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Trading Tout: A Cautious Play, Bottom-Fishing in Gold

By: Rick Ackerman, Rick's Picks

 -- Published: Friday, 5 December 2014 | Print  | Disqus 

Junior mining companies tracked by this ETF look a little shakier at the moment than gold itself, but we can still try bottom-fishing if conditions are right. The pattern shown suggests we would enjoy appealing odds with a bid down around 23.54, a Hidden Pivot support that roughly coincides with the 23.65 target of a smaller pattern. Accordingly, I’ll recommend buying eight Dec 26 25-strike calls if GDXJ gets within 0.03 of the target by Tuesday. We can fine-tune the price in the chat room, but the calls would be well priced at around 0.95 if the 23.54 target were to be reached today.  That’s very unlikely, but I am providing a benchmark so that we can adjust downward next week. Be prepared in any case to stop yourself our of the calls if they trade for 0.20 less than you’ve paid for them. Take a free trial subscription that will allow you to access not only the touts, bulletins, updates and impromptu trading webinars during market hours, but a 24/7 chat room that draws veteran traders from around the world.


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 -- Published: Friday, 5 December 2014 | E-Mail  | Print  | Source: GoldSeek.com

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