Nov 6 2014 Quick view of some interesting set ups. Still waiting for GOLD / MINERS to show downside follow through or change direction. I expect at least a solid bounce , a rally for a couple of weeks, but I studied some weekly charts and if the trend down resumes after a rally (or even if it were to continues from here after a sideways move ) I get deep downside possibilities too. I will save that for the weekend report.
For now, these were interesting charts if you want to trade another area
Uraniums look to be Bottoming – Double bottom
Lets see some individual Uranium stocks and see if we see anything happening there
UEC popped nicely…is it a leader, forecasting good things to come for other Uranium stocks?
URZ looks like a double bottom too
URRE has a higher low (SO FAR) It looked like it was going to double bottom, but was that just a shake out
So Uranium looks to be setting up (I forgot to draw DNN...check that out too)
COAL stocks – I have mentioned them back when XLE appeared to have bottomed. Since then ENERGY STOCKS & COAL have been bottoming too. Sometimes BOTTOMING is a PROCESS, sometimes its a V-Bottom. Here are observations in that area.
I posted WLT & BTU. Below are the old charts and now
BTU – not much changed (Bottoming Process), but moved up yesterday. See also ANR, ACI
ANR – broke out
I dont love the shipping sector at market highs. Shippers used to lead the mkts and lately they flounder around, run up & sell off. THAT being said, some are showing signs of trade ability , so here is NM, and a few others are on the chart.
Lastly, Many ENERGY stocks mentioned in the ENERGY report are still “Bottoming” also. Its a good learning lesson for sure. It shows how important “Stops” can be, it also shows how “Shake outs” work, as some have broken lows and recovered. It teaches us “patience” too…as we watch for proper set ups. Some double bottom, some break down, while Others are still forming higher lows. I have a HUGE energy list- so I am just going to show a couple of “Examples”, since ENERGY stocks do look to be bottoming. The OIL sell off may be slowing down for a bounce , from what I see also . (And NATGAS…I would be looking for a pullback to buy ).
Example 1: CPE It appears to have formed a higher low chart from Oct 31 & Now
CPE – lesson in patience, not a lot changed
WTI – Lesson in shake outs…I said stop below magenta line
WTI – stopped out and recovers
GDP and a few others seem to be doing something similar. Earnings came out & it dropped below a stop area, and now has stabilized. They are a good lesson in patience, because if we are at lows and energy recovers, you could look back 6 months from now and see a BIG difference in some of these like WTI, GDP, EXXI, etc
As I write, the $USD took off upside with the ECB report, GOLD did a cardiac jump – the Gold intraday chart shows indecision and a battle of Bulls Vs Bears is still occuring at these important levels. In my work, that low of $1138 area was important. I’d like to see it hold. The WEEKLY charts are rather foreboding if things were to slam to the downside. Again we are faced with a lesson in “PATIENCE”. We want to make trades, set ups are occuring in various sectors, and now we have to stay alert and watch how several different things play out in the Major Markets and different sectors. I wish you the best in your trading, some good opportunities do keep presenting themselves out there (ABOVE) if you are in front of a computer all day. Best wishes and I hope this was helpful.
Speaking of “PATIENCE”! I mentioned “COUP” in a prior report and caught it near the lows, posting this chart. Bought above $12…
COUP mostly went sideways as high as $15 , and I lost my patience, selling it near $14 recently. I wanted to free up cash for a possible Miners Bounce/Rally.
Yesterday it jumped up 40% intraday and closed up over $4. Patience ….UGH! To be hinest, the action the day before would likley have shook me up and shook me out anyways.