https://davidoengland.com/wp-content/uploads/2015/10/doe_logo_trans-with-tagline2015.png 0 0 David O. England https://davidoengland.com/wp-content/uploads/2015/10/doe_logo_trans-with-tagline2015.png David O. England2016-05-10 21:11:222016-05-20 16:18:19EOM Market Recap 5.10.16 "Trading Tuesday" DUST
Those breaking the rules and shorted into last night’s close are not “happy campers” tonight-data from stockcharts.com. Per the Sectors, Energy took the top honors.
I do not know what happened this AM that brought buyers in….it definitely was not the $USD selling off. Here is my chart showing the $USD with the SPX and commodities. The vertical red line highlights the price reversal.
Tomorrow, I begin a new feature “EOM Q&A,” where I answer your questions. The first question-where do I see the next upside target? The posts be kept in a file in the “Members Vault,” beginning in June.
Tonight I feature DUST-their profile from Yahoo Finance.
Key Points on DUST…
1. Is leveraged 3X
2. Trades inverse to $GOLD with a -.93 correlation
3. Dropped 97% from the previous high
4. Has a high percent of short interest
5. Previous lows were identified with the RSI and Slow Stochastics
At some point, GOLD will have a larger correction…and can stimulate a fierce “short covering” rally with DUST. With such a
low price, it would not take much to have a 20-30-40% run, or even higher.
Don’t forget tomorrow’s EOM Q&A roll out.
Enjoy your evening!
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