Thursday August 3

SPX – We see tails on the bottom of the last few day, so the selling is being met with buying.  I would have expected more selling, maybe down to the 50sma, but this might have been a 1/2 cycle low.

NASDAQ – The NASDAQ is still under the 10sma, and is showing ‘tails’ over the last few days too. In June the NASDAQ only showed a small 4 days pop and then continued lower into a dcl.

QQQ – The RSI turned higher above the 50%, so this is a tough call. Did we see a 1/2 cycle low with a slam down for a drop? Or is this the start of a drop that continues to be pressured?  It needs more time to clearly develop.

USD –  The USD put in a reversal candle at the lows and is EXTREMELY Oversold. If the USD moved above the 10sma and ran to the 50sma, I would expect Gold to drop, but honestly, Gold doesn’t look like it wants to drop yet.  I am watching the USD daily.

URA – I wanted to look at a sector that we covered a few times over the last few weeks.  We were looking for Uranium to bottom, and watching Uranium stocks too. A double bottom formed and a triangle was shaping up too.

The Uranium ETF had a nice run & remains above the 50 & 200sma, now consolidating those gains.  It looks bullish above the 200sma to me, and that 200sma is sloping upward. I will discuss a couple of Uranium stocks later in this report. This could drop to the 200sma.

XBI – I was also watching IBB & XBI.  With that general Market slam down, the XBI dropped to the 50sma. Yesterday saw a reversal off of the 50sma and it got oversold, so this may be a low risk entry, with a stop under the 50sma ( Somewhat loose stop if you can afford to do that).

WTIC – In Yesterdays report  I said that OIL dropped , but I was not concerned. Maybe we would just back test the 50sma? Another point was that the XLE barely flinched as Oil dropped.

WTIC – The 10sma seems to have saved the day already.

GOLD –  Day 17 is getting late in a daily cycle, but I wanted to point out that the last couple of moves higher in Gold moved higher after day 17.   The USD  does worry me a bit, and Gold ‘COULD’ drop to the 50sma seeking out a dcl.  It doesn’t really look ready to drop yet.  Let’s look at the Miners.

GDX – This still looks like a bullish sideways consolidation, and it is above the 200sma, the 50sma, and the 10sma, so I am not selling unless it breaks down.  I did a “Lesson” on sideways consolidations yesterday, showing how they can break higher bullishly.

GDXJ – Above the 50sma

GSS released earnings yesterday and had a nice Pop out of this base. It may stall at the 200sma,

but I wanted to show that a few miners have had favorable earnings reports and bullish follow through. I actually grabbed this right at the open  ( thank you Marinho for mentioning it in the comments pre-market) and will probably look to sell it as a trade if it reaches the 200sma.

SO today is Thursday and that is your market wrap up. I will post some trade ideas at the very end of this report, enjoy your Thursday trading!

~ALEX

STOCKS

URG – With Uranium itself remaining in a Bullish consolidation, URG has also put in higher lows.  Look at that 50 & 200sma.  Those that are more comfortable with stocks that have rising major moving averages can consider this as a bullish set up , as long as price stays above those moving averages.  This reversal on the 200sma is a low risk trade entry with a stop below the 50sma.

UUUU –  I have been watching UUUU. It is pushing on the 200sma and could break out ( It is on my Watch list).

GGB – After a nice run higher,  GGB consolidated for  2 weeks and may be ready to break out & run again.  This could run nicely again if it breaks out above the 200sma, if it cannot, it may back test the 50sma.  I like this set up.

GV – A Low risk entry and tight price range.

IPI – Going along with yesterdays ‘lesson’,  IPI broke out from one of those “boring’ sideways consolidations and was up 17.5 % by the close.

IPI WKLY –  I was accumulating IPI from $2 to $2.35 and on July 5th,  I was showing my price target. Now with earnings out of the way,  I do plan on just holding a good chunk of this going forward ( Unless it starts to act funny).  🙂

TGB –  Started to pop out from the sideways consolidation, and then released earnings after the bell.  It was up 10 cents more in After Hrs, so this may continue higher today.

TGB –  And the longer term big picture view here looks promising too. I have been holding IPI & TGB for weeks as longer term trades.  It takes patience, but it pays off if they remain bullish.

BY THE WAY-  CENX released earnings and got hit pretty hard after hrs. Earnings has been either great or dreadful for various stocks, so try to keep track of when the earnings will be released for the stocks you hold, and decide if you want to hold through it.

VALE – When VALE gapped up on July 31,  I pointed out that the Gap Up on July 25th actually dropped and filled that gap in 3 days,  so this would be something to watch for and see if this gap fills at the 10sma too.  That could be a buy opportunity.

VALE –   Guess what? 2 days later and we have that gap fill and a reversal.  Look at VALEs 50 & 200sma alignment. Bullish.

WRN – I like this chart but I couldn’t find ( yet) when they release their earnings.  It could be considered a low risk entry above the 200sma.

X–  US STEEL is dropping to the 50sma, so this has been on my watchlist.