Faster Turtles?
AUG 13, 2014 History and rumor has it that in summer month of AUGUST the Markets are as slow as a Turtle ! Believing this to be true, I signed up to do some charity work that will take up much of my spare time during this month. I figured that during this ‘low volume, Slow summer month”, when Congress leaves Washington and Fund Managers all go on vacation, I too could take a break & would keep busy with other pursuits and post occasionally when things present themselves. SURPRISE!! We have faster Turtles this Aug. The Markets seem pretty active, with a correction as July Ended, so lets just look at a few things.
IWM ( & RUT) had warning signs of a double top
Lately this has been a buying opportunity , as the “Buy The Dips, Sell The Rips” mantra has proven effective. What about now? How do the Nasdaq and the $SPX currently look ?
The Nasdaq has been quite strong, and almost looks like it wants to pullback less and less, leading to a parabolic curve. Remaining steadily overbought, it still has a bullish look to it. Its almost bordering on early parabola, and will be viewed that way unless it has a deeper correction soon.
The SPX can actually be viewed a few different ways, so I will present a variety, but why not start with a possible parabolic look too, since we just discussed how the QQQ could be heading that way.
What if we DO get further selling? Is that the end of the uptrend? NOT necessarily. Notice the weekly uptrend .
To keep us alert, however, I also see a possible rising wedge, which could break down to the blue dotted line (October is known for these type sell offs)
The markets have had such a strong run up , Despite Geo political Events. Pullbacks have even become more shallow this year , as seen here. The miner blip of selling recently had people nervous, but notice how it was nothing on a weekly chart. A gut wrenching sell off could STILL leave this uptrend in tact. And with this chart, further selling to the orange line would be “Normal”. Another possible BUY OPPORTUNITY.
We’ll have to see how things play out, but for now the markets remain in an uptrend and bullish longer term.
QUICK REVIEW…this was my last call for $GOLD
It Popped from that wedge as noted…needs follow thru soon I.M.O.
This was in my last post GDXJ ( $39.79) should also begin to move up…
So I showed this close up of a “BUY” – click to enlarge (I used this to add JNUG)
Here is the update of how it played out (Perfectly , so far with an additional break out …click to enlarge)
And I also posted what I was watching for GDX at $25.60 , using GDX as a trigger for NUGT
Played out nicely too…
I had also pointed out that individual Miners looked to have bullish set ups EVEN THOUGH GOLD SOLD OFF , and posted a few that looked like nice opportunities.
Lets see how they played out …
I also drew this for a friend that warned me that EGO had done 5 waves up and may drop. I appreciated that warning, but also thought that we may have only seen 1-2-3 & currently in a 4 sideways, with 5 higher to come, because other signs were very bullish.
Yesterday…
GG & RGLD Looked to be in a Bullish consolidation in July also …
Here they are now & both now have the MACD crossing up- still bullish
I like to do these reviews so that readers will see that there really are value added ways of looking at charts and looking for indications that can signal that a move may be pending. Thats how we can make some money .
I made a few calls that havent made much progress too, however, so its only fair to post those charts. I actually think that they are still valid, just taking more time. In my last report I mentioned and bought WLT, ANR – They are doing fine, and actually did break out, but pulled back a bit yesterday. lets see charts.
I POSTED ANR & WLT AS A BUY
ANR YESTERDAY
ANR did break out , but reversed yesterday , possibly to “Test the 50sma”. But notice this too, it hit resistance yesterday on a wkly chart & needs to build steam to break above
WLT broke out too, shooting up to $6.80ish and is still good. Aug 5 chart below, its pulling back to that price. It still looks fine
– I also mentioned WEAT, CORN, & JJG in JULY. I was a tad early , They look to be basing. WEAT DID break out, but returned to its base. Let me just post some charts and you can review them from here. I’ll post my July charts first & then how they look now.
These are still valid Bases I.M.O., look at that SWEAT reversal on CORN!!
Thats all for now…as I mentioned, I expect to be quite busy just in the month of August, but I still plan on popping in and posting if I see any big changes. You can see from this post that things have been playing out as I expected. 
I didnt see a strong need to post an update this weekend and I also had a ton of things to take care of here with friends, family, and other obligations. Some have emailed me and asked if I was ok… Thanks for your concern. Again, things were playing out well when one compared my last 3 reports to current charts .
Thanks for reading along!
~ALEX
you’ve been missing from twitter as well. Always enjoy your post
Thanks for that, Knight. I usually post charts / observations on Twitter often, so yes, your right. I started working at other things , just for the month of Aug during the weekday- so I may be a little sporadic for another week or two. HEAVY RAIN here right now…so I am in front of the screens today : )
you’ve been missing from twitter as well. Always enjoy your post
Thanks for that, Knight. I usually post charts / observations on Twitter often, so yes, your right. I started working at other things , just for the month of Aug during the weekday- so I may be a little sporadic for another week or two. HEAVY RAIN here right now…so I am in front of the screens today : )
thanx alex…as usual great charts, analysis and humor … luv the images/themes as well. Enjoy your summer!
Thx Heidi – Ur always full of positive comments . Appreciate it & the feedback! You enjoy your summer too (Going WAY TOO FAST I.M.H..)
thanx alex…as usual great charts, analysis and humor … luv the images/themes as well. Enjoy your summer!
Thx Heidi – Ur always full of positive comments . Appreciate it & the feedback! You enjoy your summer too (Going WAY TOO FAST I.M.H..)
It is nice to have your matter of fact presentation. Expect your charity work is fulfilling, and am sure your F&F appreciate your inputs, as quite a few of us reflectively appreciate your effort out here as well.
Thanks OOG. : )
It is nice to have your matter of fact presentation. Expect your charity work is fulfilling, and am sure your F&F appreciate your inputs, as quite a few of us reflectively appreciate your effort out here as well.
Thanks OOG. : )
Good stuff Alex, should have followed your take on NUGT/JNUG, expecting one last sell off but could be wrong!
Ya Know Ron… I’m seeing the charts technically as “Not damaged here” – GDX & GDXJ above the 10 & 20 sma and MACD trying to cross up, etc looks fine ………but the ABSOLUTE weakness in SLV, the Volume weakening on both GDX / GDXJ has me concerned too. I do not see strength here, so for me its a short leash until we get some real direction soon. This is my current GDXJ chart (Click to open?) Thanks for stopping by.
Good stuff Alex, should have followed your take on NUGT/JNUG, expecting one last sell off but could be wrong!
Ya Know Ron… I’m seeing the charts technically as “Not damaged here” – GDX & GDXJ above the 10 & 20 sma and MACD trying to cross up, etc looks fine ………but the ABSOLUTE weakness in SLV, the Volume weakening on both GDX / GDXJ has me concerned too. I do not see strength here, so for me its a short leash until we get some real direction soon. This is my current GDXJ chart (Click to open?) Thanks for stopping by.
Good stuff, Alex. Thanks for the charts and your hard work.
Good stuff, Alex. Thanks for the charts and your hard work.