Btw, the real reason I decided to fade NUGT at the beginning of this month was b/c I assumed that since my intraday chart provider did not correct for splits that other traders would have a hard time diagnosing the chart too and the market would trend sideways or drift down as a result. Boy, was I wrong! It seems the market doesn't really care if you are experiencing technical issues. (Or, maybe they planned it so that by the time you're able to see what's going on, the market has already moved quite a bit..) I'm also awared the market maker(s) frequent online sites such as this one to get ideas. So here's my message to them: Sorry, pals. I know I said incorrectly NUGT was being distributed earlier this month b/c it flatlined for almost a whole trading day. So, you guys went ahead and thought, "hey, maybe if we flatlined DUST for a day, we can dupe traders like FXWIZARD into buying DUST on the 21st, thinking it will move just like NUGT did afterwards." Lol, you guys clearly underestimate us! Really? Is that all that we can see, flat-lining stocks? We can correctly diagnose the intraday chart when there are no artificially large gaps introduced by such events as a reverse split. We will continue to track this ETF pair and we will win in the end! The house simply cannot win the war against traders who think like us, who don't even care what gold does! All we ever cared to do is precisely time our entries by the intraday charts while using the daily charts as our guidance! We are also aware of the psych wars you wage by the above example, which proved futile in the end. I am writing this post as a sort of counter-psyche to your psyche...
I see it!! The reason for NUGT to continue up majorly! If it rallies back to $48, then it will head to $60 REAL FAST. But it has to go to $48 soon, otherwise all that potential energy it has built up will be wasted... And DUST the turd, I'll punish shortly (by buying) when it drops below $10...
Oh, and Mr. Market, you'll read my above message and go, "the next time we flat-line something, we'll just repeat what we already did, so the trader at the other side [of the trade] would think we'll do something different than what we did most recently." And my answer will be, LOL once again. We can see thru your bluffs and we can tell when it's real. Doesn't matter what you decide to do the next time you pull the stock flat-line card out of your bag of tricks, we will emerge victorious regardless, for we can read intraday charts except shortly after a reverse split when our lazy intraday chart provider decides not to re-adjust it!
DUST, you're f***ed!! NUGT just went to $48 soon (ie. gap up). That means it will soar to $60 soon. That means you will drop below $10 soon!!
See? DUST never rallied back to price it trapped traders on the 21st's flat-lined portion... b/c that would have allowed them to escape the trap unscathed...
I just want to make the following UPDATE/CORRECTION: DUST will drop BELOW $10, then rally back TOWARDS $20. DISCLAIMER: Info for your entertainment purposes only. Not to be construed as investment advice. Always consult with an investment professional before making an investment purchase.
Probably will buy DUST on reasonable intraday pull back tomorrow or maybe even a recent high break out of price move above 31.18. Strong up trend forming. Breaking TL on weekly but not confirmed by Friday close yet. Scale in.