Thursday March 14th- Good Trading
SPX – The SPX ran up to that resistance line and pulled back. I mentioned that this might become choppy in my last report. We’ll see.
WTIC – Oil popped on the inventory report. Oil has looked bullish, and this pop higher broke out from a wedge. I would still expect Oil to eventually tag that 200sma.
XLE – The XLE, OIH, XOP dropped when OIl was holding up, and now finally the OIL / Energy sector is heading higher with oil. I see MANY Energy stocks set up bullishly too. I’ll discuss a few later.
USD– The USD dropped Big Wednesday, but Miners ( GDX / GDXJ) were weak in my opinion. I expect the precious metals to roll over soon, so I began locking in good gains & mentioned it in the live trading area. Read the chart.
GOLD – I posted this break out in yesterdays report. Gold finally confirmed a dcl. with a break of the 10sma & trend line shown here
GOLD – Gold broke out above the trend line and the 10sma. It also broke above the 50sma, so Gold looks bullish, but as I have been saying, I am expecting this to roll over eventually and drop to a deep ICL . That will be a great buy area.
SILVER – Silver has not been leading the way on this daily cycle. It is lagging, couldn’t regain the 50sma, and even sold off into the close- Not encouraging for the bulls. I sold my Silver stocks, and posted that in the live trading area. I WILL re-buy them later.
GDX #1– With the USD dropping fast and Gold breaking out ( up $12) , GDX put in a Doji on lighter volume? A Doji is an indecision candle, where sellers show up & match the Buyers.
GDX #2– I said that I was going to be aware that this could become a H&S, so I sold my Miners just in case.
GDXJ– Another DOJI, and volume looks really weak here , so far. Look at Wednesdays volume.
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I like many trade set ups in the markets, and even though some of the Miners look very strong, I had to take my gains. GPL ran very strongly recently, but it is in a resistance area. If we are going to drop into an ICL eventually, I want to cash in, and re-buy lower. I will have some trade ideas at the bottom of the report. Remember to be aware of when a company may release earnings. Some have exploded higher after earnings, some have been beaten down. It is best to know when the earning release is.
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Enjoy your Thursday trading!
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~ALEX
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ADLX – I pointed this out as a break out / buy. Good upside potential…
ADLX – Good follow through , and it closed above the 200 sma, raise your stop there.
SYRS– This was a nice pop and a buy as it breaks from the base & losed above the 34 sma. This was in yesterdays report…
SYRS – It was up another 10% Wednesday. It should make it to the 200 sma, but it may just break through.
IDRA – I loved this double bottom base on IDRA , I posted this on MARCh 7. I bought this and…
IDRA – I added Wednesday as it approached and pushed on the 50sma here, and I posted this in the live trading area. I expect a break out, and earnings have already been released.
LJPC – Finally getting some upside, but volume is light. I still own this.
OAS – I posted this yesterdays report as a double bottom with good potential if it gets running…
OAS – I bought OAS because it closed above the 10sma, but it may struggle at the 50 sma. The good news is that volume was good, and Id rather be early than late on this one.
CHK – This is from yesterdays report, and it is acting properly too. On the support of a trend line and the 50sma, I would call this a low risk entry ‘buy’ right now. It moved higher , but is still a buy in my opinion.
From Yesterdays report: “I also still own ACB. This was yesterday after an hour of trading, it is near its 4 month highs.”
ACB – ACB popped 14% on Massive volume. I hate the gap & usually sell a portion on the POP, but I didnt sell any this time. If the gap fills, you have an opportunity to add above the support of the 50 & 200sma. This has been a very choppy ride.
VSTM – This has increasing volume and looks ready to pop above that 50sma, which has flattened out & is starting to curl upward. We bought and rode VSTM in the past for some very good gains, but it has been in a down trend since then. I like the way this is shaping up.
CLF – This looks bullish as it began to push above the 200, the 50 and the 10 sma (almost). This is definitely on my watch list for today.
