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Tuesday, March 17, 2015

Crunch time for near term JNUG bottoming call

No bottoming model is meaningful without a stop level.  This currently sits at about $15.20 for JNUG on the 10 minute chart below.  Regardless of short term moves, once this bottoms it is going to skyrocket.  The pro-dollar sentiment is extreme and the bullish sentiment on gold is at multi-decade lows.  Patience will be your friend here but once this begins moving up I think it will do so very rapidly because of the short covering that will be involved.



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2 comments:

  1. AnonymousMarch 17, 2015 at 11:34 AM

    Cap'n,
    At $15.10... where do you see this bottoming?
    Steven B.

    ReplyDelete
  2. The CaptainMarch 17, 2015 at 11:45 AM

    I got back in at 15.06, tight stops at $15.

    This is quad witching week, expect volatility.

    ReplyDelete

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