The JDST trade, discussed over the past several weeks has been closed as of today.
Price action in the Junior Mining Index, GDXJ, declined sharply during the day but failed to decisively penetrate support at the 52.00 area.
Combined entry price for three separate JDST entries (9.98, 10.38, 10.58) was 10.19. Exit price was 12.09.
Since the short trade was executed with the leveraged inverse fund JDST, we’re not going to wait around to see what happens next.
Inverse funds have a habit of ‘blowing up’ as happed with this exact fund just a few months ago.
These vehicles are absolutely not for the novice and even the experienced pro can get impaled on them every now and then.
In fact, the last substantial trade in JDST was closed out on March 12th, 2020. That exit was just two days before the fund had its monster disconnect. Enough said.
On a separate note; because of the price action and position of NEM, it’s now in Wyckoff spring position. It thus has the potential to move higher from here.