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Direxion Daily Gold Miners Bull 3X ETF Message Board

  • jonpayne90 jonpayne90 Jan 25, 2013 4:11 PM Flag

    dont buy yet

    at this point i think we def test last summers lows on gdx.. i wouldnt get more than 30% of position desired at this point...
    and im the guy who said to get out at 11 by the way if you didnt listen then...

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    • If you go to yahoo finance, click gold, see 5 day chart, down about 1.5% for week.
      But NUGT down over 20%, should be down maybe 5%. Seems way oversold.
      Any thoughts?

      Sentiment: Strong Buy

      • 4 Replies to bottom_scooper
      • "Any toughs?" Are you even care to check what NUGT actually tracking? Just take GDX and GDXJ and multiply by 3. .that's what it's tracking, miners, not GOLD!

        Sentiment: Buy

      • johnwboy Jan 28, 2013 4:17 PM Flag

        I agree, but will only buy if it does below 7.30

        Sentiment: Buy

      • Looking at two year charts of NUGT, GLd and GDX, NUGT tracks the ups and downs of GDX closely, tho by much higher percentages -- looks like about 3:1. NUGT and GDX track gold price GLD only so-so -- the metal has been holding its level for the most part, even when GDX and NUGT have fallen steeply.

        Another minus for NUGT is the time decay factor. Due to the need to hold derivatives rather than actual stocks, NUGT would decline in value even if GDX and GLD had no movement over time. This is due to the derivatives which it holds. With price movement, daily recalculation of percentage change usually works against it, unless gold stocks are moving up. People smarter than I have described this much better -- recommend reading these articles.

        Overall, NUGT looks like a loser unless the price of gold stocks is rising. Working with NUGT, need to do short-term in-and-out trades.

        Sentiment: Sell

      • The same thin happened when gold was going up in the summer miners were overbought they r more volatile then the price of gold. If ur a day trader.. Sure u may get a bounce to 10 in the next week or two. If u like to buy trends and hold for a month or two. I don't think this is the time yet. Maybe put 25% of ur desired position it. But don't go all out yet. At this pt I can't see y gdx wouldn't retest the lows from last summer which would put another 20-25% decline on nugt. I just wouldn't be eager here cheap things get cheaper. I did miss the last run up tho that was disappointing . Long term gold goes to. 5k before Obamas term is over. ESP on a bernanke reappointment which I can't see y be wouldn't now that Obama won

        Sentiment: Hold

43.03+6.18(+16.77%)Feb 5 4:00 PMEST