Friday August 7th
Today is Friday, the last trading day of the week. Not a lot has changed this week, so this ‘Market Review’ should be quick. You can always reference past reports for more details if you wish. That doesn’t mean that the report will be short 😉 , just that the Market Review will be brief. To the charts…
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SPX – Nothing has changed here. The General Markets continue higher, but it is getting later in the 3rd daily cycle, when a dip becomes due.
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WTIC – Oil just cannot break out above that 200 sma yet. I am still expecting it to, but if this resistance continues to hold Oil back, then the Oil stocks may not make progress right away either.
XOP – without Oil breaking out, the Energy stocks stalled again too. Oil stocks have been choppy & sideways so far.
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Some of the oil stocks like SLCA and ERF are working out ok, so maybe that gives hope for the others? But others are stalling, so we still need to see how this all plays out. I mentioned that some could be bought above the 50sma, but many are not breaking above. Let’s quickly look at ERF, it has made progress. I wrote about the Aug 4th chart…
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ERF – Did break out and looks good. SLCA is acting just fine too, but we need to see the others break out or this choppiness gets monotonous.
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BITCOIN – No doubt you remember that I called for this scare sharp drop to actually recover (fire-pole). That was giving me the signal that we would hold our Block-chain positions for more gains. Those positions are up 100%, 200%, and even more than 300%+. Congratulations. I also believe that Bitcoin goes Higher.
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GOLD – 15 days in a row Green? This is awesome, but it will not last forever, so use stops. Also, with this run, the Miners stalled and dropped a few times this week.
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SILVER FROM AUGUST 4th at the break out…
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SILVER is still running and has made a big move too. It actually looks like it wants to run to 30+. Even with Silver up this big on Thursday, many were disappointed to see their Gold & Silver stocks actually Red.
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GDX – The Miners dropped despite the straight up move by both Gold & Silver. I discussed this choppy possibility when I compared it to the 2016 run.
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Today is Friday and many sectors have had Excellent gains again this week. We are still just waiting for Oil and Energy to break out and join the fun. We’ll see what Friday brings, and I will discuss a few trade ideas below.
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Enjoy your Friday and your weekend!
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~ALEX
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BNGO -I mentioned in the Live area that I was buying BNGO in the morning as it reversed off of the 200 sma. I added again later yesterday as it stretched out. I ( we) made good money on BNGO when it broke from that long base from 40 cents & 50 cents to $1.15, and it really didn’t sell off recklessly. Volume increased with buying too. Many of the signs that I look for, so I am back to a full position.
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FROM YESTERDAYS REPORT: BY REQUEST, XNET ( Yes, I still own it) – It really needs to close above the 200sma for a couple of days to attract more buyers. I didn’t sell any on the Pop this time, since I thought that it would run with Bitcoin.
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XNET popped 23% and finally busted out of this 50 & 200 sma pinch. Congrats to all that were patient! This can go higher, similar to RIOT, NXTD, MARA, we’ll see if it does. Remember though, most ‘stall’ the day after their initial Pop.
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JAGX was a buy on July 28 as a triangle formed. I own it.
JAGX WEEKLY – I also highlighted what I love to see…a nice long base and a tight weekly formation.
JAGX broke out Thursday, but sold down as the day ended. I still own all of it (Didn’t sell the pop, because it wasn’t a Large pop). I expect this to still go higher.
YESTERDAY I WROTE IN PART: CHFS – That is the area that I am hoping holds as support. I sold some of my position on the POP and may re-add if this sets up properly. I would probably lock in the rest of my gains on a close below the 20sma. EDIT: ( you can see that the 20 sma is 73 cents).
CHFS – So I had put in a ‘limit sell’ at the end of the day ‘under 73 cents’ and it dropped to 72 & took me almost completely out of the trade at the close. I hate using hard stops, because that happens often. Now I need to think ahead as to how I can get back in to a full position if it drops lower. I do want to be in the stock when it stabilizes . This is one idea at 60 cents.
I already sold twice on the Pop, so I only had a Partial position left, but I want to go back to full position in the future if this reverses). I will re-load full position if this drops to the 50 sma, currently the 57 cent area, so maybe 60 cents is where I’ll re-enter IF it gets down there. This may stabilize up here too. If it just keeps bouncing on the 20 & 34 sma, I will add on a reversal with volume , like I did with BNGO. I DO LIKE THIS COMPANY & THE PRODUCT .
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WATCHLIST : I have a nice watch list that has over 50 stocks that are set up bullishly and I monitor them daily to see which ones look Possibly ready to go. BIOC, BNGO, HTBX, MARA, RIOT, JAGX, KTOV, IZEA, NXET, were recently on that list, and The next 2 below are also now looking close to breaking out…
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AIKI actually did break out and pulled back. I still think that this will run, despite the recent pop & drop. I do not own it yet, but I am surprised that I didn’t buy it Thursday.
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NOVN may be getting ready again, even though it could crawl along the 34 sma for a bit too. You may recall that we rode NOVN from 40 – 50 cents on up to $1.30, but they did an offering & it sold off. Can you believe that that was 3 weeks ago? This week we see that NOVN reversed at the 34 sma support, the one that it was riding when we first bought it. Sidenote below the chart…
Side note: That offering 3 weeks ago was for over 90 cents / share. That is now 35% higher than current price. It seems to me that an offering at a price now that much higher higher will eventually pull price up to at least that value. I re-bought some NOVN again.
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THE AIRLINES WERE MENTIONED A WHILE AGO, AND THEY ARE STILL SETTING UP BULLISHLY
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UAL has increasing volume and is pushing on the 50sma after a nice roundish consolidation. That MACD is bullsih. Watch the airline stocks….
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AAL – This also looks Bullish, and see also JBLU, DAL, etc .
