Thursday May 17

 

NASDAQ – I mentioned months ago that it looked like we could be starting a consolidation period  ( or a topping process) in the General Markets.   You can see that we are doing just that.  I also mentioned that it is possible that individual stocks may do well, so we will briefly discuss some individual stocks later in the report.  Also if this, over time,  breaks out to new highs, it would be very bullish.

 

 

 

LUNA– I owned this in early 2018, but only as a short short term trade. It dropped below the 50sma and seems to have been a shake out, since it recovered. Earnings already came out, so this could be bought right here, and a stop under the 50sma  makes it low risk.

 

QD – I would put this on my watch list.   It was quite bullish in Jan – March, but then it dropped from $17.50 to $9.50 in 2 months.  Now it has a round  bottom base and regained the 50sma.  It looked like a recovery story,  BUT—  Earnings come out next Monday. If they improve, I think that this will run back to highs.  Big gains.

 

SQ–  This break higher was a buy on MAY 7th

SQ–   Continue to hold if you bought it, it is forming that cup as expected.  NOTE:  I dont like the volume dropping as it gets to highs though. If that continues for the rest of the week, I PERSONALLY ALWAYS SELL IT.

MU In yesterdays report

 

MU –  This also continues higher to the former highs. If the gap fills and 50sma gets re-tested, you could buy it there and try to ride it from $52 to $62.

SPX – I still expect a dcl on the 50sma soon.

 

WTIC–  Day 28, I still expect a pull back here as this wedge hits the Apex.  ( $52 – $54).

USD – From yesterday, the USD ran a bit higher on Wednesday.

 

GOLD – Gold put in a doji. This can lower the parameters for a swing low, but I still think that it is too early.  Instead, yesterday I called for this pause when I mentioned…

GOLD  – I posted the ICL in Dec as a drop, pause, drop, pause, drop etc.  We now have a drop & a pause, so we’ll see what happens.

GOLD  – I also mentioned that a back test of the 200sma can buy time, so that the ICL doesn’t break  DEC lows.

 

FINALLY,  GOLD as an outside possibility to keep in mind : I posted this yesterday, that GOLD never broke the down trend line to confirm a dcl.  So IF this count was true, we would have a day 40 low now.   Since Miners did not sell off with Gold, it is an odd set up.  IF GOLD SNAPS BACK, that may be a shake out.

 

AND MANY MINERS REMAIN HEALTHY

 

GORO  – While GOLD sells off,  LOOK AT GORO. NEW HIGHS.  Some Miners are very much out performing now, and this should help us to see that the next ICL for gold should be an EXCELLENT BUY for Miners.

 

AG WEEKLY –  Look at the RSI.  We are seeing bullish change in these Miners.

MAG – MAG looks ready to break out too. This is Silver, but basically shows that some of the  Miners have ignored GOLDS break down below the 200sma.

And that is encouraging.  Below I will discuss some trade set ups as we continue to watch and wait for what could be the last great buying opportunity in Miners.  Enjoy your Thursday trading!

 

~ALEX

 

 

TGB – Talk about  FRUSTRATING!   I have been pointing out TGB for a couple of days. I decided to buy it ahead of a break out above the 50sma yesterday.  I put in a limit order at $1.17 and had to leave for the day.  When I came home, TGB had surged higher in the final hour, and it only filled a small  partial of my order  🙁    I own 1000 shares of TGB, but want more.  This looks ready to break out higher, doesn’t it?

 

CLF APRIL 18 –  This was a BUY and I posted it in the April 19 report. The set up looked proper, and this should run to prior highs of $9 minimum.

 

CLF MAY 10 –  Last week  I posted that CLF is getting follow through and other ‘Metals’ stocks are starting to look good too, like X, AKS, etc.

 

CLF– CLF continued higher to the former highs of $9.  It could form a handle when it gets there, or it may just break out.

 

 

AKS – Breaking out, this is a buy.

 

HBM – HBM has been in recent reports too.  It has moved above the 50sma, and needs to break above the 200sma, and then technical traders will really step in if conditions are right.

 

X- US STEEL –  X tagged the 200sma, and that held as support as a first buying opportunity with a close stop.  It is now breaking above the 50sma after a 4 day pause underneath that 50sma. Another buy with a low risk stop.

 

AKS – AKS popped out of a consolidation and broke above the 50sma.  When the 50sma is slanted down, I find that price often runs and drops back to ‘test’ it, but this may just run to the 200sma and crawl, until the 50sma curls upward. It is still a buy.

 

I LIKE CSTM FOR THE LONG TERM-

 

CSTM #1 –  Last DECEMBER, I pointed out that I really like the Big Picture Chart of CSTM as it ran from $5 to $12.50 & pulled back to $10. It was in a consolidation phase, but looked ready to go again. It then ran to $14 and is now at $11 ish again.  I believe that it is a good long term buy & hold, let’s zoom in.

CSTM #2 –  So it ran to $14 in February, and dipped to support at the 200sma.   It is at the 200sma now.  Shall we zoom out again to see the potential the BIG PICTURE?   Chris?  My long term patient buy & hold guy.  🙂

CSTM WKLY – This looks to be breaking out from a down trend line in that almost 1 year consolidation,  and this has great potential.

LUNA – Just a reminder,  LUNA looks to be recovering as a low risk buy here.  MAY 2 was earnings release, and that gave it no reaction.  I don’t know why it dropped on May 11, but it has recovered.

QD – ALSO QD for the watch list.  EARNINGS ARE NEXT MONDAY.

 

IPI & ENPH  are playing out very well