Friday May 4th

 

SPX  – We saw a reversal midday and I posted this daily chart in the comments / chat  section at 1 p.m.

 

Let’s discuss this further …

 

SPX FROM YESTERDAYS REPORT  – Look how choppy the SPX, DJIA, and NAZ have been.  Yesterday was day 23, and this can run to day 30 or so before dropping , so the reversal  CAN BE BOUGHT with a tight stop, but I cant tell if this is going to blast higher or just continue to chop.  We don’t want the lows shown taken out after the jobs report. And …

 

SPX BIG PIC  – This was in yesterdays report too, a Big Picture that remains bullish for now, but again, we dont want those lows taken out first.

 

With that reversal yesterday, we may still get this,  this was from the big picture report on the weekend. For now I am not in the general Markets, I am focused on Precious Metals and some block chain trades. I will discuss that at the end of the report. We could get a run after the jobs report, but even if we do, be aware that around day 30 you want to expect some weakness to come along.

 

GOLD FROM YESTERDAYS REPORT   – Day 30 or day 1? Watch the lows…

 

I also wrote this about GOLD FROM YESTERDAYS REPORT   – Watch 1317.40 & 1302.20.  Watch those today too.

GOLD   – We have a ‘swing low’  in place, but it did not close above the 10sma.  I would venture to say that this is the lows, because the Miners are looking like they put in their swing low.  Let’s look at Miners…

 

GDX   – Closed above the trend lime and the 10sma, but is still stalling at the 200sma.

 

GDXJ   – Maybe GOLD drops to a new low ,and Miners just pull back a bit?  I only say this because we got a black candle on the GDXJ chart.

GORA WEEKLY   – The Big Picture whether it drops 1 more time or Pops.

 

AUY  – I posted this chart yesterday to say that they released their earnings.  I also ended up buying this yesterday, basically right at this price. I got some at $3.00 & more at $3.05.  It closed at $3.01 yesterday, so I am practically even.  As long as I have a basket of stocks, I’ll hold this one too, at least for a trade.

 

After Fridays job report and daily action plays out, things may be a bit clearer for the Big Picture Weekend report. Enjoy your Friday trading & the weekend.

.

 

~ALEX

 

 

JNUG ACTIVITY –  Since we are looking for a low and the timing is right, I decided to post some charts showing how I look at a trade set up in smaller time frames.  I posted these real time for the readers to be able to see things the way that I do when I am looking for an entry or to dd to a current position.

 

JNUG #1 of 4– In the Morning, I said that I thought we would just see JNUG bounce around for a while and NOT run away higher.  JNUG was overbought on the 15 minute chart, and a POSSIBLE TRIANGLE was forming.   I drew in the last green, then red, then green break out lines, and mentioned that if I saw this form, I would expect a lower price mid day  (  It was around  $15.05 here, and I pointed ‘we are here’.).

 

JNUG #2 of 4 – As the day went on, it bounced around sideways as expected, wearing off short term overbought conditions.  Then it hit my lower trend line, so I bought hat at $14.80.  SO FAR, it never saw $14.80 again

 

JNUG #3  of 4-  I didn’t post this chart, but it was one that I was watching right as I bought that final dip, and before JNUG broke above the triangle.  You will notice that JNUG CAN drop down to $14.50-$14.75.  That could still happen, but notice what happened next…

 

JNUG #4- It then went on to break out, and seemed to back test the apex.  That is usually bullish,  but it still may back test that area that I pointed out in the chart #3 ( $14.50+),  if that black candle on GDXJ does cause a dip on Friday.   To drop below $15 again, it would simply climb down that upper trend line. I will not sell if it did that, because I bought some lower too on Wed, so my  Dollar Cost Average is lower that $14.80, plus I think that the timing is late enough that any selling should be short lived.  Anyone else that is buying JNUG needs to decide now where they’ll put their stop.

 

 

 

 

BITCOIN – I drew this and mentioned that some Block chain stocks were acting bullishly again.

 

MARA– Mara regained the 50sma, this looks bullish for at least a run to the 200sma.  That is a good %-Gainer

 

MGTI – This also broke above the 50sma, so it can be bought with a stop there.

 

MGTI  – I added yesterday, I had sold 1/2

CHUY  – I pointed out food, restaurant stocks as bullish.  CHUY looked ready to break out like  CAKE, SHAK, etc.

CHUY  -It broke out & stalled.  Is this normal?  Yes it is , so this is still a buy.  It could be forming a ‘handle’, but at the same time, break outs often put in small sideways crawls too, let me show you…

SHAK   –  Notice that SHAK went sideways for 2 weeks in April and then blasted off higher.  It is bull flagging sideways again too.

 

EAT –  (Blue arrows) This went sideways for a little over a week, broke out & went sideways for a week, and then took off.   So, CHUY is still a buy * hold, but it might be a tad boring.

ENPH  #1 – I drew in another drop fir today.  If it dropsas shown, I am still fine with it.  ENPH is a bullish set up, and I showed this…

 

ENPH  #2 – The big picture is great looking on this chart with a long strong  base.

HCC  MARCH 18 –  This one I posted in March at the 50sma, but as the markets churned & sold off, so did HCC, into a consolidation…

 

HCC  – It crawled sideways along the 50sma, and POPPED yesterday on earnings & a stock repurchase program. If that gap fills & back tests, this could be bought there,  so I would put this on a watch list and see how it platys out for future possibilities.