Thursday, January 31, 2013

Correction Beginning

Our long term trend is still green but I have a feeling that it will flip today or tomorrow. Yesterday might have been the start of the correction everyone has been looking for.

The MTT told us to go long on the 29th. It was one of those trades that you probably knew was going against you, but it's important to take every trade the system says. We were stopped out yesterday and we now sit on the sidelines. It's not a bad place to be with the current uncertainness.

Two trades mentioned yesterday are still in play. GASL looks like it could head down and I'm still bullish on NUGT. Right after my post yesterday, NUGT shot up to the $8.40 range before falling after the fed spoke. I feel like it can still go up to $9.00 and then maybe close to $10.00. We'll watch is closely. If it falls below $7.75 it's time to get out.

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