***Note: VXX: Sold 1/2 at 22.36.
***Note: SGG: Sold another 1/3 position 31.62 on the Market if Touched order*
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New Position: VXX: Long ½ Position 22.68 ATR 1.76
Name of Instrument: iPath S&P 500 VIX Short-Term
Current Price: 22.37
Reason For Trade: Bought on the retracement to the upward sloping 50 Daily Moving Average at 22.10. Although we risked to under the 9/17/15 low, please expect a more active trade with this as volatility is a volatile trade. On day of trade, you already saw my willingness to exit under the 50 DMA. If it holds and clears back over 24.00, we expect to see a move up to 27.50 or higher. Furthermore, we lightened on the close by selling ½ near a scratch to reduce short exposure if the market holds.
Sell stop: 19.97
First Target: Sell ½ 27.54
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Existing Position: Long 2/3 position SGG: 27.32 ATR: .87
Name of Instrument: iPath Bloomberg Sugar TR ETN
Current Price: 31.48
Breakeven Stop: 27.32
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. Await next target
***REACHED: Second Target sold 1/3 of the original position size: 31.62
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Existing Position: GDX: Long 14.05 ATR .58
Name of Instrument: Market Vectors Gold Miners ETF
Current Price: 15.67
***Raised: Sell Stop: 14.05
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 off Await Next Target
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