Thursday June 27th – A few picks
SPX – I am still watching this dip in the General Markets. It may be a simple dip similar to what we saw in March after a dcl (Magenta Arrows), but a stop is necessary in case selling picks up, because…
QQQ – The Tech sector did not break to new highs, and also …
IWM – I pointed out that the Russell 2000 is weak, breaking below the 50 & 200sma (WHICH ARE SLOPING LOWER) and it has not improved yet, and…
TRAN – And take a look at the Transports, also trapped under the major moving averages. This looks bearish and I said that I was…
VIX- I said that I was watching the VIX for clues and it is holding the 50sma. A Burst higher will send the markets lower and Left Translated…
My thinking is that we may be seeing the Big Hands unloading at the top to the bulls, while they are also accumulating Precious Metals.
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WTIC– Oil from yesterday with a lot of overhead resistance…
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WTIC– After the Oil Inventory report, Oil ran up to almost 60, and that does put it in place to battle the major moving averages. Oil looks to be recovering from the recent sell off after the Oil Tanker was attacked & a major supply route was threatened. It has yet to break out from the down trend line that I drew in yesterdays Oil Chart.
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GOLD FIB NUMBERS- The first target was $1441…
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GOLD hit $1442 as a high. These were Fib Pull back Levels from the entire Gold run out of the lows , I’ll keep an eye on them, HOWEVER…
GOLD FIB PULL BACK – I also took a SHORTER measure, Only including the most recent run from the June lows. $1397 & $1383 are likely targets here.
GOLD – On another Gold chart I got a low of $1401. Is that close enough to the 38% drop? We’ll see . It doesn’t break the 10sma, and that would be nice to see for a dcl, then we can go in heavier on a reversal. For now, we still have a runaway move with a couple small 1 day red days. If selling continues, I view it as a “BUY THE DIP” for Miners.
SILVER – Silver looks healthy, bouncing off of the 10sma with lighter volume. It would be great to see SILVER start to fly while Gold settles down a bit. That is 1 thing that I am watching for .
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GDX – A 2 day drop, but it didn’t give up a lot of ground. We even got a reversal Wednesday and many Miners went green. Someone must be “BUYING THE DIPS”? 🙂
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So far the markets have cooperated very nicely while I have been traveling. I will cover a few more ideas below, but remember that this dip may not be finished it can go a bit deeper.
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Enjoy your Thursday Trading!
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~ALEX
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ALO BASE – so ALO is in a long constructive base and is still at the lows
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ALO – ALO dropped & reversed at the 200 sma. This looks like a bullish set up to me. If you wonder about a deeper dip, you could start a position here, and add if it breaks down to the 50 sma.
EXK – on June 3 I pointed put the Strong POP out of the base as a buy. Now…
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EXK – I showed the high volume coming in this week for EXK, and some follow through from that 1 week POP is good. This seems important to me…
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EXK – So far the dip was on lighter volume & bounced off of the 10 sma is encouraging. It is overbought, but it can stay that way and this can break out above that 200 sma after a bit of sideways action. I think that EXK is a buy, or you can wait for a break above the 200sma.
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CDE June 25 – I pointed out that a bit of a consolidation could happen above the 50 sma & under the 200 sma before a break out takes place…
CDE June 26 – So far the sell off is just a crawl along the 200 sma. I believe that CDE is crawling or consolidating under the 200 sma before breaking out, much like it did under the 50sma.
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GORO – GORO was highlighted recently as a lagger , and as having high volume, pushing above that 50sma. It dropped to the 50 & 10 sma & then reversed higher Wednesday.
HMY DAILY – I have highlighted HMY several times. It had a strong reversal lower Tuesday, but Wednesday it also bounced off of the 10sma area. I captured this 1 hr in trading on Wednesday. Price closed even higher at $2.24
HMY WEEKLY -The weekly is the important Big Picture view. I think that HMY will run strongly after clearing this base.
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TRQ – Still at the lows, TRQ may be ready to break over the 50 sma (Watch list).
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USAS – I have posted my thoughts about USAS playing catch up after it breaks from the base. Notice how it is pushing higher, even on what should be a down day…
USAS – The big picture is key, this really can run, so I am not selling any of my USAS.
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I do believe that SILVER is preparing to run as it consolidates on the 50sma, so…
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AGQ – I do believe that SILVER is preparing to run, so USLV & AGQ should do well in the future. THIS should be a low risk buy, with a stop under the 200sma ( or 50 sma ).
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Mentioned as a buy 1 to 2 weeks ago, OUR OTHER METALS…
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X – After crawling around the 50sma, X ( And AKS ) are looking good…
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AKS – I posted this as a BUY June 19, along with a few other METALS stocks.
AKS – Looks the same as X and is also a good place to add ( or BUY). AKS is breaking out.
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CLF – Recently a BUY on June 19, it hadn’t run off yet, because..
CLF – It wanted to get that ‘back test’ out of the way. CLF may now be ready to run.
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