CLICK ON CHART TO ENLARGE
When looking back on assets to avoid over the past 5-years, mining stocks sure come to mind, as they have done terrible, losing nearly 80% of their value.
When looking back over the past couple of months, they have been one of the best assets to own.
Earlier this year, the Gold Bugs index created a series of lows around the 100 level. The Gold Bugs index created a reversal pattern (bullish wick) at (1) above. Following this reversal pattern, mining stocks blasted off.
Now the Gold Bugs index is testing a triple resistance zone at (2) and could be creating a weekly bearish reversal pattern (bearish wick).
Joe Friday Just The Facts…Dangerous place for mining stocks, should a reversal pattern take place at (2).
Thoughts on shorting DRI, ITB, NUS, IWM, SPY,
This is not that helpful, as I have been following you for over two years. It seems that you can point out a lot of things but can’t really make a good call on when to get long. I think the train has already left the station ( from the bottoming process that has occurred thru last fall and early this year) I have been long since then: AGQ + 45%, DGP+ 50%, UGLD +50% USLV + 45%, PSLV,SIVR,OUNZ, etc. with a small amt.of GDX, GDXJ and a little Speculation in NUGT +212% and JNUG +240% The guy that really helped me with all of this is another Chris, Chris Weber to be exact. I guess his method just fit me better. No profits w/you.