Contrarian Trading

[Market Harmony]

Anyone think that direction changes are due for a few assets? It just seems to me that a few things are stretched a little too far from their respective averages. This isn't to say that it makes them good long term investments, but more like a quick trade.

NUGT is the 3X bullish Gold Miners ETF that has been pretty beaten up, but holding a tight trading range since July. Currently $3.35
LABD is the 3X bearish ETF of the biotech sector... something that has been in a mighty bull market for 3+ years. Currently $33.25

Thoughts on these choices? Got any ideas that you want to share? I don't (yet) have a position in either of these... just thinking out loud.

I did get in on these positions... NUGT at $3.52 and LABD at 33.75. I sold out of both positions yesterday at $4.90 and $44.00.

Profits smell great in the morning