Here are some support long trades we're interested in -- on average they're around 7% away. Maybe they'll get hit, maybe they won't, but we will not get involved early (i.e. before they trigger). Buying the FIRST test of major support in oversold panic dives down is one of our favorite strategies.
Edited -- added two gold trades that are ready right now. Silver we'll still wait on (even though we imagine it will bounce with gold).
We will definitely get involved, for a trade, on GLD 124 long. Quite a bit away, but again, for us the edge is there and if we don't get our trigger, we won't be involved.
Note how trend-line, daily support and 200 SMA all converge near the same area -- exactly what you want for a support trade.
Update: a few of the gold miners look like they want to bounce.
AEM holding on 200 SMA -- decent risk reward here long.
GDX oversold into 50 SMA, like it right here right now for a trade.
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First test of SLV 24.5 (SI_F 25) should be good for a trade.
CDE 21 we like.
EXK at 5
HL at 7.5
PAAS at 29
SLW at 28.4 area
SSRI at 21
The more stocks in the same sector that hit support simultaneously the higher the chances the support will hold. Many of these are around 7% away -- if we can get a number of them to hit support on same day, while in oversold status (we don't like basing above on daily) then we will get involved aggressively.
This post is supported by scrap gold
