A newsletter i follow said last night that AG ...I'm going from a tired memory now....whats the reason....something about an announcement they will be making ....?? shit, am I gonna have to go back and read the newsletter again...... hold on..........
ok, heres the idea..... not an announcement ....its this news that next week ,monday? AG (first majestic) will be added to the GDX ETF.....and the idea is that maybe (no guarantee) AG will pop higher because of it.
If you like that play ...and youre looking for a bottom here at the 14 area for AG ....AND, you think AG will never fall below 14 (I dont....my target to buy is 12 area down to 10)....then buying a portion of AG is a logically based gamble to consider .
My own gut says to forget it and wait for the correction to bottom around 12 to 10 area,however long it takes. 14 is not low enough for me. and I would bet another bag a stale donuts that it will pop some more ,like today....hit resistance a few days later , maybe at the 19 area where the Daily 200 MA is or at 18 where the Weekly 50 MA is ...for resistance and then 'down goes frazier'
Its a nice day trade I suppose. nothing to get excited about. for long term holders.
Speaking of the GDX....the 200 MA is a target at 47 as the wave structure is looking Down and down some more....maybe a bounce now at 50 area but then down to target 47. stuck in this slow cooker cycle stretching out over time.
OK, that could happen. Still, I took some profits today on AG and will buy it back if it crosses 14 again.
that was a good trade . well done.