It’s quiet on the market today… That’s normal – periods of high volatility are often followed by relatively stable periods during which markets prepare for another move. In our case, it’s important to note that afterinvalidation of the move above its 61.8% Fibonacci retracement , it didn’t move back up. Therefore, the sell signal provided by the invalidation remains fully intact.
Either way, after this week, the USDX could be back in the rally mode due to the monthly turning point . My yesterday’s comments on it remain up-to-date: Both: JNUG and JDST are ETFs that provide 2x leverage over the GDXJ price movements and they multiply DAILY price moves on each day . The JNUG is the direct ETF and the JDST is the inverse ETF. So, for every daily gain of 1% in the GDXJ, JNUG should gain about 2% and JDST should decline by about 2%. And with a 1% decline in the GDXJ, the JNUG should decline by about 2% and the JDST should gain about 2%.
By holding any of those ETFs for a particularly long period , it’s getting increasingly more difficult to come out ahead.