After I dumped my GLD calls this morning, I started to wonder who my next victim would be. My eyes landed on the Metals & Mining ETF, symbol XME, whose long-term chart sports a series of lovely reversals.
Looking closer at the most recent one, it’s still very much in formation – – perhaps 90% complete – – but most enticing.
As a reminder, SlopeCharts can go way back in time for intraday data (far more than most charting systems), so here’s the past couple of months on a minute bar basis. The worm has turned!
In my small “training wheels” options account, I’ve loaded up on XME February $29 puts.