Today was a great day for me. I have passed $100k in trading profits! Thank you CPXX, VRX and especially NUGT for letting me short you. I don't recommend trading NUGT for anyone new... it is an ETF that I lost nearly $800 on the other day. Today was just an amazing opportunity to short it though so I took it again. Shorted 400 shares at 73.71 midday and covered it all in 2 hours at 67.32. The thing that I love about these triple leveraged ETF's is that they get so damn overextended and then crash super hard when their benchmark starts correcting. In NUGT's case it is gold, which I consider a commodity although many trade it like it is a currency. The problem with treating it like a currency is that it really does not move in opposite direction of market indexes like SPY 100% of the time. There is some definite correlation there but there are also many times I have seen the two move completely independent of each other. For the NUGT trade I was simply watching the gold spot price and felt that NUGT was just way over done. Once gold started fading NUGT started selling off very nicely. It was a big test of patience and I still covered about 3 points too early, but I am more than happy with the trade.
I want to thank everyone who has been following me since the beginning. I plan to take a little bit of time off now to do some traveling (nothing crazy). Good luck everyone. Stay strong and don't give up! YOU CAN DO THIS!