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Bishop goes for gold miners with GDX

RagingBullRagingBull ·

Jeff Bishop of TopStockPicks.com says that gold — and the gold miners — are a place to be right now because sentiment has been weak but the Van Eck Vectors Gold Miners ETF (GDX) has been building a base and is looking like it’s poised for an increase into the end of the year, getting some support along the way from the US dollar. Bishop thinks GDX will make a move soon and he owns GDX call options dated in the middle of December to play it. Bishop is scaling into the trade, looking to bid more contracts as GDX dips; he expects GDX to maintain the low it made from October, and said he will set that level — $22.20 — as a stop loss, giving him about 50 cents of risk in a trade where he thinks there is a dollar or more of upside potential.
While Bishop is using GDX options, he noted that investors might also Direxion Daily Gold Miners Bull 3X ETF (NUGT). Bishop is the second Raging Bull expert to discuss GDX on the podcast this week; Petra Hess of PetraPicks.com said on Monday that she is watching the ETF this week, noting that she would buy the gold miners if the yen broke through its 200-day moving average.

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Jeff Bishop is lead trader at TopStockPicks.com, running short-term trading strategies primarily using ETFs and stock options. At the time this conversation was taped on Nov. 21, he had mid-December options in GDX and was looking to buy more on dips. He held no shares in NUGT. The Raging Bull podcast features experts from the site talking with Raging Bull editor Chuck Jaffe on his show, “Money Life with Chuck Jaffe.” You can learn more about Chuck’s daily hour of market and personal-finance chat at MoneyLifeShow.com; you can subscribe to the Raging Bull podcast via iTunes and other podcast providers.

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