I bought some JNUG in the backlink but I sold out today for a small profit at $7.50 right into the close. Commodities began to rock and roll today and so perhaps this will turn out to be wrong but I see a count whereby an expanded flat correction takes me to the level of the prior peak and that often means it is corrective. If JNUG doesn't show significant strength, and buy that I mean more than 10 or 15 cents, at tomorrow's open then I will continue sitting on the sidelines with JNUG. I have a significant exposure to commodities which I have been buying in small qty for the past couple months and not trading due to small size. But they are adding up to nearly half my portfolio at this point and so I have significant exposure. I can afford to miss the early portion of a JNUG rally if it gaps up at the open big time instead of moving to one final low to finish C of 2 as shown.
I would also like to see another big swoon for CJES tomorrow so I can begin buying some of that as well. Time will tell if I get that lucky.
As always, buy the dips, don't chase the peaks. That way if you are using stops you know what to set them to.
Wednesday, September 30, 2015
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