Things To Be Aware Of
Nov 25, 2014 AUDIO HERE http://www.screencast.com/t/X77Ul4hyP
We have a light volume / Holiday shortened trading week in the U.S. Mkts this week , so In todays report I just wanted to point out a few things that are Noteworthy.
BRIEFLY let me just mention that the SWISS Referendum. It is a vote that takes place on Nov 30 deciding 2 things actually. 1. Whether or not the Swiss National Bank should be barred from further selling of their gold reserves. 2. It also would mandate that they need to more than Double current reserves! THIS VOTE takes place …………………SUNDAY. Its important to note because it may influence how you are positioned going into the weekend. I believe the vote could be a “catalyst” for strong POP in Gold Monday or possibly even a sell off into a somewhat early Daily cycle low. If you want my opinion, I think a NO VOTE is expected and so its already baked in. A YES vote would cause a strong rally , because there are bullish implications ( Swiss Bank Cant sell Gold / Swiss Bank must begin buying / Accumulating Gold (they currently hold 8% of assets in Gold and the vote would mandate accumulating and holding at least 20% over time). There is more , but that’s enough to know for now. Here is how I am looking at GOLD from day to day.
GOLD Please notice the “NOISE” zone. (Click chart)
It seems that when GOLD drops only $5- $8 , I get emails asking for an update. I am told that accumulation is lightening and this is apparently bearish, etc. Realistically, GOLD cannot stand at 1 price all week, it has to be allowed to rise & fall…to fluctuate (likely that could occur until that NOV 30 vote). Please notice this GOLD NOISE ZONE in the chart above . Gold in this area need no update, its acting normally. A break out or break down might need to be addressed.
I was also asked to “Update thoughts on GDX / GDXJ” . The new website design will make it easier for you to navigate to older reports and I will have a “GALLERY” of charts, so quick reference should be easy. For now, this was my thoughts on GDX Nov 21. I expected a drift or drop.You could BUY at the 10sma.
GDX NOV 24 – as you can see , nothing has changed. (You may need to consider the SWISS vote Sunday however)
Let me just say that it does appear that the “Bottoms” that were forming in Uraniums, Coal, Energy , Miner stocks are progressing nicely.
I want to point as I have before that certain stocks (Even GOLD Mining stocks) are acting very well. I have mentioned Miners RGLD, FNV, RIC and a few more repeatedly as stocks that are acting correctly (Bullishly). WE DONT WANT TO CHASE, but when they peak and dip back down they often offer another low risk entry . Well, since I see another opportunity to BUY approaching , I will just post some here and you can decide whether you want to wait until after Nov 30 Swiss Vote or enter now at these low risk entries .
I showed RIC like this ….Under $3 was a bargain
It then broke out at $2.86 with strong volume (A good buy)
Well it kept running and we dont want to chase, but what about a pullback?? Today might be your BUY
Again , the weekly is BULLISH for RIC and its a BUY on a wkly too I.M.O.
Some asked about Uranium stocks after I posted the BUY & they then were still running up . I mentioned that chasing isnt a good idea.
What about buying a pullback? There seem to be some good set ups . Lets just look at URZ and URRE on both daily & Weekly. Look at your others DNN, UEC , URA , etc using the same techniques
URZ WEEKLY BREAK OUT (resistance)
URZ – Bullish Flag , dropping to support areas (watch 20sma & yellow support) if broken, 50sma may offer support.
URRE Daily – It is looking like a BUY right in this area
URRE weekly – Great base, surged up & hit overhead resistance. If you buy a position in the daily chart above…you MIGHT want to sell at the magenta resistance line (or watch closely to see if it can break above). a Break above could be really bullish longer term with this base.
After the recent sell off in OCTOBER, many sectors rebounded while others did not. They sold off so much, that when they rebound, often the upside is great %-Wise. Recently I’ve been looking at a few sectors that may play CATCH UP… and I TWEETED mid day that some 3D stocks & 2 eother stocks were looking good. They are still looking good! The 2 3D stocks are a little bit higher than when I posted…they may dip today to allow another entry or they may still be a good buy here. The Energy is a tad lower and still look good. I will post them here so that if you like, you can watch the following set ups …and I’m adding GBR
DDD
XONE (A buy here in my opinion , JUST breaking above the 10 & 20sma)
KWK (Dropped down to .62 & is now resting Right on the 50sma. IF IT DROPS NO FURTHER , maybe even reverses higher….VERY low risk entry on a bit of a risky penny stock : ) with a stop right below )
ZQK is a buy right here too. Its 3 cents lower than noted here
GBR… I just decided not to add it here…the volume is too light for my liking, too hard to sell on a big down day. You can look it up and decided for yourself.
I didnt want to overdo it…didnt want to boggle the mind with too many set ups, but there are some very Interesting ‘set ups’ in that old group of stocks that we looked at earlier , namely RADA.SCOK, NETE (50sma) , JRJC , HGSH and DGLY COULD BE A BUY RIGHT NOW
THATS IT… we have Light Holiday trading . Snowstorms in the Eastern Part of the U.S. may hamper mkts Wednesday too, as people leave work early to travel and avoid adverse weather. Then Friday is a 1/2 day trading, often light and uneventful. It will be tough to report much more for WED & FRI , but I am planning on reports both WED & FRI, possibly just shorter updates? The WEEKEND report I may do a special report . I am seeing some interesting developments in many markets and even into 2015 I found something very interesting that I am going to look into more. Noteworthy : EDC and BRAZIL MKTS bottomed & popped nicely lately and may be indicating a coming change? $SSEC has been on a TEAR since August , so there are many interesting things taking place.
I may also discuss “CORE” positions , the Pro’s and Cons & the ‘When to have’ and ‘when you may not want’ Core positions too. Those may be a couple of good topics during holiday week trading . Best wishes to all !
~ALEX
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