Wednesday July 23
Good news: The Bulls are in control, and We do not have any important data to be released today.
.
I mentioned yesterday that by looking at The DOW JONES, I did see a more noticeable dip that could be a more visible dcl than what is showing up with the SPX & NASDAQ, so this is just a reminder of that. The DOW moved higher yesterday.
.
SPX – So if we have a dcl, then this would be day 4 and that would have been a very mild dip into that dcl. That shows strength in our markets for the start of a 3rd daily cycle.
.
DNA (Biotech) – I wanted to point out that after a strong rally from our June buy and then that dip toward support, it became ‘oversold’ again. In other words, it took a rest to re-energize and that is seen in the stochastics, so this was again a buy point…
.
I’ve been riding DNA and this is one of those stocks that can run and put in 10% plus days, so I posted this at 10 am, it was up 5%again, but look at the stochastics. Oversold. .
I posted this at about 20 minutes later at 10:30 am, when it was now up almost 13%. If you own it, I am looking for a return to the former highs (at least).
.
DNA can stall or chop, and if it does you could ‘add’ or start a position at the 20ema (not shown, sorry), but it remains closer to oversold, as seen by the stochastics. That means that the upside can continue as volume increases.
.
So I wanted to point out a couple of those Biotech stocks like DNA and CDXS. This is in my Biotech sector and it is setting up to break that 200sma. The MACD has strengthened and I think the potential is good once it gets going. I have seen some strong runs in Biotech lately ( See CRSP, NTLA, and EDIT).
.
LAC broke out, stalled and started higher, so I posted this at 10 am yesterday. It was a buy at the 50sma and now at the 200sma. It went on to close up 7% and can keep running (Energy is coming to life as seen with BLDP, PLUG, OPTT, PPSI, etc etc
..
And we’ve been looking at FCEL at that 50sma and 20 ema. Yesterday it finally broke above and closed above too. This is more of a buy and hold set up, but it does put in a good day, so it can be traded too. FCEL closed up over 4% on Tuesday.
.
THE USD has been rejected at resistance so far, and this has helped Gold & Silver. The USD can drop further and that would help Gold & Silver.
.
GOLD now has a day 15 peak (So far) and this can run higher too. This is a long choppy consolidation period, and price is finally starting to rise higher.
.
SILVER is at new highs and this should be day 19. Notice with the colored boxes that lately Silver runs, consolidates, runs, consolidates, and now its starting the run part again. Can it run to the $50 area before it peaks? We’ll see, again this was day 19, the clock is ticking.
.
GDX has put 2 nice days higher together now. It is at the highs and can continue higher.
.
Several Gold stocks’ charts like KGC, IAG, EGO, HMY, etc have gone from choppy to looking pretty again.
.
IAG has a few false breakouts, but yesterdays closed above the downtrend. I do like the look of many of these charts, they just need time for some follow through.
NOTE: Even just a run from that 50sma to April highs would be over $1/share. So if you owned 1000 shares, that’s $1000 gain. If you had 2000 shares, that’s $2000 gain.
.
Again, the bulls remain in control and the various sectors of the market continue higher. Tech, Energy, Biotech, Precious metals are making gains, and we have no real market moving data scheduled today. Enjoy your Wednesday trading!
.
~ALEX
.
BITCOIN looks very good. This live shot shows a pull back from yesterday, but the set up remains quite bullish looking and Crypto stocks are trending higher.
.
Crypto stocks are trending higher. Yes, they are choppy and difficult at times, because they can drop 5-7% in a day, but the climb seems to be in sync with Bitcoin now.
.
WULF reversed right at the 200sma, so I pointed that out in the comments as a BUY.
.
WULF continued higher and closed up 5.41%.
.
BTDR is another that is choppy, but making progress. The down days can be rough, but this move was $10.50 to $15 from the June lows to now. So…
.
So as long as Bitcoin looks to be making progress or looks ready to continue higher, these will likely move along with it. Some have already been rocket ships (IREN, CIFR, etc) and others are still near support, as we saw with WULF at the 200sma, BTDR at the 50 & 200sma this week. That means that they can be traded or placed in a buy and hold.
.
HUT is another example of choppy, difficult, but higher over time. This has been rough, especially with Bitcoin being so choppy, so it’s not for everyone. That said, if you like this sector, it still looks like Bitcoin wants to move higher again.
