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STRIKEPOINT GOLD INC. Swing Trade PositionSUMMARY Technical Analysis: I am long the stock because I see price action has completed a corrective ABC pattern on the daily Chart. From here price action could develop a bullish counter trend. Fundamentals: The company has commenced drilling at their High-grade Willoughby property. The Company is cashed up and IF! they hit bigly then share price pushes higher. I do not share in your gains nor in your losses. Do your own due diligence. Trade safe, be well. Visit their webpage and look through their corporate presentation - www.strikepointgold.com
TSXV:SKPLong
by UnknownUnicorn212178
GDX HAS COILED ENERGYThe metals have been stuck in a range for quite a while. Gold Miners ETF (GDX) appears to have made 5 waves up since the crash in 2020 and formed an ongoing complex correction. What do you think? Has GDX bottomed? Take note of the lower stoch/rsi wavetrend indicator and the broadening nature that has occurred since this correction. This looks like a hidden bearish pattern that will eventually break. When it breaks, GDX is likely to move up incredibly strong. Perhaps one more push lower? I don't know... But I'll be ready if it drops again. For me, I have some medium-longer term targets over 55-60.
AMEX:GDXLong
by gghsusa
3
Gold Forecast – Real Or False Breakout?A few weeks ago we had a look into Gold cycles, Intermarket forecasts, and COT. At that moment gold was flagging. As you know it usually follows this pattern very well. But it doesn’t mean always. The current breakout wasn’t qualified as we didn’t have a downclose candle prior to the breakout candle. Moreover, in 2012 we had a similar situation and it was a false breakout. So, I want to see more price action to figure out what is happening. In case, this breakout turns to be real, the market will target 2600 in 1 – 3 years. With all that in mind, let’s have a closer look into smaller time frames. Last week the price tested the 1856 level. It was previously a strong resistance. So, no surprise price found support there. The 4h MA200 is at 1837. Technically it should be enough to build a base and start a new wave to the upside with targets 1932 and 1960. This pattern is valid till the price holds above 1800. If this level fails, the bears could take control of this market.
COMEX:GC1!
by Inna-Rosputnia
The Week Ahead: ARKK, ARKG, GDXJ, MJ, XBI, XLE, X, CLF, SAVE, FHere's where the premium was at as of Friday's close: Broad Market Exchange-Traded Funds With 30-Day Implied >20%: IWM (1/23) Comments: I have quite a bit of IWM on here, but my order of preference is broad market, then sector, then single name, so am comfortable with adding if we get both weakness and a pop in volatility. IWM/RUT has been fairly rangebound, so it's worthwhile to pop open a chart and see where the bottom of the range is and where any puts you sell are relative to the range between 210 and 235. Sector Exchange-Traded Funds With 30-Day Implied > 35%: ARKK (31/45) ARKG (18/41) GDXJ (0/40) MJ (7/40) XBI (12/38) XLE (2/36) Comments: I've got ARKK, ARKG, and MJ July monthlies on, so I may look to add some GDXJ, even though its implied volatility is literally at the bottom of the 52-week range (which is still afflicted by the 2020 pandemic range, so implied volatility rank/percentile aren't all that helpful here), and it isn't exactly weak relative to where it's been. MJ and XBI are currently the most weak out of the group, so I'm personally leaning toward putting on some more XBI, having taken have a June trade last week. Single Name With 30-Day >50% That Do Not Have Earnings Before Contract Expiry: X (Steel) (9/74) CLF (Basic Materials) (18/73) SAVE (Airlines) (2/55) F (Autos) (19/55) OXY (Oil and Gas) (8/53) SABR (Airlines; Technology) (25/51) MRO (Oil and Gas) (0/50) Comments: Given the slim pickings in the broad market and exchange-traded funds space, I've made a list of options highly liquid single name to potentially play while I wait for broad market or sector volatility to return. This list isn't exhaustive, and I've culled out a ton of meme names that have juicy implied volatility but are more likely to become a headache because they're (ironically) too volatile or they're in a space where they're more likely to blow up in my face (e.g., biopharma research and development, crypto). Pictured here is an X July 16th 22 Short Put (20 delta), paying .74/contract as of Friday close, 3.48% ROC at max/27.6% annualized. As you can see, that play is somewhat close to price action of late, so I'd only put that play on if you're comfortable with potentially taking assignment at 22 and then wheeling it from there. Alternatively, opt for a setup that is consistent with any directional assumption you have as to where U.S. Steel goes from here and that takes advantage of the high implied here.
NYSE:X
by NaughtyPines
The Week Ahead: ARKG, ARKK, MJ, ARKQ, GDXJ, IWM/RUT PremiumHere's what's paying for premium sellers as of Friday's close ... . For those of you not familiar with my general process, my general order of preference is to trade (a) broad market; (b) sector exchange-traded funds; and (c) single name, in that order. If broad market isn't paying, I look at exchange-traded funds, and -- if those aren't paying -- I look at single name. This week, I think that there are opportunities to sell premium in at least sector exchange-traded funds, so I don't feel the need to delve into what single name is paying and haven't bothered to screen single name here. In any event, I first screen out exchange-traded funds* that do not have a 30-day implied volatility of at least 35%. Then, I price out what the 45 day at-the-money short straddle is paying as a function of strike price with the notion being that if the short straddle is paying, then most other premium selling setups I undertake will also be paying, whether it be short puts, short strangles, iron condors/flies, or short verticals/credit spreads. Here, my cut-off is generally a risk premium (credit received)/short straddle ratio of greater than 10%. In light of this, I probably wouldn't bother playing FXI here, even though it has a 30-day implied of 36% and one that is relatively high in the range (at the 63rd percentile) because it just isn't paying enough -- 6.18% as a function of strike price. In comparison, it looks like "The Ark Complex" is paying, even though some expiry availability/liquidity makes the exchange-traded funds in this grouping less than ideal to trade. Exchange-Traded Funds Screened for Options Liquidity and 30-Day Implied >35%: ARKG (Genomics) (60 rank/61 30-Day): June 18th (33 Days)** 77 short straddle, 9.20 at the mid price, 11.95% as a function of strike price, 132.2% annualized. ARKK (Innovation) (52/54): July 2nd (47 Days) 104.5 short straddle, 14.45 at the mid, 13.83% as a function of strike price, 107.4% annualized. MJ (Cannabis) (<1/42): July 2nd (47 Days) 19.5 short straddle, 2.60 at the mid, 13.33% as a function of strike price, 103.5% annualized. ARKQ (Robotics) (51/39): June 18th (33 Days)*** 79.34 short straddle, 6.75 at the mid, 8.51% as a function of strike price, 94.1% annualized. GDXJ (Junior Gold Miners) (7/37): July 2nd (47 Days) 51 short straddle, 5.58 at the mid, 10.94% as a function of strike price, 85.0% annualized. XME (Metals and Mining) (34/37): July 2nd (47 Days) 45 short straddle, 5.95 at the mid, 13.22% as a function of strike price, 102.7% annualized. EWZ (Brazil) (14/37): July 2nd (47 Days) 37 short straddle, 3.50 at the mid, 9.56% as a function of strike price, 74.2% annualized. FXI (China) (63/36): July 2nd (47 Days) 44 short straddle, 2.72 at the mid, 6.18% as a function of strike price, 48.0% annualized. GDX (Gold Miners) (30/35): July 2nd (47 Days) 38 short straddle, 3.53 at the mid, 9.29% as a function of strike price, 72.1% annualized. Broad Market Exchange-Traded Funds with 30-Day >20%: IWM (Russell 2000) (16/27): July 2nd (47 Days) 221 short straddle, 15.68 at the mid, 7.10% as a function of strike price, 55.1% annualized. QQQ (Nasdaq) (14/24): July 2nd (47 Days) 326 short straddle, 21.18 at the mid, 6.50% as a function of strike price, 50.5% annualized. * -- For single name, the cut-off is 50% implied or greater; for broad market, 20% or greater. Broad market just tends to be less volatile than sector, which -- in turn -- tends to be less volatile than single name. ** -- There is currently no weekly contract near 45 days' duration, so using the monthly here. *** -- As with ARKG, there is currently no weekly contract near 45 days, so using the June monthly here.
AMEX:ARKK
by NaughtyPines