I sold my UCO at a small loss. After that gap down today I'm not convinced anymore UCO will go up much. On the hourly chart above you can see how the price is hovering above a support line, if UCO breaks down below that UCO is looking ripe for a short. The bad news from Iran didn't make UCO go up for longer than one day, so UCO is not exactly displaying strength.
I'm still in my GDXJ. I think gold will go up higher in the near future but it might need to dip a little first to gain strength.
Howard Milano
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