We will discuss the Miners and the current pullback after a quick review of various Market Sectors.
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SPX - This is often a topping candle, a reversal , but lately the SPX just drops down to the 10sma and may fill some gaps if it does.
Read MoreNo big changes took place since the weekend report, but we do have quite a few charts to look at, so let's dig right in...
SPX - The markets continued higher...
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OIL
OIL's C.O.T. - The shorts by 'Smart Money' increased again. They are determined to ride a drop in Oil prices, though Oil has been bullish in recent weeks.
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Looking at SPX, DJIA, and the NASDAQ at the end of the week, and we basically see the uptrend remains on track. Using a trailing stop has kept the 'longs' in the trade. Some are riding UPRO, UDOW, TQQQ.
I wanted to point out the VIX again, however...
Read More How timely was my article at the end of yesterdays morning report, discussing how sharply the Medical Marijuana stocks can sell off ? Holding those felt a lot like that ride in the opening Theme picture, but I am going to have a part 2 in todays report and discuss future buying opportunities in some of these companies again too.
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SPX #1 - There are a few reasons that I do not believe that we just saw a DCL 2 days ago. That means that I think we are on day 32, and we should still dip into a low soon. I pointed out the area of the green arrow yesterday as an example.
Read More In that Theme picture, we see what is known by some as a floating market. Well, I think that many of us are seeing our own version of a floating market too. Let's discuss out stocks market action in a few sectors of interest, as well as some individual Miners and Stocks.
SPX - The first day of trading in 2018 was a move higher on day 31. That MIGHT have been a dcl, but I am thinking that it was a continuation move similar to what I am pointing out in October with the blue arrow. If you are long, it doesn't matter, your trailing stop is still keeping you invested.
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