Friday May 15th – Let’s Get Moving!
Yesterdays Theme picture was hopeful , and apparently it worked! 🙂 Gold finally pushed through that wall of resistance. Price can and often does stall and back test, so I Used todays Theme Picture as another hopeful Theme. Let’s get these Miners running!
SPX – This could be the DCL, now that we have a new low below day 29 and a solid reversal. 1 day reversal does not always become a dcl, so we usually wait for a move & close back above the 10sma. To get in early, It can be bought with a stop under Thursdays lows, but again, usually we wait for a close above the 10sma if you are more conservative.
The DOW reversed right off of the 50sma ( Picture perfect action really). So now we watch the 2nd daily cycle unfold, and I will discuss my expectations in the Big Picture Weekend Report.
IBB – The IBB broke out to new all time highs and promptly shook off eager buyers. This is only day 10 for IBB, I think it is a back test buy. Use a stop.
WTIC – Oil remains bullishly aligned for the short term. This may be forming an inverse H&S (and a small bull flag this week).
XOP – The XOP bottomed weeks before Oil, and it may now have a dcl in place. I often use the 34 sma on a strong move ( like with MJ Stocks & BlockChain stock when they run) and a 50 sma on more of a slow trending move.
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GOLD – We finally have out break out, and price closed there. Excellent, we hope for a solid run higher, but trust me, it can get frustrating from here too. Why?…
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I WANT TO SHOW EVERYONE THAT GOLD AND/OR THE MINERS CAN CONVINCINGLY BREAK OUT, AND THEN STALL AND BACK TEST FOR DAYS. THIS FRUSTRATES NEW BUYERS AND SHAKES RIDERS OFF, SO HERE IS AN EXAMPLE OF THAT WITH IBB NOW. GDX MAY OR MAY NOT DO THIS TOO.
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SILVER THURSDAY 4 hr chart: Silver broke its triangle & 50 sma days ago, but it was still lingering, so I took a shot of the 4 hr chart that I watch. It is still also a bullish set up, but had small resistance points to overcome forming a wedge.
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SILVER has now broken that first wedge resistance area, it is completing a measured move to another resistance area where it also may pause. Step – By – Step Silver will continue higher. Silver stocks should play catch up.
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SILVER – This is simply a bullish Silver chart, on its way to $20
GDX – This has been a long 3 week sideways consolation, with a dcl in the middle. It is now breaking higher.
GDXJ – This is an older chart showing targets of $50 and $60+. This is a MASSIVE base and breaking from here could start a 1 to 2 year trending move. I feel that Miners are going to be TRENDING Higher…
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I feel that Miners are going to be TRENDING Higher for long time to come now. This is a very bullish set up and we can use Cycles to lighten up near the top of an intermediate cycle, and buy back in lower at an ICL. I’ve traded this way during past Bull Runs, but I never completely sell all of my Miners. Buy & Hold works perfectly fine too. Right now we are starting daily cycle #2, so you want to be invested in Miners 🙂
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Enjoy your Friday and your weekend!
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~ALEX
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Quick note: I very much appreciate all of the comments & emails with well wishes and advise. I assure you all, I am not “Pushing it too far”. I actually have never slept this much in my life! Yesterday after the morning trading, I fell asleep from noon to 6 p.m. , sat outside with my wife and had soup and fresh air, I then gathered some charts from 8-10 pm, and slept from 11-6 a.m. That was after 16 hrs of sleep both Tuesday & Wednesday. I was told 48 hrs for test results, so I haven’t heard anything yet, but obviously I feel flu- like, so I’m drinking lots of fluids, vitamins, other healthy concoctions & resting a lot. (13 – 16 hrs of sleep each day). Thank You. 🙂
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AG – Perfect entry here with a high volume reversal at support. AG is oversold.
GPL -I recommended and bought GPL in the sideways consolidation, and boy did they blow it. We are on the verge of a solid Silver run, and GPL was set up to run. NOW they go on sale with an offering at 40 cents/ share? I would have told them that GPL is about to run to 80 cents plus, and THEN do a public offering, but they didn’t check tech analysis, so instead I dumped my shares and put them to better use ( More USLV & AUMN).
AUMN – So I bought AUMN because often I see Volume precede price. If they do a public offering, I’m going to cry, because this is where some of my GPL money landed. High volume could lead to a good solid move and MORE IMPORTANTLY …
AUMN WEEKLY – I see a shake out. If we can get AUMN off of this lower support point in this base, we could have some solid upside gains. This is more of a ‘lottery ticket’ buy & hold for me. This is extremely Bullish strictly based on chart technical analysis, and that has worked out very well for me in the past. Start with a small position, hope that it gets running, and I will add to position if it acts correctly. 2016 saw this run from roughly 12 cents to $1.12. Almost a 1000% gainer 🙂 That was the roughest ride out there though, look at 2016. I’m going to start small, buy and hold, and see what I get.
AUMN WEEKLY: O.K., Let’s not get silly here, but obviously AUMN has done miraculous moves in the past. This is not a split adjusted chart, this stock ran crazy in 2009-2011. So for me, with that base shown in my last chart above, I’m going to start small, buy and hold, and see what I get. If we start a Gold Bull run, this could pay off over time.
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CDE – I’ve been showing this chart for weeks now. It is finally lifting off, up 9% yesterday.
KGC has had a nice consolidation here, popped to new highs, and should continue higher. This is what Bullish sticks do as they trend higher, and AEM, NEM, GOLD, RGLD, etc are similar set ups and beautiful charts.
NAK back tested and reversed.
USLV – I have mentioned that I’ve owned this one for a while and expect it to run with Silver. It is not unreasonable to expect it to run to $100+, but there might be slight decay if we have to endure a lot of sideways chop. At this point, Silver is pushing higher and can also just run swiftly from here.
UUUU – After a strong run, Uranium Stocks are finally at a point where I would be comfortable entering. They run similar to Miners, with a dcl likely coming in for their first daily cycle.
The Coronavirus stocks are still setting up correctly. Some are blasting off, others consolidating. Our list included several, like NVAX, IBIO, INO, CODX, etc .
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DVAX, BNTC, HTBX, and a few others are at support, if anyone was interested…
HTBX I bought and still own my position in this one from a couple of days ago. It is acting ok and slowly pushing higher, so I’m still giving some time. If it drops too much, I’ll cut it loose.
