We have some interesting strenth in a couple of jrs as Kirkland
raised a bunch of money and brought good-guy bankster billionaire
Eric Sprott (he made all that money at Cannacord's expense, of
course) as Chairman. They haven't looked back as they surged
too new highs. Terranga also had a well-received update the
past couple of weeks and has gone vertical to new highs. GG
weakly gapping into earnings gap down area and it's not going too
well as expected. Successful ascent of this area would be
pretty bullish up to another another point on GDX.
In scanning the past month of sideways action in the GDXJ,
leaders liekNG , HL, others look gassed. We continue to like
silvers like ASM, SVM, which are green over the past month.
AKG is acting well low in the base, and TGD looks cheap
after acquisition related dump.
Filled on 1/2 lot short GDX weekly (8 day) bear calls late
yesterday, a little early
GG at least taking a look above selloff resistance, getting some
cold water in the face. Scans of the past 10 days since
we have muddled around show PPP doing pretty well down there on
volume. We added that to the portfolio as a better r/r than
some of the previous leaders. Also added 1/4 lot GDX bull put
spread 21/20 to offset our 1/2 lot 21/22 short calls in case we
continue higher. Not too excited to chase these gaps long, looking
at Terranga, Kirkland on any dip as strong stocks to hold.
Bounces in GDX during the selloff have been 7.5 to 8.5%.
We're at about 6.25% on this bounce, 8.5% projects to the gap at 22
flat. Trading range for /gc goes up to 1235, but we'd need to
recapture the 4 month fan area to reassert a rally, otherwise
likely to fan back into the range.
In an earlier note, I showed that a 60% stock / 100% long OTM
put at the rally highs could have us well on the way to a net
bearish portfolio). With the sector fluctuating at a neutral
50% fib retracement range, we are faced with whether to press
bearish positions, harvest credit in long protective puts, or
rebuild long stock. A few stocks continue to make new highs,
but more have been shorted back down or gapped down on
earnings. The metal is also out of its bullish
configuration. The slight sector rally has reasserted a
bullish fan to bullish wedge configuration which could drift lower
into next week, with perhaps a sharper move 10 days before options
expiration.
Our current focus is to evaluate that stocks that (the rally,
look at outperformers for the past few weeks (TGZ.to etc.), and use
more neutral strategies such as legging into shorter-term
butterflies (bull spreads on the dip, bear call spreads on a
lift).
BVN got a bid after earnings, green today. Watchlists I have
from the ETFs and canuck markets have about 18% of the issues above
sector highs from 1/19/15, so hedgers have been at work. BVN,
ABX, NEM, SBGL, best of the bigs. GG thrown back by the wall of
worry.
Klondex, Teranga, Kirkland, Balmoral, strong in the juniors, not
buyable, in these patterns, however.
We closed the short put leg of the GDXJ bull put spreads Friday
after 4 days up gave us about 60c on those (15 lot). Will
look to sell those again on the dip. Partial positions
on the weekly bear call spreads are slightly positive now, will
look to close those if gaps below fill.
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Goldgram update - TGZ.to, KGI.to, new highs GG earnings resitance
Posted by hatefalseweight on 26th of Feb 2015 at 10:15 am
We have some interesting strenth in a couple of jrs as Kirkland raised a bunch of money and brought good-guy bankster billionaire Eric Sprott (he made all that money at Cannacord's expense, of course) as Chairman. They haven't looked back as they surged too new highs. Terranga also had a well-received update the past couple of weeks and has gone vertical to new highs. GG weakly gapping into earnings gap down area and it's not going too well as expected. Successful ascent of this area would be pretty bullish up to another another point on GDX.
In scanning the past month of sideways action in the GDXJ, leaders liekNG , HL, others look gassed. We continue to like silvers like ASM, SVM, which are green over the past month. AKG is acting well low in the base, and TGD looks cheap after acquisition related dump.
Filled on 1/2 lot short GDX weekly (8 day) bear calls late yesterday, a little early
GG retakes 9
Posted by hatefalseweight on 27th of Feb 2015 at 11:20 am
GG at least taking a look above selloff resistance, getting some cold water in the face. Scans of the past 10 days since we have muddled around show PPP doing pretty well down there on volume. We added that to the portfolio as a better r/r than some of the previous leaders. Also added 1/4 lot GDX bull put spread 21/20 to offset our 1/2 lot 21/22 short calls in case we continue higher. Not too excited to chase these gaps long, looking at Terranga, Kirkland on any dip as strong stocks to hold.
Bounces in GDX during the selloff have been 7.5 to 8.5%. We're at about 6.25% on this bounce, 8.5% projects to the gap at 22 flat. Trading range for /gc goes up to 1235, but we'd need to recapture the 4 month fan area to reassert a rally, otherwise likely to fan back into the range.
In an earlier note, I showed that a 60% stock / 100% long OTM put at the rally highs could have us well on the way to a net bearish portfolio). With the sector fluctuating at a neutral 50% fib retracement range, we are faced with whether to press bearish positions, harvest credit in long protective puts, or rebuild long stock. A few stocks continue to make new highs, but more have been shorted back down or gapped down on earnings. The metal is also out of its bullish configuration. The slight sector rally has reasserted a bullish fan to bullish wedge configuration which could drift lower into next week, with perhaps a sharper move 10 days before options expiration.
Our current focus is to evaluate that stocks that (the rally, look at outperformers for the past few weeks (TGZ.to etc.), and use more neutral strategies such as legging into shorter-term butterflies (bull spreads on the dip, bear call spreads on a lift).
BVN added to bull camp. About 18% of watchlist higher than 1/19/15 sector highs
Posted by hatefalseweight on 2nd of Mar 2015 at 12:31 pm
BVN got a bid after earnings, green today. Watchlists I have from the ETFs and canuck markets have about 18% of the issues above sector highs from 1/19/15, so hedgers have been at work. BVN, ABX, NEM, SBGL, best of the bigs. GG thrown back by the wall of worry.
Klondex, Teranga, Kirkland, Balmoral, strong in the juniors, not buyable, in these patterns, however.
We closed the short put leg of the GDXJ bull put spreads Friday after 4 days up gave us about 60c on those (15 lot). Will look to sell those again on the dip. Partial positions on the weekly bear call spreads are slightly positive now, will look to close those if gaps below fill.