August 8th Weekend Review
The past few weeks have been really good for various types of trades and having long positions in many sectors. After looking at the weekend charts, I am starting to feel that we are nearing a change in a few places, so let’s discuss the week in review…
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SPX DAILY – This chart is simply to show you that the first daily cycle lasted 37 days, and the 2nd daily cycle was 31 days. That would put us on day 28, and that is late in the 3rd daily cycle. We may be coming due for a dip soon. Please read the chart.
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SPX WEEKLY – With a day 28 high, this daily cycle is due for a dip. Maybe we tag the prior highs first? By then, this daly cycle may not have much time to dip very far.
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WTIC -Oil broke out (as expected) and the pulled back down (Unexpected). I still think this will break out, and Oil / Energy stocks COULD be leading the way finally. Remember: Oil Popped and dropped…
XOP – The XOP closed near the highs and closed above the 10 week MA, which is at $53.68. This looks bullish, so let’s take a look at something else. I had mentioned buying AROC, SLCA, APA a week ago (Closed 2 of those) , but they floundered around. How are they now? …
AROC – Aroc is at new recent highs and closed up 11.25%. Nice Gain. This is a Bullish set up and can still be bought.
SLCA – closed near the highs and also closed up 12% for the week, but look at the upside potential. This is just breaking out too, and looks like it could easily run from here ( $4 ) to $6 or $8. Doesn’t it? The weekly MACD is strong.
GOLD – Gold has had a strong run, especially on the last 3 weeks, and has put in a weekly topping candle. That does not ALWAYS mean that the run is over, but it does show that there was some selling off of the highs. So we MAY have topped, but…
SILVER -Notice that Silver had the same sort of topping candle last week, yet it continued higher. As of this week, it also has pulled back as it pushed through that resistance area that I have been pointing out above $26.
SILVER – You can see that Silvers move has been straight up, even steeper than the 2010-2011 parabolic run. Will it now pause like that time period and run to the highs? We just don’t know at this point, but it just went from $11.50 to $30, so after a pause or dip into an eventual ICL , it probably could go from there to $50 again.
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GDX – Last week GDX put in a topping candle. This week it ran up and dropped again, putting in 2 topping candles in a row. REMEMBER: THIS HAPPENED AS GOLD & SILVER CONTINUED HIGHER. GDX DID NOT. I did have $45 as a target a few weeks ago…
GDX -This could be the point that GDX starts to pull back and seek out a daily cycle low. Using a stop at the 13 sma can keep you long until price breaks down.
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That is the week in review for the General Markets, Oil, and Precious Metals. We have had some excellent trading in various sectors, and I know that most have locked in some good gains and may be letting some ride to try to capture any upside that may be left. I will discuss Bitcoin and a bit more below. I have to wonder if Energy is the next great trade, and some of that cash on the sidelines may be added to that sector to add to what we already have? We just need a little more follow through to provide a sign of strength and confirmation.
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Rest Up, Enjoy your weekend, Stay Safe, and as always thanks for being a chart-freak with me!
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~ALEX
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BITCOIN 4hr chart: I’ve been discussing the flash crash on the 2 or 4 hr chart. I mentioned that I expected price to climb back up to the top, and I’d say that we got more than 3/4 of the way up there , as I write. Do I still expect Bitcoin to climb higher? I do…
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BITCOIN DAILY – With that flash crash & recovery now becoming a tad choppier, I am thinking that it is possible that the daily is forming a Bull Flag type of consolidation. That would lead to higher price.
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BITCOIN WEEKLY – Flipping to the weekly and we go back to what I pointed out as a possible inverse H&S< and it broke out and has further to go. I could see $14,000 as then next level. I am holding my Blockchain stocks ( I sold MARA to try to get back in lower, but it is currently just a tad lower than where I sold it).
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REMINDER OF OUR LEADING ENERGY STOCKS FOR NEXT WEEK:
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AROC – So I pointed out the weekly chart of AROC as bullish and it is breaking out as shown here, up 11% last week.
SLCA – And again the weekly chart of SLCA is above the 10 week ma and closed near the highs, up 12% too.
LPI DAILY – I want to show you LPI (They did do a reverse split). This has a bullish MACD set up, the RSI is above 50 a nd it is pushing on the 50sma. IF THIS BREAKS OUT HIGHER (and it does look like it will)…
LPI WEEKLY – Look how quickly this weekly chart looks like it could travel to $30. Roughly 100% gains, so even 1/2 of that move would be 50% Gains. I”M NOT SAYING TO GO ALL IN, but a nice 5% or 10% starter position could pay nicely.
MRO WEEKLY– And MRO ran from $3 to $8.50 on the last run, almost 200%.
How about $5.75 to $11? 100% Gains.
Or even 1/2 of that move to $8+ looks VERY easy if these get moving.
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TUSK DAILY – TUSK already started to make a nice climb higher, pop, sideways, pop, sideways…
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TUSK WEEKLY – So the weekly is up another 12% and it closed above the 10 week ma. We see a nice base and look at that upside potential. 100% gains from HERE is a move to $3.00. the rest is icing on the cake, as they say.
