Morning all, I am up again already as the cat woke me up again. Finally I have been rewarded with a bit of green this morning.
As a newby to ETFs I have noticed, perhaps obviously for most, that anything with a 3X in the ETF description moves with the short term direction. For example, the short term gold direction is up as shown by the green line in the **promotion blocked** chart below. Hence, JNUG made a nice move up of 13.51% last night. I tried to catch the open at 9.74 but something went wrong with my order, not sure what, Anyway after a quick call to the broker, I managed to open JNUG at 9.51 10 minutes or so later. Not surprisingly gold flattened off around 1207 which is the level at which it fell off a cliff on Friday night. My theory is that if gold breaks up above 1207 today then JNUG will be set for another 10% or more gain tonight. However, if gold reverses before I can start trading it again, which is at 9:30 pm Perth time tonight, then I will probably give back most of last nights gain.
Last night I tried to participate in the pre-market trading before 9:30 pm as I could see trades going through. However, by trial and error I discovered that I cannot. The broker told me that I cannot get access to the pre and after market trading. Is this typical, or is it peculiar to my broker?
