Sunday, September 29, 2013

09/29/13: Haven't updated awhile, seeing continued downside into Tuesday

Been busy in my personal life recently so haven't had much thought in updating the blog frankly.  Anyway, decided to put up a quick update.  Futures look like they are down ~75bps, mostly because of the likely government shutdown (or maybe because we entered into a down cycle long before?).

I don't really delve into the politics since I just care about being on the right side of the trade.  I did initiate a small short on Friday so unless something magical happens between now and the open, this trade should be in the money (overall, still burnt by the 9/18 rally so in the grand scheme of things, just trying to make back the money I lost on that day).

I've also started playing around with the gold miners (NUGT and DUST).  Not for the faint of heart.  Even for someone like me who plays around with SPXU and UPRO, the volatility in NUGT/DUST can be ridiculous.  The reason I entered into the fray is because I really think NUGT is near or at the bottom of this long awaited cycle.  I certainly could be incorrect but right now, as it stands, I think NUGT stands a good chance of seeing a healthy rally.  Anyway, time will tell.

Looking for UPRO to fill the gap around 71 which is the SPX equivalent of 1674.

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