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Gold stocks (GDX): If not now, when?
Impulsive mega volume drop blew the Bollinger Bands to their widest separation in maybe forever
That was the question I asked myself after being 100% cash into the last hour yesterday and seeing the bottom fall out on the gold stocks once again. Classic trading methodology teaches that you do not try to catch a falling knife. ‘Screw classic trading methodology’ thought I, ‘I’m taking some positions’, which ended up being in the gold and silver bullion fund CEF (now selling at a discount), a few individual items I consider to be of relative quality and the leveraged NUGT in a high risk trading account.
The above was noted in an update to NFTRH subscribers in the last hour and certainly was not a call to action. It was just a note from a market manager who had been updating subscribers all along this frustrating journey since the gold stocks lost critical support in November. With that final plunge yesterday afternoon, something bullish welled up inside me.
But as usual, the chart takes out the human element (e.g. “something bullish welled up inside me”), so let’s look at the one for GDX, as it shows an awe inspiring picture of volume.
Read More: http://www.stockgoldmarket.com/gold-stocks-gdx-if-not-now-when
