***Notes: Raise Trailing stop in GDX to 15.14 on balance of position. Make the profit taking order to sell 1/3 of original position a Market If Touched-means it has to trade at 16.94 then it becomes a market order.
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Existing Position: Long 1/3 position SGG: 27.32 ATR: .87
Name of Instrument: iPath Bloomberg Sugar TR ETN
Current Price: 32.04
Trailing Stop: 28.74
Reason For Trade: Essentially in a downtrend since mid-2011, I have been hawking for a bottom for some time. Over 29.05 on a weekly closing basis, would be a great confirmation but for now, after a confirmed bottom formation on August 24th, we bought on the basis of a phase change to recovery. Our risk is not quite to the low of that bottom, rather under just under the high of that day since that would suggest the bottom will not hold.
***First Target: Sold 1/3 30.49.
***REACHED Second Target sold 1/3 of the original position size: 31.62
Third Target to sell ½ of existing position: 34.47
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Existing Position: GDX: Long 1/3 Position at 14.05 ATR .58
Name of Instrument: Market Vectors Gold Miners ETF
Current Price: 16.89
***Raised: Trailing Stop: 15.14
Reason For Trade: Not traded over the 50 DMA since briefly in May 2015, the bigger downtrend began in September 2014 and except for a few bounces, has remained essentially in a bearish phase ever since. With 13.00 a good risk point as a potential bottom, with the move back over the 50 DMA, risk/reward is in line for a potential move up near 16.00, with the 200 DMA at 18.00. With an average daily volume of nearly 65 million, unlike our sugar trade, this is highly speculated. If commodities are bottoming out, then miners could be as well. Some names, like Agnico Eagle Mines (AEM) are leading GDX.
***REACHED! First Target: 15.72 for 1/3
***REACHED! Second Target: Sold 1/3 16.94
3rd Profit Target for ½ of remaining position: 19.17
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New Position SH: Long 21.56 ATR: .32
Name of Instrument: ProShs Trust Short S&P 500
Current Price: 21.63
Sell Stop: 21.09
Reason For Trade: As you know, this is our second attempt to go short. First time was through volatility and we exited quickly. Now, this is a non-leveraged ultra-short, or a safer trade. SH cleared the 200 DMA on August 20th, which is why our stop is under that day’s low. Now back over the 200 DMA, we are looking to see if the bear trend continues in the indices. Expect more active trading on this. For example, if cannot clear 21.88 the 50 DMA, might exit earlier. If it does clear, then looking for a profit target of 22.50 level first stop.
First Target: 22.50 for ½
