Tuesday November 21 – Fed Minutes
DATA: As you can see, we have the release of the Fed’s FOMC Minutes today at 2 p.m. Eastern, so we want to be aware of that. It may cause indecision or volatility, we’ll see.
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The SPX is on day 16 and we have had a very strong run up and out of the ICL. Stocks that usually run after an ICL or DCL have done well.
NVDA: Many stocks that have been mentioned here in the past as ones that usually run higher with the markets (NVDA, MSFT, AMD, MU, etc), have already had a nice run out of the lows, and NVDA actually made new highs yesterday.
AMD surged out of the ICL on the FOMC day and has chopped steadily higher, almost reaching the June highs too.
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WTIC is due for a dcl, and this also may be an ICL. At this point that reversal low could be bought, if you wanted to trade this sector. A close above the downtrend line and MACD cross higher is further confirmation that the lows are in place. Oil stocks like MRO , VLO, etc are also near their recent lows.
THE USD is dropping. This is a live shot of the USD at 6 a.m. Eastern time.
GOLD and Silver are popping this morning, and this is a live chart of Gold and Silver at 5:50 am.
GOLD dropped and bounced off of the 10sma yesterday. This is still only day 5 out of the dcl, and this is bullish price action in the second daily cycle.
SILVER also bounced at the 200sma, so I captured this midday…
SILVER on day 5 at the close.
GDX dropped and reversed too. These drops all found support at the 10sma area.
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With GOLD & SILVER Selling off yesterday, I saw some Miners starting to drop and turn green…
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CDE – I noticed that by 10 a.m. some of the miners, especially the silver Miners, were turning green, so I captured this chart of CDE. It was up 2.38% already ( & it closed that way).
FSM dropped and reversed to green too. It closed down only 2 cents.
HL is trying to break free from a base. I honestly feel that when we look back at these Miners in a few weeks, we should see them back at the recent highs or better. Think about this: In just 5 days HL ran from roughly under $3.75 to $4.75. Buy & Hold rather than trading in and out is paying off again.
GFI dropped and then closed up 17 cents or over 1%. It is holding support at the 50smaand may be ready to break back above the 200sma and downtrend line. When I wrote that it closed up almost 2%, I think I saw that as 1.82%.
KGC dropped and reversed as the day went on too. It reversed on a congestion support area and KGC then closed even.
RGLD is a royalty Company that I mentioned as looking to have bottomed recently. It dropped toward the 9sma and then reversed, closing up over 1%. It is still inside of this large base, but it does look ready to breakout soon.
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AAGFF – This was mentioned as one of my buy and hold lottery ticket junior silver miners. It is starting to do well.
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So we really do have bullish set ups with the ICL’s behind us. It is only day 5 for Gold and Silver, so that is really nice. Today is a day when the Fed Minutes will be released and it is also a vacation / holiday shortened week, where many go away and travel to be with family. This can affect trading, and often bullishly, but I can’t say exactly how these things will affect today or tomorrows trading. We just want to be mindful that we may see some volatility around the 2-2:30 p.m. ET with that Fed release. Below I just want to take a look at the EV / Clean Energy sector that I mentioned in a recent report. Enjoy your Tuesday trading!
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~ALEX
You may recall that XPEV, JOBY, QS, and others in this sector had strong rallies last summer.
In fact, XPEV had that large run from $8 to $23 the last time they pushed up and out of their lows. It is now breaking the downtrend of this recent consolidation and is above the 50sma. These look ready to run back to the highs too.
JOBY seems to be bottoming too, as it regains the 200sma. A move back to the highs is a 100% plus move.
FCEL – This is a chart that I grabbed on Nov 17, and it also looks to be bottoming. It is still in this rice area as it bottoms out. The RSI & MACD are rising, so this could be a buy and hold. Start small? Check thier cash on hand holdings? We honestly cannot tell when a stock under $5 is going to do the\dreaded public offering.
I had this in a report lately. SPCE has been rising since releasing their earnings report 2 weeks ago and I bought and held it. They actually launched a rocket and lost it this weekend, so I was rather worried about that, but SPCE did actually rise yesterday (I owned it over the weekend).
WWR looks to be bottoming too, with a Bullish RSI & MACD. The sector and the IWM seems to have bottomed.
I have discussed the more bullish looking set ups lately in Crypto stocks, and yesterday MARA & RIOT both pushed above and closed above their 200sma. Others like BTBT, BBKT, CIFR, CLSK, HUT, etc also look bullish, so it is very possible that the bottoming process is ending and some gains will begin to be tacked on. These may still be very choppy, and this chart is very choppy, but over time we see gains on a buy & hold.
