FEB 10 Charts

Friday is the last day of the week, and I usually just do a brief report with a few bullish chart set ups.   On Thursday, we did see a variety of action however,  so Fridays report will be a bit longer than normal. Keep in mind that I usually cover things with a bit more detail in the weekend report.

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SPX – Many think that the market is breaking out and going to rally a lot higher. I do not think that for reasons mentioned in prior reports, including the VIX situation.

Last  weekends chart

USD – On target so far.

GOLD –  Day 9 and it can drop further. $1222 would be ideal, that is the 10 sma.

GDX CHART #2 – Huge drop?  No.

GDX CHART #2 – Can still drop further and be fine, I have us on day 10.

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JUST CHARTS –  GOOD & BAD

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-Let’s get a couple of not so great charts out of the way first

CDE CHART #1 –  OUCH! I skimmed their report and have no idea what is going on here, but it looks like FUNDS or big money was taking their exit.  If I bought it as core in the spring of 2016, it’s a huge let down, but I guess I would still be holding it.  What if I personally bought this in Dec 2017 or even later?  I would be stopped out ( or I would have just sold) since it broke the 50 & 200sma, then I would just wait and see.  This is not normal 1 day action and thus it may need time to repair itself.  Time that my money can be used elsewhere.  IS A BACK TEST COMING ??Ossibly.   See also chart #2.

CDE REPAIR WORK –  IT STILL DOES THE BACK TEST SHOWN ABOVE, AND THIS IS JUST A GUESS, but this is why I say that these often take time to repair. FUNDS may be dumping the stock and they can’t all do it in one day, so selling might persist.  If so , it could be dead money for a while.   🙁

THM –  I mentioned that I sold 1/2 and put it in WRN Wednesday. I also said that I would probably sell on a break of this uptrend, that was my line in the sand.  This recovered a bit and may be fine, it could even drop to the 50sma and then move higher.  as for me, I sold the rest and went into WRN again. If I see a break out above the 200sma, I will re-buy it there later.

Now the better charts

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Using the 2 charts below : We talked about the nice reversal on CLF using these charts yesterday, unfortunately it POPPED pre-Market.

So the question for those that were already in it.  Can this go higher?

Answer: Sometimes they bull flag, sometimes they just keep surging higher.

I’m using LPX to show you how they can just keep running higher.

Wednesday We discussed this set up in  WRN–  I said that I sold my THM and added to WRN.   Let’s take another look, I still really like this set up now.

It didnt blast off, why do I like it?

WRN : I love this weekly chart

I pointed out NAK Wednesday.  Again it just dropped 13 cents and closed only down 1 cent.

PLG –  The 200sma area did hold it back and caused a pause. Maybe a bull flag will form? That would be so much better than a back test of the recent break out.  Either way = Still Bullish.

PPP –  I am still in it.

X– Mentioned A week ago, we saw great follow through Thursday. This has a lot more upside in my opinion.  I mentioned a $52 price target the last time this was in my report a week ago.   X, AKS, CLF, SHLO, etc  all did well.

UUUU WKLY –  Uraniums are setting up, this is a good weekly set up.  I think it is a buy.

URRE – A nice bounce off of the 200sma.  I bought this Thursday at the close.  Why?…

URRE WEEKLY –  Weekly charts may not play out “the next day”, but I love this set up longer term.  We bought URRE around $ 1.40 – $1.60 late Dec and early January. After a huge run, I sold all of mine at more than 100% gains.  Now we see a consolidation and I want to buy & hold for a while, and this looks like good support and an excellent base.

So there are a few trade ideas to review as we go through a possible pull back in Miners. Enjoy your Friday trading and your weekend!

~ALEX