Friday – I Want To See A Golden Giraffe
Let’s talk about Thursdays trading…
QQQ WEELY – So we have a weekly reversal, and we had a buy signal yesterday on daily charts…
SPX – The daily swing low is in place, how it plays out from here remains to be seen, but we should have a whole daily cycle and maybe 1/2 of the 2nd one to watch it. price should at least hold above the recent lows. It could move a lot higher or ( See the Boxes) it could be a bit choppy, but it was a confirmed buy and I have seen several stocks that looked nice moving out of the lows ( See SQ, CY, MU, etc).
AMD – That was a CRASH for AMD. It went from that $34 high back to $16! I look at the sell off and see possible upside moves that could be good trades, even if the General Markets roll over later. Read the chart, this may become a bullish island reversal.
WTIC – Yesterdays chart. We could see a break down and the reversal would be a buy.
WTIC – Day 54 and we broke down, but no reversal. We should see a reversal soon, it is SAFER to buy the reversal and not try to catch a falling knife.
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GOLD LOOKS EXCELLENT– CAN IT FOLLOW THROUGH & HELP THE MINERS? THIS IS DAY 1 OF A NEW DAILY CYCLE, SO THAT IS THE HOPE…
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GOLD #1 – Click the chart if any chart is too small. This was Gold after the first hour of trading. I posted this in the comments to show a bullish back test of the break out and a break of the short term down trend line. Volume was strong and this was bullish.
GOLD #2 – I posted this to show that Gold was pushing on the 10 sma, and recovering that 10 sma would be bullish too.
GOLD #3 – GOLD PUSHED HIGHER ABOVE THAT 10sma ALL DAY LONG. That is a very good move by Gold, reversing right above that 50sma. I think this set up looks very good, day 1 of a new daily cycle. Yes, we had a one day burst like this in October too, and you can see that it only went sideways & slightly higher for a while and that Pop. We should get some nice follow through higher from just day 1. If this can Push higher…
MAYBE WE’LL SEE A BABY GOLDEN GIRAFFE!!
NO, LIKE THIS, with a price extension for a neck and a bull flag face ! 🙂
SILVER – Silver did not look good yesterday, at all. It collapsed below that 50sma, but..
SILVER – I guess those ‘Algos’ were just messing with us? If I did a Cycle count on Silver, this would be time for a DCL & this would be a Shake out. Silver is oversold, this trend line could break Friday.
GDXJ – Day 36 was the low, and GDXJ popped over the 50sma and the downtrend. This should be day 1 of a 2nd daily cycle.
GDX #1 – I hate the gap, but so far GDX is bullish. If the gap fills, Don’t panic, its a disappointing test of that 50sma again, but I don’t really expect a drop here.
GDX #2 – A weekly view. I looked at the weekly chart and said, ” Is this Just Bullish, or could this still play out like that 2015 summer?” The answer is both really. It is bullish, and I’ll continue on this ride, but…
GDX – The Magenta line is resistance. Look at past runs of 2 daily cycles (boxes). It could run us into resistance and then roll over into the next ICL . SO, I WANT TO SEE A BREAK ABOVE THE MAGENTA RESISTANCE LINE GOING FORWARD. I will be watching the $21 area. That said, The MACD is crossing upward, it is weekly moving out of oversold, and could run a lot higher. I am STILL LONG & LEVERAGED. A bit of a rough ride.
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NOTE: This should be day 1 of our second daily cycle for GDX & GDXJ, and we have 8-12 days ( & that is 3 weeks) to watch and see if this is a strong rally above that Magenta resistance, or if it struggles and looks ready to roll over as left translated at that resistance. We should have time to figure this out. 🙂
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The General markets have put in a swing low, Oil is due for a swing low, the USD seems to be rolling over, and things look good in Precious Metals. Shippers are full steam ahead, for those interested in fast dangerous moves . I will discuss a bit more below. 🙂
Enjoy your Friday trading!
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~ALEX
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Side Note: I have a regular doctor appointment in the morning & which includes blood tests, so I wont be in the comments section until late morning or after lunch (Eastern time).
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GLBS – I just wanted to post the GLBS trade. This shot up rapidly on Thursday, a giraffe neck really. I posted this chart and mentioned that I took 25% of my trade off the table to lock in over 100% gains from the buy in Mid October. It THEN ran to $12!! It then dropped and closed under $10. I still own the 75% of my position. These are crazy as you can see. See also PXS below, TOPS, Etc.
NM – I posted this as a buy yesterday
NM – It closed up 14%. Should you sell? I would possibly sell some at the 50sma, unless it bursts right through, but these actually HAVE been running like cheetahs, so I am not trying to sell out of my entire positions on every dip. DRYS & NAT have been dipping and running and dipping and running intraday, but that is just the way these move. In fact…
NAT– This was a but with the crawl under the 50sma, and this Pop over the 50sma was another buy on NAT. Notice …
NAT – After it ran higher, it dropped rather sharply & quickly on Wednesday, but the rest of the sector was still moving higher, so I held on. Thursday it erased all of those gains with a 10% move . So AS LONG AS THE SECTOR IS BULLISH, I am trying to ride these dips and choppiness. Why? …
PXS – The chance to catch a lot of these parabolic moves. What if someone sold out on these 1 day dips? It ran 100% from the dip just 3 days ago!! That dip on Tuesday probably seemed threatening, but price is up 100% in 2 days.
When the Music stops in the Shipping sector, I will sell. It is similar to what we saw with the MJ sector, THEY ALL EVENTUALLY STARTED TO DROP AT ONCE, but some may top out first as a warning. For now, this PXS is a lot like the MJ stock TLRY. TLRY ran parabolically first & then fell first around SEPT 18, while others still ran a bit higherhigher. Eventually though, the entire sector rolled over all at once. It was time to hit the exits, I expect the same here, but for now many are still running very well.
ALO – In mid September, I mentioned that ALO in this set up has upside potential. I though that it would break & run very soon, but obviously, the whole sector is not breaking out yet & ALO stalled too.
ALO – Maybe now it will get going. ALO broke above the 50 sma, crawled down along it, and POPPED Thursday. I captured this at 2:30. it actually pulled back a bit into the close, so it is even lower price and may be a buy for those that want a ‘lottery ticket’- a slightly risky chance. I WOULD FIND OUT WHEN EARNINGS ARE THOUGH. THAT MAY BE WHAT CAUSED THE AUG CRASH.
