy it, the action still looks very good so far!