Thursday September 26th – Pointing Out Some Bulls

/in /by

As mentioned last week and in recent reports like yesterday, Silver just came out of the ICL and is now in a 2nd daily cycle and I really like this Bullish set up for Silver ( & Precious Metals in general)  when it comes to Bullish set ups, so let’s take another look at the Bulls that are running now.

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SPX – On day 36, this has been a bit of a choppy run out of the ICL and 1/2 cycle low, but it did make it to new all-time highs. Since daily cycles run 35-40+ days in length, we could be near a ‘peak’ and therefore we have to expect that we’ll see a dip sooner than later, and that dip will be a buy (DCL).

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THE NASDAQ and SOXX have lagged on this run, but that could prove to be 1 of 2 things going forward…

1. It makes the 2nd daily cycle a good trade as it plays catch up to prior highs like the SPX did, or

2.  It could be a warning sign of tech weakness and troubles ahead, but you just buy the dip with a stop and see what you get.  Read the chart & Notice tech company names…

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YESTERDAY I SAID THIS IN PART:

THE SOXX is still just choppy and it may remain that way for now, so we may have to wait for the next daily cycle to see if it can get any traction.  IF IT DOES NOT get moving, it is likely that the General Markets will chop sideways and struggle too. If the SOXX runs up to its former highs as drawn here, the SPX & NASDAQ will continue the bull run too.

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THE SOXX did push a little higher, but I still expect this daily cycle to end around the 50 & 200sma (As a buy). So…

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Some of the semiconductor stocks are mimicking the SOXX, like…

 AMD: So this might be a nice trade if SOXX runs to the former highs in the 2nd daily cycle. In fact, $140 to $220 is an excellent trade really. That’s a 60% gainer if it plays out.

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NVDA dipped low on that half cycle low, down to $100. If NVDA starts to regain bull status, this can run MUCH Higher over time, so I did recommend this & others under the 50sma weeks ago and will mention it again here at the 50sma on a dcl dip.  One more chart & then we move on…

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One more chart & then we move on…

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SO IS THE RUN DONE (?), OR IS THIS JUST A BULLISH CONSOLIDATION / STALL? If it continues higher with repeated rate cuts, we may wish that we bought it in this triangle area. Or AAPL, GOOG, etc.

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YESTERDAY I SAID:

WTIC – This bounce should roll over, since the September lows came in too early for an Oil dcl. It may tag the 50 sma first.

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WTIC – That reversal would be a low risk entry on DRIP ( I had mentioned DRIP to Bill in the commenting area).

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DRIP has made a couple of nice runs with Oils sell offs. It reversed right at the 50sma. If Oil just sells off into a dcl, this could rally steadily like it did in August and September. NOTE: Drip is a 2x, so it can be risky as a leveraged vehicle.

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YESTERDAY I SAID:

GOLD is now continuing to run up and along that 20 ema, and now it even looks to be a bit steeper as it runs higher in this 3rd daily cycle.

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GOLD could be starting a steeper incline. I could say MAYBE, MAYBE, MAYBE, in a parabolic run to $3000 and then a drop into the next ICL.  That remains to be seen, but I had to mention it as a possibility.

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GOLD – Prior strong runs in February to April peaked early, right around day 18 or so. We are near day 18, but if this wants to go parabolic, it can run to day 30 or so. What might make Gold run more than 18 days this time? Maybe the fact that Silver is only in the 2nd daily cycle, so they’ll run together?

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SILVER Looks very promising: It broke the downtrend, it is running higher to the May highs now, and take a look at the RSI. It is NOT as overbought as it was in April and May and the MACD is NOT as high either.  That tells me that this does still have upside room to run if it wants to do that now. Silver dropped on Wednesday, but we did see that in the middle of the April & May run, didn’t we?

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SILVER – I simply grabbed the distance that Silver travelled in May and added it here as a Measured move. It takes Silver closer to $35.

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GDX can ‘ramp up’ into a nice run higher if Gold & Silver do. GDX ran well in March, April, and May. It was choppy at times, but as pointed out in yesterdays report, milder dcls were put in place at that time. Notice the RSI & MACD Here vs April too.

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Reminder: Last week and this week (Yesterday too) I had a good number of charts of Miners in the reports and I somewhat favor the Silver stocks as ones that can play catch up if Silver gets going.

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EXK – LAST WEEK I pointed out the Silver stocks and mentioned that a few double bottomed off of the 200sma and were crawling along the 50sma. Silver had an ICL, so these could be bought now or on the next dcl. This chart was in that report…

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EXK : My point was to show the potential if things get running strong, daily cycle after daily cycle (with Rate cuts in the future too).

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So for The General Markets and Precious Metals (& possibly Crypto Miners now or in the future), the buying of a basket and holding has been in play. Adding to that basket at the next dcl is also an idea, and Tech stocks that lagged may play catch up for the buy & hold investors.  I’ll keep an eye on things.  Enjoy your Thursday trading!

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~ALEX

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BITCOIN YESTERDAY:

We are on day 50, so we could rally, dip into day 60, and then breakout, or it may just continue to chop around into day 60ish, and then take off.  We’ll keep an eye on things each day.

We still have time for a run higher, but now it starts to get late. I DO SEE IMPROVEMNET IN THE MACD ON THIS RUN. We could be setting up for that breakout (FINALLY) soon, after a day 60ish dip. Some Crypto stocks are firming up too.

 

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 BITCOIN : so this is just a guess, just an idea.  I have seen Bitcoin Burst higher only to fool everyone and drop quickly. See the Blue POP & DROP. Maybe we get a quick pop higher and then come due for that day 60 low.  The POP would draw people in, the drop would drop them off, and the rally would have them chasing & pushing it higher.   JUST A GUESS, Just a thought.

 

I love what IREN, WULF, BTBT, HUT, and others are starting to do as they look to be setting up for a run again soon. I posted these charts yesterday as an example. You can keep an eye on them when we hit day 60ish.

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WULF has been very choppy, but suddenly, over time it has now proven to be a bullish set up that popped 10% yesterday.

At BITCOIN day 60, it may drop back to the 50sma, we’ll see.

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BTBT has been horribly choppy, but when it runs, it runs. It is now trying to recover with Bitcoin.

At BITCOIN day 60, it may be back near the 50 or 200sma as a buy.

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IREN was just chopping along that 200sma and suddenly yesterday it shot up 13%.    These are tricky, but it does seem that this sector is starting to perk up and therefore Bitcoin MIGHT be preparing to break out. At day 60, who knows where this will be, but I’ll be watching for a buy.