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It looks like GLD and NEM are breaking down a bit. Both are right on top of the 25 day MA. Engulfing candle for NEM and GLD. The Stochs are continuing to roll over. A correction to trend would be healthy. 200 shares with 55 calls on the board.
Both NEM and GLD are red barred but neutral. The big difference is GLD made near term lows while NEM did not. GLD really broke below the 25MA while NEM is like a hanging chad. Need to see what Monday brings about.
It's been a week since I posted about NEM. NEM has been going sideways in a wide range. It looks trade-able but gaps make it difficult for price gain. I have made a couple of successful trades with NEM. Currently I have 200 NEM in this account with Oct 19 55 calls. And another account I have 300 NEM; with Oct 19 calls; 1 52.5 and 2 55. So with NEM on the 55 cusp with cash gold presently down this morning, it will be an interesting day.
Okay, I had 500 shares in two accounts. Well, the chart tells the story of NEM being unable to top 55 at close. So I rolled into next week's 55s. So, Monday I will open with 400 shares. I was paid well in premium for next week with all the volatility.
On the above NEM chart, L1 is (shelf) support. NEM may be on the verge of breaking it. While GLD broke the 50 MA, NEM is just still above the 50 MA. Both 25 MA have turned down.
