1. Buy 100 shares of Direxion Daily Gold Miners Bull 3X Shrs, symbol NUGT, at the market and place a protective sell order at $32.19, STOP, good till cancelled.
2. Cancel and replace your protective order to sell 100 shares of the VelocityShares 3X Long Silver ETN (USLV) at $20.49 stop. NEW STOP PRICE: $39.33, good till cancelled.
Larry here, with a new trade. While it may seem like gold and silver have been quiet of late, they are actually building a nice level of support, just below the market. As noted in my prior alert, it’s critical that gold and silver hold current support levels and build a foundation.
I am also liking right now how support is building underneath the mining shares. In particular, I’m seeing a nice pattern develop in mining share ETFs.
If I’m right, you have a nice low risk trade on your hands in the Direxion Daily Gold Miners Bull 3X Shrs (NUGT).
Accordingly, I recommend acting on the above alert as soon as possible. NOTE: Only act on this new trade if you have the funds available to do so. If not, then skip the above trade.
In addition, it is now time to raise your stop on the VelocityShares 3X Long Silver ETN (USLV), as noted above.
As quiet as the markets may seem right now — and as choppy as they are in tight trading ranges — don’t be deceived: There are several key developments unfolding in many markets, not just the metals, but also in stocks and even the agricultural commodities, as well as the energy complex.
I am watching these markets like a hawk. Many new trading opportunities are coming up — and the ones you have on the books right now are also looking very good. Hold all positions and their related protective stops and stay tuned!