January 7th
SPX – The SPX gapped down slightly below the 13 sma and then recovered, so we might have a 1/2 cycle low. It is day 22 and that is getting late in the daily cycle, and I also do still see divergence, so this may become choppy & toppy soon. Let’s look at the Nasdaq…
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NASDAQ – The NASDAQ did NOT break the 13 sma and volume is strong. I still see divergence here, and it most likely leads to a dip soon, but as long as this continues higher, you can just raise stops with that 13 sma. Oddly, I see many nice set ups in the Tech Area that I will discuss later.
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WTIC – Oil popped & dropped from the channel that I have been pointing out. It could be breaking out, we’ll have to wait and see. I still like many Energy stocks too, I will discuss some below.
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GOLD – Gold futures were up pretty big again, so Gold ran higher and then sold off. That left a possible topping candle. We could get a pause or pull back here.
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GOLD WEEKLY – I still expect higher prices in the Big Picture.
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This was in your weekend report:
GDX – Jan 3 saw a day 35 high, if we were counting days up from the lows. It is at former highs and that can be where sellers are. Usually you get a pause or dip before heading higher.
THIS WAS IN THE WEEKEND REPORT :
GDX WEEKLY – I am pointing out the same candle on the last run, it just caused a pause midway. THIS CHART should help you to see that this is not always a top of a run, but a 1 week drop followed. So we could drop.
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THIS WAS IN YOUR WEEKEND REPORT :
GDX WEEKLY – I think that GDX should be able to run straight to $36- $40 when this eventually breaks, but this is a resistance area that it will need to break through first. We are at a resistance area.
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GDX Currently – It has been frustrating to see Gold up and Miners sideways, but GDX has basically just gone sideways. This almost looks like a bull horn or megaphone pattern forming. It would eventually break out higher.
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GDX – We also could build a handle if the pause or dip continues. Churning sideways is normal action, you can see it in June/July and the end of July. LET ME DISCUSS THIS FURTHER…
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BTE- Take a Look at this run that BTE has made out of the December lows. DO YOU LIKE THIS RUN? It looks quite bullish, right? …
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BTE- A closer look shows that it went sideways for a week here and a week there. That is what GDX or our Miners may be doing. That is normal action on a bull run.
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OAS AS AN EXAMPLE: 8 trading days is almost 2 weeks, and OAS is running bullishly, but it paused for 8 days sideways too. THIS is what our Miners may be doing.
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SVM – When SVM ran over 100% from $2 to $4.50 in May through August, was it just straight up? Not at all. It looks more like 4 days up, and 10 sideways, 4 more up, and 8 sideways, and so on.
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So I am not seeing any big changes in what we could expect with the Precious Metals. It may be very deceiving to see Gold up $25 and then watch the Miners gap up and sell off, but the charts by themselves look normal. GDX and GDXJ both closed up slightly higher, but it just feels like they closed down yesterday, because they sold off from their gap open. They are going sideways, but as seen in my example charts- that is normal during a bull run. Time will tell where we go in the short term, but the big picture hasn’t changed at all.
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I have a few trade ideas below, enjoy your Tuesday trading!
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~ALEX
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TUSK – I have mentioned Energy stocks BE, TUSK, PUMP, and a few others recently. This is a bullish set up of TUSK and I posted it in the live area during the trading day. I did buy it.
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TUSK – This shows the potential as it churns sideways from a nice base.
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TUSK – It closed near the highs and looks to be breaking out. This is a buy.
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AXAS – I also like AXAS here with strong volume popping . It broke the 50 sma, and back tested it .
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FROM A PRIOR REPORT: LPI JAN 2– I like what some like LPI are doing. It is a bullish crawl or bull flag above a down channel. I like PUMP,TUSK, WTI, WLL, OAS, and others too.
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LPI –Close up on Monday . It started to pop with good volume. This is a buy and I would expect it to move higher, hopefully Oil holds up so this will follow through.
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POSTED LAST WEEK at $49:
CRWD – Stocks like this catch my eye. Also BOX, SNAP, WORK, COUP, SQ, UBER, TWTR, SNAP, ETC
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CRWD -Now at $55 it broke out. Volume was really big and I think that this can go much higher over time if the General Markets remain bullish. This looks like a nice recovery could make great gains.
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WORK – This is another stock that Popped a little and broke a down trend. This can be bought here, and it should continue higher . Another view…
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WORK – This is another view and why it looks bullish as it moves away from the 50 sma. It could be a rounding bottom base. I bought it with a stop at the 50sma.
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NTNX – This gapped above the 50sma and then bounced along above that 50 sma . These are not small moves, NTNX was $17.50 in August, and ran to $37.50. It is on the 50sma and can be bought here after filling a gap & reversing off of the 50sma.
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VGZ – I just want to point out VGZ Lagger as breaking above the 200 sma with volume Monday. it may be ready to go.
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FSM – I added to FSM, looking at this as a running correction, but I MIGHT BE EARLY. This looks like a running correction and they run higher at a slant and then suddenly burst higher. Well, FSM is well above the 50sma, so it could also dip down. I’ll keep my eye on it.
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TEUM – I just wanted to show how these bases can act. I was watching OSTK & TEUM in these bases. TEUM already broke above the 50sma & bounced off of it last week, so I took this as a small trade ( SMALL). It took off & I sold it. It puled back & I re-entered with a small position again…
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TEUM – It shot up 67%. This is why I love quickly trading long bases with volume surges, or , BUY & HOLD if I like the sector. This is not a safe buy here, I’m just pointing out why I like the long tight bases.
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THIS WAS BE ON JAN 2 – BE sold off in the morning but closed up 5.5% again. I am getting slow progress with this one and that Gap finally filled, but I’d really like to see the volume grow & not continue to shrink as it runs higher.
BE ran to the 200 sma, and it can bullishly crawl along it and break out & continue bullish. IF IT DOES, I may re-buy it, but for now I sold this . THAT MAY HAVE BEEN A MISTAKE, because notice that it only spent 2 days at the 50 sma. I sold it because I just don’t want too many position open at once as a trader.
