Zen catches the $ABX gold fever

Seeing that $NUGT has such a strong morning open and a follow-thru after the gap, I bought a starter position on $ABX to replace some of the $NUGT I sold this morning to lock in profit.

I like $ABX because of the potential breakout on the chart:

ABX_daily

If price action can take out the early May high of $21.70, I will add more.  Did you see the higher low formed on May 17th?

The Fly has mentioned the seasonal down-turn of gold minings stock in June which is something not to be taken lightly; however, I feel that the severe downtrend since October of last year has thrown this seasonal pattern out of whack.  Nevertheless, I will be mindful of any sudden drop in price.

My 2 cents.



Categories: ABX

Tags: , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: