…holding the same large DIA position I’ve been in for awhile now. Nothing to do but wait for some sort of capitulation as the selling we’ve seen up to this point has been severe enough that there needs to be some sense of panic before we can gain any traction to the upside.

Today was a decent close for the miners. If they can build upon their afternoon rally and close above today’s highs then there may be a short term bottom – still to early to tell but I’m comfortable letting this playing from the sidelines. I definitely wouldn’t be a buyer yet. I really wanted to see a high amount of selling with a close near the lows – that would have been the follow through I was looking for. Currently flat the miners. Took my 3% in NEM and ran.

Click to watch video

3 Responses to “Still Sitting On My Hands…”

  1. Drew Shelstad Says:

    Good Vid. They cut everyone off after 5 mins. If the downtrend continues, I may pick up some $TLT calls. Cheers man. Keep up the great work.

  2. jeff pierce Says:

    thanks for the kind comments Drew.

  3. Drew Shelstad Says:

    That’s an ancient picture. Wonder when I set that up? Heh.

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