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Raging Bull podcast: Jeff Bishop expects a technical bounce in gold

RagingBullRagingBull ·

Ahead of the Fed meeting on Wednesday, Jeff Bishop of TopStockPicks.com was looking to get into gold, where he thought the Van Eck Vectors Gold Miners ETF (GDX) was poised for a rebound unless the Federal Reserve announced something shocking. Seeing the GDX with a dollar or more of upside potential against only 30 to 50 cents of risk, he was looking for a day-or swing trade, most likely using the Direxion Daily Gold Miners Bull 3X ETF (NUGT), to leverage the trade to the upside, pushing the risk-reward profile that much more in his favor.

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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 interview was taped on Sept. 19, he had no shares, options or open orders in GDX or NUGT, although he was planning to buy NUGT before the Federal Reserve press conference on Wednesday afternoon, using the ETF as a short-term play as described in the interview. 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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