GDXJ trade ideas
GDXJ - A possible bottomThe situation is the same like GDX.
The junior miners broke below the 200 SMA and starting to bounce out of the false breakdown.
Same RSI divergence, MACD is close to cross over.
It's a buy with a stop below yesterday's low.
THE WEEK AHEAD: GDXJ, XOP, EWZ PREMIUM SELLINGAlthough there are quite a few earnings announcements up next week, none of them appear particularly attractive from both a volatility metric standpoint as well as a liquidity standpoint.
For instance, MYL (78/46), EA (73/50), and ROKU (65/82) all have the right volatility metrics, but when you go to work setups, you're confronted with non-$1 wide strikes, not something you want to see if you need to roll out in time for duration ... .
Consequently, you're left with looking at either single name with earnings in the rear view mirror or exchange-traded funds.
On the exchange-traded fund end of things, GDXJ (51/28), ASHR (41/26), IYR (38/13), OIH (35/33), and GDX (34/23) round out the top five by rank; OIH (35/33), XOP (30/31), EWZ (15/28), GDXJ (51/28), and ASHR (41/26) round out the top five when sorted by 30-day.
Pictured here is a GDXJ short strangle in the June cycle (47 days 'til expiry) that's paying 1.14 (.57 at 50% max) with break evens of 25.86/31.84 and delta/theta metrics of -3.21/2.12. Alternatively, the June 21st 29 short straddle is paying 2.36 (.59 at 25% max), break evens of 26.64/31.36 and delta/theta metrics of 11.96/2.35.
The XOP June 21st 28/32 short strangle camped out around the 30 delta pays 1.16 (.58 at 50% max) with break evens of 26.84/33.16 and delta/theta metrics of 2.87/2.30.
The EWZ June 21st 38/44 25 delta short strangle is paying 1.30 (.65 at 50% max) with break evens at 36.70/45.30 and delta/theta metrics of -1.42/2.84.
Finding buyers again at the usual 3 year old support areaSentiment in extreme pessimism area $GDX, $HUI, $GLD
over sold?back testing 3 years of data, and other than one time, when RSI on 3hr chart tagged 30 or lower 3 times, Price came back to MA55(red line) in the following week, usually 2-5 days
GDXJ signal rally today from oversold gap down to strong reboundExpect miners to gap lower and rip hgher all session based on pre-market price spike signal I always share!
Talking headsNeutral for now
Jokes aside. Im still in Research mode.
I'll be back soon With some cycles.
NEW BULL MARKET!?Just Went long GDXJ today. Finally, we bottomed and heading higher. Starting to look very Bullish!!!!
GDXJ:GDX Ratio ChartGold is headed to $1680 in October 2019... Gold stocks will confirm breaking out above overhead resistance congestion area.
Gold Stocks congestion areaThis is the falling resistance (red line) that gold stocks need to overcome before they catch up with gold... gold is headed to $1700 in October 2019 once it closes above $1300 on the Daily, Weekly and next Monthly. And once it surpasses the $1360-$1380 overhead resistance area.
GDXJ/GDX: Another Plus for the Metals?I believe the chart comments best present
my thoughts going forward. Note that this is
a Monthly (longer term) chart. Shorter term
chart(s) should be utilized for monitoring for
confirmation.
Are Gold Stocks breaking out to the upside?
On Dec 7, 2018 I posted on Seeking Alpha"
seekingalpha.com/...
seekingalpha.com
I said I had takens some sizeable positions in ugld, uslv, jnug -- bc it looked like a short term rally was imminent. And that I hoped it would turn into an intermediate term rally as they approached their breakout territories -- which to me means going above the downtrend channels dating back to the 2011 highs.
Well today, the first of those downtrend channels has been breached on the upside -- on the chart of GDXJ. If it can follow thru on this, that would mean a breakout above the downtrend GDXJ has been in since the 2011 high. And it likely means the long awaited bear market in PM's is over and the next leg of the bull market has started.
GDX has not penetrated its downtrend channel yet -- but it is not far behind. Ditto for Gold and Silver and SIL. Sil is quite a ways from the top of its down trend channel, but it is close to breaking above a shorter term downtrend channel - which should provide some impetus to it.
I would expect that the other PMs" I mentioned will play catch up to GDXJ and break out also. But if they don't then appropriate stops should be placed.
I list below several charts that show what I am basing my opinions on. Please disregard the messy looking lines at the right of the weekly charts. They are shorter term trend channels that mess up a weekly chart. Look to the right for the green box and you will see the last price for the symbol.
GDXJ WEEKLY DTC BACK TO 2011
GDXJ 1 HOUR SHOWING CLOSEUP OF BREAKOUT OF DOWNTREND CHANNEL
GDX WEEKLY DTC BACK TO 2011
GOLD WEEKLY DTC BACK TO 2011
SILVER WEEKLY DTC BACK TO 2011
SIL WEEKLY DTC BACK TO 2011
