Wednesday April 3rd – Looking Good
Todays DATA could move the markets, but it doesn’t seem overly dramatic.
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Even though The SPX dropped yesterday, it is still more of the same. It found support and reversed at the 20 ema like it has many times in the past. Until it breaks down below that, we can expect price to continue to chop higher. I think that a close below the 20ema would change the signal.
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WTIC – Oil was VERY choppy at the lows, but once it broke out, it started to climb a little more steadily. This is day 39 of possibly 50ish, so Oil could target $90 and then dip into the next dcl as drawn.
I have mentioned buying MRO, VLO, APA, NOG, ERF, ( GUSH for XOP), and more. How are they doing? – Oil stocks have been running steadily higher.
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MRO-MRO, for example, is almost straight up now. I would love to see our GOLD & SILVER Miners do this, and they very well may have already started to make a nice steady run like this. This is a great run, but….it may not be as great as it looks. Why? Many of these green days were less than 1% each day after day. Our Miners will run 3-8% per day on a good run 🙂 That said, $22 to $29 is a nice run.
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APA – Has been slightly lagging, and it ran from $30 to $36, but it dipped and looks like a buy here.
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VLO has had a nice run as a leader. It has moved from the $120 to $180 area. Big gains here and again, I think some of our Miners can do a run like this over time.
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YESTERDAY I SHOWED YOU THE USD LIVE AT 6 AM WITH THIS CHART: I said…
THE USD is acting bullishly. It made a new high in this daily cycle, so now we have the bullish ‘Higher low, higher high’. Despite the strength, the Precious Metals did well.
USD – And then the USD actually sold off as the day went on.
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TAKE A LOOK AT HIS GOLD RUN: It has already hit a high of $2288 ($2300). It has been a steady climb and if anyone had doubts at the lows and didn’t climb onboard, they’ve missed the boat.
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ON TUESDAY MORNING at 6 a.m., I SHOWED HOW OIL WAS RISING UP WITH THIS CHART…
SILVER LIVE TUESDAY 6 am: This morning Silver is running higher again, so yesterdays ‘pop and drop’ was not a sign of weakness and as mentioned, the Miners ignored Silvers sell down.
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SILVER continued higher and had a nice 3.39% gainer. This is good news, because for one thing we are only on day 3! And…
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SILVER is actually breaking from a triangular pattern on day 3! That is bullish if it can hold above the $25 area. This could really start to run stronger and look at the stochastics. WE ARE NOT OVERBOUGHT, because it just dipped into a dcl. HOLD ON TO YOUR SILVER STOCKS.
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SILVER has levels that may be helpful to see on a weekly chart.$26 to $30 is an area that Silver may feel as resistance, but above that it can really fly. Remember 2010-2011. Silver shot straight up.
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AG INTRADAY: I Just wanted to show you that many Miners gap open and rally in the first 1/2 hour or so, and then they sell off, even filling that gap and going Red. AG did that yesterday. Notice that the gap fuilled and it went red, but after that morning swoon, it rallied back up, so…
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On the daily chart you can see that AG dipped to close that gap, but it then recovered and closed up almost 4% at the highs of the day.
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And if Silver does breakout and run from that triangle, many of these Silver charts like Ags have a lot of upside potential.
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EXK is starting to move upward at a steeper 45 degree angle. In the past it went from choppy at the lows to accelerating sharply, so hopefully see that again in 2024.
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GDX continued higher yesterday too. It is possible to get a 1 day, a 2 day, even a 3 day mild dip, but the rally out of the lows is a good one.
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What can I say? The bulls are running and as time goes on, the charts are better and better. Buying a basket of Miners at the lows and holding on has been paying off very nicely, and it makes me Extremely Happy when I get an email here and there saying something like: “I bought a basket of miners like you recommended at the ICL, and my gains are already better than I expected. Even my laggers are starting to rally!” I just love that. Some readers have been in the SPY, QQQ, TQQQ, SOXL trades, others bought Oil and their stocks, and now the Precious Metals area is running strong and that CAN continue for a while. The Crypto area has stalled and may get choppy , as mentioned yesterday. I’ll take another look at that below. Todays DATA was minimal, but Chairman Powell does speak at 12:10, so we’ll see if there is any volatility at that point. Enjoy your Wednesday trading!
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~ALEX
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BITCOIN – Yesterday I mentioned my concern with Bitcoin dropping and closing below the 20 ema so early in a daily cycle. IF it is just forming a triangle, that would be bullish, but this also may just get choppy and consolidate recent gains. I mentioned that yesterday too, and I will repeat that below…
YESTERDAY I SAID THIS:
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BITCOIN -I don’t want to make too big of a deal about this, but that drop overnight was a little out of the ordinary in this bull run. We are early in a new daily cycle after that day 57 low, and We just broke back down through the 20 ema. In all of the more recent rallies, that only happened when we were seeking out the day 60 dcl (after day 50). What might that mean?…
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BITCOIN -That MIGHT mean that we are not going to ramp straight up like we did in the recent past.
We may start to consolidate these recent gains before the next real strong leg higher to $100,000. It’s really too early to be overly concerned about a 20 ema break, but when I look at charts, I do look for similarities and variations. In this case, I am seeing a slight change and when I see that, I like to let you know. At this point, it is no big deal, but we might see some choppiness in this sector and the crypto miners may have already been showing us that ahead of time when they stalled & became choppy recently. This may be due to the upcoming ‘halving’.
