SPDR Gold Trust ETF, Direxion Daily Gold Miners Bulls 3X Shares, Randgold Resources Ltd. Stocks Moving Today

GLD, NUGT, and GOLD are among the stocks on the move today

Jan 31, 2017 at 2:21 PM
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U.S. stocks continue to face headwinds following a poor round of quarterly earnings. Among specific equities in focus today are exchange-traded funds (ETFs) SPDR Gold Trust ETF (GLD) and Direxion Daily Gold Miners Bulls 3X Shares (NUGT), as well as gold stock Randgold Resources Ltd. (ADR) (NASDAQ:GOLD). Here's a quick look at what's moving GLD, NUGT, and GOLD.

SPDR Gold Trust ETF Propelled by Weaker Dollar

As the dollar weakens and stocks sink, safe-haven plays like GLD are picking up steam. The shares were last seen 1.4% higher at $115.55, and year-to-date have advanced over 5%, besting the broader S&P 500 Index (SPX). Plus, with net long positions on gold recently plunging to a low among large speculators, gold ETFs could make for a solid contrarian trade. An exodus among option bears could also boost GLD. The ETF's 50-day put/call volume ratio of 0.61 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks only 11 percentage points from an annual peak.

Direxion Daily Gold Miners Bulls 3X Shares Soar

NUGT is 9.1% higher at $11.07 amid growing uncertainty surrounding President Donald Trump's policies. And since hitting a near-term bottom at $5.51 in late December, the shares have roughly doubled in value. In the last month alone, the ETF has outstripped the SPX by 30.3 percentage points. Nonetheless, short-term NUGT options are pricing in historically low volatility expectations at the moment. Specifically, the shares' Schaeffer's Volatility Index (SVI) of 119% rests below 96% of readings from the past year.

Randgold Resources Pops Despite Downgrade

GOLD has tacked on 3.2% to trade at $84.81, shrugging off a downgrade to "neutral" from "outperform" at Credit Suisse -- which also cut its price target to 6,970P from 9,200P. The bearish note flies in the face of the stock's strong rebound off its mid-December lows, and the possibility of a close atop the 320-day moving average for just the second time since early November. Next Monday, GOLD will serve up its earnings report, and pessimistic options betting has accelerated ahead of that quarterly event. The stock's 10-day ISE/CBOE/PHLX put/call volume ratio of 1.01 ranks in the bearishly skewed 86th annual percentile.

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