DUST Update

We are stopped out of DUST at 47.59. There is a bearish rising wedge that broke out last Friday. We had the backtest yesterday and today we are starting to move alittle lower. I’m going to take the money from the DUST trade and buy NUGT at the market today. NUGT is a 3 X long etf for the gold miners. I’m starting to see a few signs that some of the smaller PM stocks are trying to put in a little bottom in here.They have also been outperforming the big caps which is what I want to see. We still have some serious overhead resistance on the PM indexes but for right now I’m going to take each stock on its own merit and if it looks good I’ll recommend it. It might be just a short term trade or it may turn into something longer term. We’ll just take it one step at a time. I’ll have more tomorrow.

DUST 60 minute chart showing the bearish rising wedge with breakout and backtest.

DUST daily look shows the bearish rising wedge. A move below the top rail of rectangle, around the 45 area, will confirm the new downtrend.