Eoin Treacy's view

One of the questions subscribers ask most often is how to find details of my open trades. To make it easier I will simply repost the latest summary daily until there is a change.

I have been short the Nasdaq-100 for all of the 2nd quarter. I opened my initial position on March 31st at 15,039, take a partial profit at the end of May and re-shorted it on June 1st at 13,323. On returning from the Chart Seminar, I shorted an additional unit on June 13th at 12,165 including spread-bet dealing costs. That took my average selling price to 13,173.

Today I took another partial profit, selling half my total position at 11,622. In doing so I bought back the most recent position and continue to hold the other two earlier half size positions. That returns by average shorting price to 14,181.    

I continue to hold the short copper position, opened on June 23rd at 386.49 including spread-bet dealing costs. The chart pattern looks like a completing type-2 top formation.

I remain of the view that we should expect volatile swings both up and down as the battle wages between the strong buy-the-dip instinct and the growing desire to take profits as monetary conditions tighten.

I increased my platinum long on August 27th paying $1002 for another position. My existing platinum longs were purchased at $1072 and $885. I remain of the view that precious metals are still cheap and are to be bought on significant dips.

I also continue to hold my silver trading position, initiated at $23.7. I will buy more if the current reaction deepens.

I have been saying for months that I have purchase orders below the market in gold and silver. The first of these was triggered on August 9th. I was filled at $1702.3 including spread-bet dealing costs. My original positions were opened in Q4 2020 at $1879.2 and $1818.6. That reduces by average purchase price to $1800.

I still have additional bids in the market below prevailing prices in gold and silver and will leave them in place to take advantage of any possible additional volatility. These are leveraged trading positions rather than medium to long-term investments.

With baby steps trading one must have high conviction prices will recover and the patience to buy on weakness before eventually being proved right; hopefully.

My original position in the VanEck Vectors Gold Miners ETF was purchased on March 25th 2020 at $20.12. I bought another unit at $35.79 on December 1st 2020. I continue to shop for opportunities in the gold sector.