Nice Reminders

We re-entered Energy/ OIL stocks  for a while waiting for Oil to POP.  It really popped yesterday and overnight too, thats a perfect reminder that patience pays off if you’re looking at the charts correctly.  Gold & Silver  Popped overnight and we’ll discuss that, there is a Bullish and a Bearish Scenario that I have been pointing out and believe it or not,  both are still possible.  Then I have one more important reminder to point out.  Lets get to the Charts…

This was my NASDAQ BEARISH WEDGE – from yesterdays report

This is the NASDAQ chart after yesterday…

I am just quickly releasing this to get it out  before 8:30 a.m.  , I will check for & fix typos after  please excuse those.

There were wedges in many sectors ( we’ll discuss that ). If the wedges break down, here is 1 possible outlook.  It would have the idea of “Shorting a bounce”.   ( TZA, SDS, Buy Puts, etc  later)

LESSON:

Now here is my other very important REMINDER :

Please slap me next time I  tell you that I see the NASDAQ touching the top of a wedge pattern , and then proceed to recommend  ( & BUY)  a nice NASDAQ stock set up .

SSNI _ The set up was SO pretty & the range so tight, that I bought this as it passed $10 for a break out. I am stopped out . I got questions asking ” Is this a better buy now”.    My answer is simply,  ” NO.  I cannot tell what this now wants to do.  I have no low risk entry, even the 50sma isnt so low risk with these moves.   Yes, it could shoot higher, or drop lower.   I know that there are better set ups elsewhere.”    When I am wrong on a call & stopped out ( Or maybe I feel I was correct on the stock , because it Popped to $10.50 first, but maybe the markets just failed & my little stock got rocked ?)  I reassess honestly and often just move on.

SSNI – Bearish engulfing candle . Crazy move-  apparently it’s done this before  (red Arrows).

I knew this selling was likely. I pointed out the Bio-Techs reversal off of the top. That is a topping candle. BIS was a buy.

IBB is biotech – will it stop at the 50sma or flush down?

IBB WEEKLY,  this volume will be huge by Friday. The weekly chart will be important.

IWM was also at the top line of the wedge ( Not the apex though, so POSSIBLY  more time to go?). Time will tell.

When Semiconductors break down , they usually break fast.  SOXS is a great long if we get a weak bounce in SOX .

See CY, TSEM, ONNN for example. Is this the start of a semi break down?

USD – watching at $96.30  ( A bounce? Does it affect Metals?)

OIL – I drew this last night when I got home.  Looked for $52 area , maybe a drop to the 10sma if the dollar bounces??  Some ENERGY / OIL stocks got back over their 50sma  ( Yay, REXX was one) . That is where I would feel comfortable adding to positions if I wanted to. I am avoiding laggers unless they show me some signs of life,  stocks like EXXI, BAS  have showed good performance. I am also watching for the XLE to  re-gain the 50sma  today. I think  XOM is holding it down,  but CVX is about to pop higher in my opinion.  This will help it…

HERE WE GO….METALS !

Good action in the Metals market, especially overnight .  Currently relaxing. 

I just grabbed this  set of charts

Some think an ICL is in.  It remains unclear.  It has a very Bullish look, but that can change .  I bought last week and sold days later , because I felt it was not clear and needed to be watched due to charts and information that I observe.   IF I were to buy in this sector, I would need to buy a pullback or see confirmation of something more.

Note:  I am here to tell you how I look at set ups and what I see,  but you obviously can buy anything you want .  I say this because someone said, “When are you going to let me buy XXX?”     That is an odd statement to me  ( no offense).   I am providing a service that allows you to watch how I view things ,  how I watch things unfold, and Whether I see this or that as Bullish , Bearish , or changing.  Please, dont allow my analysis to restrict you from your own ideas.  My analysis is added to yours.

   This is how I see things in Metals. BULLISH & BEARISH.

GOLD BULLISH VIEW–

1.  3 or 4 daily cycles and a higher ICL?

2. Break out from this downtrend.

3. I do like the volume, could ‘possibly’ Buy the dip

GOLD BEARISH – Does this look any different from Oct 2014?   The volume is a tad better, but almost everything else is similar. I drew this last night, watching the $1221 area ( 50sma). We just hit it this morning.   TIME will tell.

GDX – this formed a “bearish Engulfing” while gold was Green yesterday .   Light volume selling, thats bullish, but it did do a Reversal while Gold was green.   Look for yesterdays highs to be taken out  ( negates the engulfing) …or … a GAP open higher and drop.  

-So thats todays coverage.    I am mostly interested in ENERGY /OIL  and MINERS  at this point.  Watching how these play out and for the next trade opportunities  ( though I am currently in Energy ).  I sold my entire position in UWTI for a good profit,  but I sold it BEFORE the pop in oil  .    

-GDX  is at $19.82 pre-market.   Just below Yesterdays highs at  $19.91.   Exciting       There is A LOT going on at once!!   I find that at 8:30 a.m.  we get “ACTION”  in GOLD, so I am watching for that too.   Yesterday I was not in front of my screen ( Just an occasional glance on the phone) and today may be the same  after the first hour of trading .     I am hoping to be back by the final hour of trading.  I wish you all the best and I hope this was helpful to your trading today !

~ALEX