Thursday April 4th – They’re Running!
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DATA – The Jobless Claims Report can move the markets, but lately it has caused rallies. So far the General Markets have been pausing, so we’ll see if this changes that after 8:30 a.m. The Miners in the Precious Metals Sector took off recently and really put in some strong gains on Wednesday. They have been running like a cheetah!
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SPX – We did get our Buy signal at the ICL in October. So far the markets have held at support again, as it makes a bullish but slightly choppy run higher. We are in the 3rd daily cycle and we should be aware of the fact that this run could peak in either the 3rd or the 4th daily cycle. Using the 20 ema as a trailing stop would keep you in the long trade so far. K
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WTIC – Oil made a new high again on day 40 of what is usually roughly around a 50 day daily cycle. I have drawn it as possibly tagging the $90 area and then dropping into a dcl.
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THE USD actually dropped on Wednesday! There is a chance that this will chop, top, and roll over, because this is day 18 of the USD daily cycle. Notice that it is also now overbought. We’ll have to watch and see. As mentioned in other reports however, even when the USD was rising, Gold was rallying higher too.
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GOLD is at all-time highs and it did hit $2300. The first daily cycle was straight up and this 2nd leg higher has been equally impressive. This is only day 9 and it can keep running higher, but since the run has been almost straight up, I also want to mention that we often see a dip into a 1/2 cycle low around roughly day 15. That dip could start at any time and just be another bull flag or pennant.
K
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SILVER APRIL 1st: Do you remember when Silver Popped and dropped on Monday, giving us this Doji? I mentioned that Silver could still run higher and that this was not a sign of weakness. Why? Silver miners did well and also because we were early in the 2nd daily cycle (Only day 2). So Silver can rally despite the doji and then I went on a rant saying…
‘DO NOT SELL YOUR BASKET OF MINERS!”
‘DO NOT SELL YOUR BASKET OF MINERS!” 🙂 Well, … K
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SILVER proceeded to step on the gas on Tuesday and again on Wednesday. Many times, I have stated that you don’t want to be on the sidelines when Silver takes off, because it can really move when it wants to.
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I used this chart on April 1 to show that resistance for SILVER was at $26. It actually has a few levels that may be helpful to see on a weekly chart, so I said,
” $26 to $30 is an area that Silver may feel some resistance, but above that it can really fly. Remember 2010-2011. Silver shot straight up.”
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Well, SILVER broke out over that $26 resistance area that I pointed out.
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SILVER WEEKLY – Silver is at $27 and is also breaking out from that triangle that I have been posting. This is really a bullish set up! Even if Silver dips down to back test this break out with a 1/2 cycle low or a quick 2 day sell down, that would be a major buying opportunity in my opinion. K
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GDX has been on a tear too. We bought the lows in February with the break of that downtrend / wedge and 20 ema. I had called Golds next dcl on day 25 for Gold when it broke from that pennant with the Fed Mtg. Ever since the lows were in, The Miners are showing great strength. That likely left many ‘doubters’ behind, since many really hate the Miners from past price action. This has been a strong run and…
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When we look at The GDX WEEKLY Chart we see a breakout that can lead price to the $36 level. That move may even happen within this daily cycle. As an example: Take a look at last Feb-March and you’ll see a similar rally that was straight up from $26 to $36.
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Remember last weekend when I said, “DO NOT SELL YOUR MINERS!’ ?, Well this is a good example why that was important. We have had great moves with Gold Stocks like HMY, GFI, EGO, OR, AU, etc, but some of the juniors and explorers were just chopping sideways. Silver stocks were also lagging a bit, since Silver was not performing as well as Gold was. These often kick it into gear after the rally is established, and that is what we saw yesterday. Let me show you a few of these stocks, since they made BIG gains all at once.
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SLVRF – You can see that it has chopped sideways for weeks, but on Tuesday and Wednesday it took off. By midday it was up almost 20%, so I posted this chart in the commenting area. It closed up almost 30%!!K
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SSVRF was up 12% and this closed up almost 20%.
AAGFF was one that I mentioned that I had bought and put in my basket a while back. I held this in 2020 and it ran from 6 cents to $1.37, so a BUY & HOLD was what I was planning on. It was up almost 30% yesterday too.
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AG is another Silver stock that I have been putting in the reports, because of the set up, reputation, and potential. I posted this in March, and many of us bought this below $5.
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AG surged up almost 30% this week too. Its now at $7.51 and those are great gains from a $4+ entry point.
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AG – With the daily chart you can see that it chopped sideways and got boring for a bit last week, but patience really paid off. This was AG up 12% as of midday yesterday, and it closed up 16%.K
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I decided to just take a snapshot of one of my watch lists of Precious Metals Stocks. I have them set up with The ticker in the first row, then the bid, the ask, the current price, the price change for the day, and the % Gain for that day. I also include Volume, which is very important to me, but I cut that out because I just wanted you to focus on the %_Gains. This is why I was saying, “DO NOT SELL YOUR MINERS!’ 🙂 What a great day for those holding a basket of miners, like I recommended. KA
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WATCHLIST – KA
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It is getting hard to find ‘LAGGERS” to offer as a ‘buy’ set up until we get a pullback, and NGD is by no means a lagger, but it is still within a consolidation area. This set up could offer a low-risk entry if you were looking for a nice Gold stock to add to your basket. It has had 2 very nice rallies since October. I Posted this yesterday and it started to push higher into the close.
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SILV is also ‘lagging’ when compared to other Silver stocks yesterday. Ag was up 16%, FSM was up 13%, Silver One was up 30%, AAGFF was up 30%, and this was lagging so I posted it in the commenting area. It is a nice set up.
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What a great day yesterday was, and I haven’t even discussed those MJ Stocks. I cannot really recommend those, because they pop in a huge way, but they can also then drop in a big way. For example ACB was up 44%, CGC was up 30%. They could keep running, or they could drop 15% like we have seen in the past, but if you are a trader? These have NOT been gapping up, and they run from ‘up 1% to up 50%’. Amazing.
ACB: In March I posted this bullish set up after the run to the 200sma. A breakout is a strong buy, but I expected it to ‘crawl’ along under the 200sma first. We see that a lot. A
ACB was a buy when it reversed at the 10sma and it started to break out Tuesday. ACB was up 22% here.
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ACB: was actually a buy when it reversed at the 10sma and then it started to break out on Tuesday. Wednesday you could have bought it at the open with a stop at the 200sma and I posted this at 9:43 am…
ACB: By midday it was up 33% and it closed up 44%. Amazing runs for ‘traders’ with experience. Again, look at that chop under the 200sma and you’ll see some big drops too, so these arent for everyone.
GRWG: I did point this one out too, because it was close to support and reversed higher. It was only up 1%..
GRWG: was then quickly up 7% and it closed up 16%. So if you see me post about an MJ Stock near support, this could be the end result.
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We are enjoying several Bull Markets running all at once. The General Markets are bullish, Oil is Bullish, Precious Metals and Uranium Stocks are running, Mj Stocks are flying, etc. When we get a decent pullback, we can look for stocks that land on the 20ema or 50sma and reverse. THAT is a perfect buy opportunity with a stop at support. For now we are holding baskets that are really paying off very well in the precious metals sector. Hopefully you added at the last dcl if you were looking to add. I am only seeing a few Miners like NGD and SILV that have held back a bit, but they may be ready to run next. Enjoy your Thursday trading! 😉
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~ALEX
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BITCOIN has meandered sideways since putting in that day 57 dcl. It may be forming a bullish triangle. We MIGHT have a small bear flag forming here to drop it down to the lower trend line again, or it may break above the 20 ema and then start to run to the upper trend line. At this point the Crypto stocks do not look quite ready yet, but some look better than others…
MARA, RIOT, CLSK, CIFR, WULF, etc are not looking ready for the next run yet. If they do run again, they run FAST, and we want to catch it. January to February saw MARA run from $15 to $33 for example. MARA could drop down to the $17-$18 area.
CLSK: When I look at CLSK, I think that it possibly looks a bit closer to bottoming. It is getting overbought on the stochastics, it is approaching the 50sma and also that is an area where the price bottomed on the last 4 dips. This stabalize
