Friday August 28th
Todays report is going to be a little short. It’s Friday and the trading has remained choppy, so many of the trades that I have discussed recently or have in play ( For example: ALLY, SLCA, SPAQ, NIO, NKLA, WKHS, URG, UEC, UUUU, FCEL, etc) remain the same …Choppy. SO I’ll just do a quick review of the markets and discuss a couple of the trades. Next week is September and often the trading force comes back from vacation and we can see what happens from there.
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NASDAQ – We saw a doji, but the markets have not been having an extended sell off lately. It is late in the daily cycle, will this one drop and follow through a bit further? We’ll see today, because …
THE VIX actually Popped with this Doji in the markets. That alone could be a one day event too, but…
UVXY – The volume on the ETF seems extremely high for that POP. If the VIX has follow through higher, the markets usually are going to pull back.
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YESTERDAY GOLD & SILVER DID FALSE POP & DROP MOVES. THIS MORNING THEY ARE UP QUITE A BIT AGAIN, SO LETS REVIEW THIS SECTOR…
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YESTERDAYS REPORT WAS WATCHING GOLD FOR A POSSIBLE BREAK OUT. I WROTE:
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GOLD – This could break out & run, extending the intermediate cycle or it could become a double top & roll over. We just can’t tell at this point, but the MACD is not improving with this sideways rise, so I’d at least remain ‘cautious’. That said, Gold could be bought with a stop ( GLD for example).
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GOLD DAY 10 – No Break out, it popped to the 20 sma , reversed, and dropped. We’ll see what it wants to do on Friday.
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YESTERDAY FOR SILVER I WROTE – This is actually a bit more bullish looking than Gold, because it did not even drop to the 34 sma, it has closed above the 20sma for most of this consolidation. This actually looks ready to break out now as it pushes that upper trend line. Today will let us know.
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SILVER broke out early and rolled back over as a false break out so far.
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SILVER 6:30 A.M. as I write the report
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GDX also Popped & dropped, so things remain choppy and in a consolidation. This was day 12 with a day 5 peak.
Yesterday I covered a lot of individual Miners , you can review that at the end of yesterdays report.
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So really we had no change, there was no real change with Oil or the Oil Stocks either. Most trades remain choppy and sideways. GOLD & SILVER are popping again, will they make a run to the recent highs? We’ll see. I’ll discuss / review a few of the recent ideas below.
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This is the last day of the week, I have kept my position sizes small and number of trades low to be able to walk away during the last week of August. I will be away for most of the day, enjoy your Friday trading and enjoy your weekend!
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~ALEX
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ALLY was discussed yesterday and it did move almost 4% higher. It remains a bullish set up.
NKLA – This former strong runner is trying to perk up, so I put it on a watch list. If it can push above the 10, 20, 34 sma, I may be able to move back toward the highs. It already moved from $30 to almost $50 on that small looking move in August.
SLCA – I own this one from the reversal off of the 20sma. I bought small positions in BLDP, SLCA, FCEL recently and I do still own all 3, but BLDP is stalling. SLCA has actually continued higher, though the Energy sector has been questionable.
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WKHS – Another consolidation that is still chopping sideways. It can drop to the 50 sma, but yesterday the 20 sma held price.
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FCEL – I still own this , but it is also just a bit choppy at this point. It is still a healthy chart.
URG – The Uranium stocks are still healthy looking too.
AUTOWEB was on my watch list, and it is finding follow through. I just thought that I’d point out that some stocks can and are finding follow through in late August, but even some really good set ups are just meandering sideways.
We used to discuss TWTR, UBER, AMD, MU, etc .
AMD took off like a rocket, MU stalled and broke lower.
AMC runs Movie Theaters and announced that many are re-opening in September, so the sideways chop there has Popped.
