NUGT Short

In the screen shot intro for NFTRH 347 a couple posts ago it was noted that the short position in NUGT was covered. Profit was taken on the short amidst a reduction in risk by other indicators.

But that reduction in risk is not a fine market timer. As today’s rally began to fizzle I re-shorted NUGT to go along with my few holdings in the mining area.

The daily chart below shows what could be interpreted as a bullish falling wedge. But the sector’s technicals continue to stink if we’re going to be unbiased about it. Let the technicals show something.