On the lowest volume day in the SPY since May 6th, most option volume was concentrated in ETFs. GDX – Large buyer of the GDX Aug 24 puts, paying 1.25 average price for over 110k throughout …
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Jefferies downgraded a slew of gold miners today, arguing that “with short reserve lives, rising costs, rising political risks, and a stagnant commodity price” the entire group remained unattractive and overvalued. Putting aside the fact …
Continue readingThe gold miners have had a miraculous fall from grace in the past 2 years. Here is the chart of the GDX ETF over the past 5 years, illustrating the speedy run-up and even more …
Continue readingTrade Update April 15th, 2013, 9:45 am: Gold and silver have made massive moves in the past 2 trading days, with all precious metal related assets moving lower.
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I laid out my thoughts on NEM and the precious metals in general in a Name That Trade Post 3 weeks ago, included below. In that post, I discussed how precious metals were at a …
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The gold miners have been totally decimated in the past 6 months. The ETF is down from around 55 in Sept 2012 to 37 today, a 35% drop for the sector. Meanwhile, gold and silver …
Continue readingLook at the chart of GLD vs. GDX (gold miners ETF) over the last 3 years: The black line shows GDX over the last 3 years (down 10% in the period), and the …
Continue readingToday was the second-lowest NYSE advancer reading of the year (March 6th was the lowest), as only 321 NYSE issues were up on the day. But Facebook was one of the few stocks higher, up …
Continue readingTrade Update Oct. 17th, 11:07 AM: This is a quick exit for me on this short put spread in GDX (initiated it on Monday), but there are a couple aspects of price action that are …
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First, some quick thoughts on why long GDX came to mind this morning when I was thinking of potential trades: Next FOMC meeting is on Oct. 24th. Since QE3 has already been announced, I expect …
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