December 5th
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SPX – The General Markets continued a little higher on Wednesday and they do still have room to push even higher. Today is the release of the jobless claims, so we can look for that at 8:30 a.m. ET.
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WTIC – oil remains choppy, but most likely has a dcl in place at day 49 on Nov 18th.
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GOLD is chopping sideways under the 34 sma and the 50sma (not shown). It is day 13 with a peak on day 7. I am expecting Gold to roll over and drop into an ICL, possibly around the next fomc mtg.
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SILVER is up against resistance, but it did have a nice push higher on Wednesday. Silver actually has a bullish look to it in many ways, and if you look at EXK, CDE, HL, AG, etc, they do not look too bad either. That said, Silver broke below the last dcl and should continue lower over time. THEN Silver stocks should give us a nice entry.
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GDX– I expected the GDX to run up to the lower trend line and 50sma, but now I don’t know if it will get that far. I thought that it would tag the 50sma by the 11th day to keep it L.T. If it rallies now, it may peak on day 15 or so and risk becoming R.T. GDX sold off sharply in October to November and that looked like an ICL drop, but I’m expecting 1 more dip lower into the fed mtg here too.
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Yesterday I was able to trade until around 1:15 p.m., and Bitcoin had that triangle that I mentioned in the report, and Crypto stocks started to look good, they looked like a buy, so I posted a BTBT chart. I hope that some still own a basket of crypto stocks, because they are often very hard to buy once Bitcoin breaks out. Bitcoin will be discussed below, enjoy your Thursday trading!
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~ALEX
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YESTERDAY I MENTIONED THAT THE LOW IN THE TRIANGLE WAS DAY 22, but I then mentioned the following…
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I am sure that you will remember that several times when we were looking for a dcl in Gold, it formed in the apex of a triangle. When that triangle breaks higher, the lower price point in the apex of the triangle is where I start my new count, and with that low at day 22, we are now on day 30 (or day 1 with a day 29 low in the apex).
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BITCOIN broke out as the day went on, and this chart that I captured last night shows that Bitcoin closed there too.
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BITCOIN actually traded at $104,000 overnight and it is a clear breakout now. This is a picture-perfect looking chart. Congrats if you own a basket of Crypto in your buy & hold, or if you were buying this week as the triangle formed. When Bitcoin was Just $50,000 I have been saying that we should be expecting $110,000 and over $120,000. It moved here so quickly, that it does have the ability to get really euphoric and parabolic in 2025.
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BTBT – So I posted this around 1 p.m. yesterday mentioning that I saw some cryptos red, others up 4-10% and THAT MAY INDICATE BUYERS STEPPING IN FOR THE COMING BREAK OUT.BTBT was up 7%.
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BTBT went on to close up 13%
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MARA – I had mentioned in that comment that MARA was still red at 1 p.m.. This was it before I left, so this would have been a great buy,,,
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MARA only closed up 3%, so even at the end of the day, when Bitcoin started to break out, you could have grabbed some MARA. This runs well, as you can see from the $14 to $30 run recently.
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MSTR -I love this one, it has had an amazing run and it likely still has great potential. Notice how it reversed right at the 20 ema.
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RIOT was also red yesterday and as the day went on, it closed up 6%. RIOT has, in the past, had 20% up days, so this was a cheap buy yesterday at the 20 ema and should run well too.
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So MARA, RIOT, BITF, HIVE, CLSK, and a few others lagged a bit yesterday and may still offer an entry today. Unfortunately they may GAP OPEN HIGHER, and that can make it tricky to buy.
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BITF moved up 7% by the close, but it was only $2 midday. This is still near the lows of its’ base so it could run quite a bit if Bitcoin runs to $120,000+
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CLSK is a bullish set up and they just released their earnings this week, so that helps too.
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CORZ – I find that this one tends to be a little more stable and doesn’t sell off quite as sharply as some of the others. CORZ was only up 6% yesterday as Bitcoin started to break out, so it has good upside potential going forward.
