August 28th – Things Are Popping
A Monday night report should be short, because we’ve only had one day since the weekend report, but Monday was a very active market. This report will be longer than the usual Monday report.
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Review SPX August 21st – This was last week, and we saw the SPX meet up with 2 resistance points.
SPX WEEKLY Aug 24th – So for the weekend report, I drew that same resistance here. It could climb along the upper magenta line, but would need to break the blue line first…
Note: I am releasing this around 11 P.M. Eastern time & will proof read it later for spelling, etc.
SPY – The SPY gapped open. It broke that blue horizontal line, and is now at the upper magenta channel line, so the general markets continue to new highs. TNA and TQQQ were buys and stops can continue to rise.
NASDAQ – In early AUG I was more bearish on the General Markets. Each time it reached new highs, it pulled back, so I pointed that out here. And then as it reached those highs again…
NASDAQ – It pulled back right away to the 50sma. 2 reversals there made it a possible BUY ( TQQQ) With a tighter stop. Since then it has moved to the upper trend line again. The NASDAQ gapped open on Monday, that can be good, it can be bad. If these markets Gap down, that will be a bearish abandoned candle on the NAZ & SPY right at the upper trend line, we’ll see what happens on Tuesdays open .
Note: I did like the volume on NASDAQ and many stocks looked to be setting up too, so I will cover some stocks today at the end of the report. Stops are important and we need to make sure the markets aren’t at resistance and temporarily topping here. lately ever time it hits new highs, it stalls and pulls back, thus the wedge formed.
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XBI LAST WEEK – I was pointing out that the XBI was at the lower range of this channel and recommended LABU.
LABU – Monday it crossed above the 50sma as an added ‘Buy’ with a tighter stop. If you already bought it, you can raise your stop as it moves higher.
WTIC – I am not trading Oil here, this is how I see it at this time.
GOLD DAILY – Day 7 and we do have a clear trend line break.
GOLD BIG PIC – Not comfortable buying yet? Notice that Gold is almost at the 50sma, and crossing over that may be where you will be more comfortable with larger positions. A starter position is recommended in Miners though…
GDX – When GDX doesn’t just blast off out of the lows, I get people saying that ‘this doesn’t feel like the lows’, and “I think this is weak, and we could drop again”, so I wanted to post this. You can buy with a stop at the lows. If we get short covering, the ramp up can be sudden & swift, see Dec 2016.
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I THINK THAT THESE MINERS (and a few others) ARE SAFE TO BUY WITH A STOP. I expect more and more Miners to start acting correctly.
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HMY – HMY was a buy today as it pulled away from the 50sma, and I mentioned that it looked good in the comments. Some are starting to shape up.
SBGL – This is also crossing above the 50sma . The MACD is rising strongly as it based out. SBGL is a $2 stock? This has good upside potential if it shapes up.
BTG FROM AUG 22 – Last Wednesday I was looking for possible Miners ‘setting up’ last week. I posted BTG and noticed that BTG, HMY , and a couple of others seemed to be recovering. How is it now?
BTG CURRENTLY – BTG still looks to be setting up properly and is now at the 50sma.
GOLD WHEN I STARTED WRITING THIS REPORT– This looks like GOLD will be pulling back over night. It was $1212 when I noticed this pattern. It would likely pull back to the lower line, but that might be enough to worry people ( waking up and Gold went from $1212 to possibly near $1200).
A drop to the $1200 area back tests this trend line break. No big deal.
We’ll see what Tuesday brings our way. This report, along with Thursday nights report, is long and has been filled with various stock picks. Most of the set ups in Thursday nights report are still playing out.
I have some stock charts and interesting set ups at the end of this report too. Enjoy…
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~ALEX
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I DREW THIS FRIDAY FOR THE WEEKEND REPORT, BUT IT STILL APPLIES – This would be an ISLAND BOTTOM if we gapped open & Ran away. Unfortunately, Gold looks to me like it wants to drop overnight. Maybe we just build this Island for another day and gap open Wednesday 🙂
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STOCKS – ALL STOCKS HAVE RISK, PLEASE BE AWARE OF THAT 🙂
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VSTM – This was a stock pick near $8, it is running higher. The next BUY would be a pull back or sideways move to the trend line.
GNMX – Last week I posted this and mentioned watching to buy a pull back. I said that the 10sma should hold it , then it could be bought with a stop under the 50sma.
GNMX – There it is , a nice little flag. This should continue higher.
ZIOP – ZIOP popped in early August ( $2.25 to $3.25). That is a big move so it has consolidated those gains. It may be ready to break higher again. A break above $3 should be a buy, or buy it here with a stop under the lower trend line.
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The TECH AREA has a lot of nice set ups. With the NASDAQ pushing against the upper trend line, I would be cautiously optimistic.
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IQ & HUYA ARE VERY SIMILAR – IQ tagged the 50sma and was held back, but volume was good, it may break out from here. The MACD & RSI have re-set.
HUYA – Good volume on HUYA too. The 50sma is overhead, similar to IQ, but this could be bought here with a tighter stop. $25 to $50 (again) would be a great trade.
MU – Ready to break out? If so, it can eventually get back to the May highs.
RIBT – What a perfect handle on this cup & handle break out. The BUY would have been Friday near $3, but there is still some meat on the bone here. This has an initial target of $3.80, but it can extend and go higher. This is a very clean Cup & Handle set up. Look at the June run, and look at the volumes. Very nice.
TWTR _ I was asked about TWTR a week ago as it crawled under the 10sma, a break higher would be a buy. The 50sma is near the top of the GAP, and I would allow it to run there as long as the markets are still near highs.
SGH – Similar to TWTR, SGH has a 2 month base following a sell off, and appears to be breaking out higher. Often this set up will climb that capitulation drop ( back to $40) if the markets remain healthy.
SGH – By then I would step back and see if it is just a back test of the break down.
LGCY – Posted last week, it has been flagging under the 50sma.
VOC – A break out higher could run to $7.70 target.
CRON – I bought CRON down around $6 at that mini flag under the 50sma and also added later. Monday I decided that I had to sell 1/2 for 100% gains as it ran toward $13. Can this go higher? Yes, but usually not all at once ( It might, but if that gap fills, I’d give back a good chunk), so I used past experience as a guide. This is what I did. Look at this chart…
RIOT AS A TEMPLATE FOR CRON – I ( we) rode RIOT back in 2017 from $7, and the BIG GAPs after a solid move higher would often pull back. See the chart. Yes, it went higher, but it rested first. So with CRON, if it keeps running all week, I am still in, but if it pulls back, I locked in 100% gains and can look to re-enter a gap fill.
APHQF – SO I OWN THIS due to the LONG BASE. I know that some followed me into this, I do think that it will run higher over time…
APHQF – This one is a bit difference. It Gapped, but it could close this in a day, so I only sold 1/3 rd of this one at $12. It can just keep going, but my first buy was up 70% at $12+ and I just like to take some out when it gaps. You can then let it ride without fear of losing your initial investment, or buy the gap fill if it acts correctly. I DO believe that this can run to former highs of $20. I hope it bull flags.
THCBF – I added to this Monday.
This shows how these bases can run. My initial buy was 65 cents last week, as mentioned here then. Long bases on these have been very productive.
IMLFF – I also bought this one. It sits on the 50sma and volume is increasing.
