Friday February 21
GOLD CURRENTLY at 8 AM AS I RELEASE THIS REPORT 🙂
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You may recall that I said I wasn’t going to cover the market unless something big changed. Well, nothing ‘Big’ changed, but I do need to just briefly review it.
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SPX – The General Markets did drop to the 13 sma, but they bounced. This is bullish, since it shows that once again buyers stepped in. IF WE GET A CLOSE below that 13 sma, or a big break midday- you stop out. Why? This is day 13. If we will go parabolic, I don’t think we’ll see a significant break down, if we do, this then can become left translated and it can drop for 20+ days into a dcl. ( Not straight down, but it will be a sell off). So as a reminder…
We don’t panic on a drop like today, but we STAY FROSTY! 🙂
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WTIC – Oil climbed higher, XOP seems to be bottoming. I am NOT investing in this sector yet. I would invest in OIL, but the stocks still seem weak.
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AS FOR GOLD & SILVER , they continued higher. As I write this report Thursday Night, Gold & Silver climb steadily higher…
GDX , GDXJ, SILJ Paused however. I am not concerned at all at this point. So what I want to do is look at some Miners that may have lagged a bit and could play catch up. With GDX & GDXJ slightly down, these miners still look good…
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ALO – This actually almost doubled from May to August. It then lost the gains ( which is why I don’t often BUY & HOLD if an ICL comes due). ALO then bottomed in November with the ICL and it has done very well 55 cents to 85 cents . It now has a break from a bullish wedge. I consider this a buy.
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ATTN : I LOVE THE EGO SET UP
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** EGO tripled in that June run, up 200% from $3 to $10. Then it had a rough choppy sell off when an ICL came due. We all know that chop can be emotionally draining & frustrating, however, we may be at an important turning point now. I consider this a shake out at the 200sma & a recovery. This CAN pull back again to that 200sma, however…What happens if this breaks out? Next chart please…
** EGO WEEKLY – WOW IS THIS PRETTY! Look at the weekly 50ma back test & reversal. It is Oversold on the weekly stochastics. Easy buy with a stop, I now own it.
MUX – MUX is breaking from a wedge. This is a higher low with a much higher MACD. A run from a sideways consolidation ( base) can move swiftly.
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USAS – Silver looks like it is going to run higher, and so do several Silver stocks. Suddenly, after some horrible choppiness, USAS looks Bullish. That was a great run from June to August (we caught that whole run).
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SSRM – Speaking of Silver stocks, EARNINGS WERE RELEASED FOR SSRM Thursday night and it was favorably accepted. SSRM was back up over $19 after hrs.
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VGZ popped out of the ICL in November and really, that was a good gain in 2 week ( 50 cents to 80 cents) , but it has only chopped & consolidated since then. Signs of life showed up Thursday while GDX & GDXJ were down. I don’t own it, it is choppy, but I’m watching it.
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BY REQUEST: KL – “Why is KL selling off when Gold is at highs?” All I can say is that after 2016, when other miners sold off and got ugly, KL continued to run bullishly higher for years. It is now taking a rest, regardless of what GOLD does. It was a sell at the loss of the 50sma (red line) because now it needed to consolidate and that would take time. Observations are…
1. I see a possible bull wedge and it is very oversold.
2. Yet it CAN drop further to the 38% fib near $32.
3. It is a buy AFTER it shows signs of strength. so (next chart)…
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KL Broke the Feb lows with strong volume Thursday, and I mentioned Midday in the live area that I would only buy it if it closes back above these Feb 9 lows, then my stop would be under those lower lows. It then closed lower.
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Yesterday I posted PING & PAGS with **. I like these set ups, so I wrote…
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** PING – Up 100% since October, PING IS BULLISH. I have March 4 listed as the next earnings release date for PING. This looks ready to break out & run, it is a buy. It will reach new all time highs and have no overhead resistance .
** PING – AND it DID break out, even as the markets sold off. Breaking to all new highs, this is still a buy. Earnings are March 4.
** CLVS – I love this set up, and this ran from $3 to $17 in – 1 – month?!! It is a biotech stock, so there is the risk that comes with that, but that run was serious business. It may easily double from here if it remains bullish. Bad news = FEB 27 Earnings 🙁
DBX – I have posted a few charts of Drop Box , but so far it chopped sideways.
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DBX – It broke out in early February from a down trend. After this bull flag formed, This looks ready to break out with that volume. .D
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STMP JAN 17 – Recently I have been liking the set up in STMP. I posted these charts showing no resistance to $150…
STMP JAN 17 – $144 target
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STMP FEB 19 – Breaking from a tight flat base…
STMP – WHAT?? It gapped open to $130 on earnings and closed up 65% at $160. I missed this one 🙁
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FCEL started to fill the gap. You may see this drop & reversal.
LET’s TALK SOLAR PATTERNS
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RUN – Look at how RUN ran after a break out . It was a break out, a small back test, and a rocket ship ride, so…
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SEDG – Sedg broke out & back tested and then the rocket ship ride here too, so …
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VSLR – Look at VSLR. A break out, and back test for 2 days, and a rocket ship ride, so…
CSIQ – I saw this and bought it. Why? Well they are running & I saw the break out, back test, and I wanted the rocket ship ride. HOWEVER …
FIRST SOLAR MAY RAIN ON MY PARTY
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FSLR – TROUBLE. Earnings came out & it dropped $8 in after hrs. That would have it open near the lows at $50. My concern? WILL IT DRAG OTHERS DOWN NOW?
SOL – FEB 12th SOL was a Buy. This is a good set up…
SOL WEEKLY FEB 12 – The weekly was very bullish too.
SOL – It has started to get some follow through , but again, will FSLR ruin this and cause the sector to stall? We’ll see soon enough. Stay Frosty & Use Stops.
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Some of these stocks had the earnings dates posted, others did not. It is a good idea to know when the stocks you own will post earnings. Some stocks have gapped higher after earnings, others saw a big drop lower, so do the due diligence and see when yours are due. Maybe even write them on a post-it -note and keep it in your trading area. It is a fine way to Stay Frosty!
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Enjoy your Friday trading !
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~ALEX
