Friday September 19th – So Far, So Good

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SPX – The day after the rate cut saw the markets gap up and then a small rally brought it higher, but it couldn’t hold the highs. That’s ok, we didn’t crash. We’re now on day 33, and it looks like it’ll just be normal market action going forward. The markets have been doing well.

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Just a few Stocks thoughts:

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SNAP got crushed on earnings in August, but after basing out, it started to rally last week. I’m impressed by the strong volume  helping this recovery, but some of this could be ‘short-covering’.  You could buy this as it breaks the 50sma, and it can keep running, but this is only 1 reason why I am pointing this out.

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AI was also crushed, based out, and the AI sector is heating up, so it is possible that this company (they are a popular one), could do as SNAP is and continue higher. The Volume is not nearly as good, but this still may start to recover since it is in a hot sector. ALSO…

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Does anyone remember when SSRM got crushed and crashed from $10 to $4?? Well…

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Well, SSRM worked its way back up to $10 this year and then it Popped 15% on Recent Earnings report, bringing it to $15, and this week it traded at $23.   So CAN ‘AI’ recover from a crash  if it does well and is in a Hot sector like SSRM???

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So Can ‘AI‘ recover from a crash, if it does well and is in a Hot sector like SSRM??

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Well, Never Say Never, right?   P.S. I wish I bought 5000 shares at $4 back then. 🙂

 

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BBAI was a buy at the 200sma reversal. Many of us bought it when I posted 2 days later that it was stalling but bullish and had growing volume. The next obstacle was likely that 50sma, so today I pointed out that it was trying to break it, rather than bounce off and dip like they often do.

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BBAI – Shortly after that, it was breaking through and looked good, up 6.5%.  Well, it did dip into the end of the day as the markets sold off, but it was still up 4% and over the 50sma, so at this point, it may just continue higher, especially if the markets do. Also, the 50sma could be a place to add if it stabilizes there, with a stop on that extra portion.

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QS continued higher and was up almost 14% at $11.68 when I grabbed this at midday. It actually almost closed up 20%, over $12, so congrats if you took this trade.

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RGTI AND IONQ – These monsters are still running!

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RR is still running, it was a buy as it crawled along that 50sma in a large consolidation. It rallied and dropped, so that made it very hard to hold, but then it took off again. This is a robotics company, so take a look at another robotics stock.

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Serve Robotics (SERV) – This set up is quite similar to RR, except that it chopped above and below the 50 & 200sma. It has now rallied above it, back tested it Wednesday, and started higher Thursday, up 9%. This could eventually run too.

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BLDP, PLUG, CLNE, WWR, and others in this sector are still acting bullishly too. I do get a bit cautious when they get extended, so I usually take some profits and let it ride. NOTE: It could just bull flag, form a high pennant, or go sideways and let the moving averages catch up (I’ll show you with WULF for example).  If I’m heavily invested in it, I still ring the register on a portion, find a way back in later.

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NOTE: You may sell some and then it just bull flags, forms a high pennant, or go sideways and let the moving averages catch up, like WULF. Usually if it does though, you can always get back in as it reaches the 20ema or reverses higher with increasing volume.

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THE USD has a swing low as it bounces. The last couple of bounces became really choppy right away and then rolled over. That may happen this time too.

 

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I have pointed out in the past that GOLD climbs the 10sma nicely in a bull run. When it gets choppy and eventually breaks below it, it can signal that a dcl is coming (Orange Circles). We are chopping on the 10sma as the USD tries to push higher. Gold may take a mild break here. NOTE: This may be choppy because in this bull market, surprises have been to the upside!

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SILVER dropped and bounced, but I have to expect Silver to start to pull back, since it is in a 4th daily cycle.

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SILVER – This channel seems to call for a dip too, doesn’t it?  NOTE: This may be choppy because in this bull market, surprises have been to the upside!

We didn’t want Silver to get too overheated yet anyway. A nice pull back, if we do get one, will offer a great buy in EXK, CDE, HL, FSM, AG, SSRM, PAAS, MAG, ASM, SVM, etc etc .

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GDX certainly had a strong run, and it may be ready for a rest too. During the choppier times this year, price always seemed to bounce around the 34 sma and the 50sma, so I drew those on as possible targets.

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Everything survived the Fed Day Rate Cut, and some areas continued to rally strongly. Timing for the general markets is getting a little late (day 33), but they can run long at times, so we may still run higher. The USD is bouncing, and the Precious Metals sector has stalled at this point. We may be due for a dip, but it could be mild and choppy sideways too, we’ll see. Bitcoin moved higher and Crypto Stocks are still acting well. Some are Extremely Bullish, others are nicely trending higher. A few laggers joined in too, so I’ll cover that below. Enjoy your Friday trading and upcoming weekend!

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~ALEX

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BITCOIN has continued to improve, and the Crypto Stocks are doing very well. We’ll discuss a few below..

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BITF was a ‘buy’ at the $1.25 area and it has almost tripled in 8 days! It is a rocket ship, but these do usually pull back swiftly when the buying slows up and the profit takers hit the exits.  AWESOME Trade so far though!

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MARA & CLSK were our Laggers with bullish set ups:

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CLSK – I shared this chart on September 11th last week. It broke the wedge, got above the 200sma, RSI was over 50, MACD crossed, so it looked to be ready to participate.

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CLSK – I also shared the weekly with a higher low & above the 10 week ma, so again, it looked like it might be ready to go.

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CLSK – Looked ready to go, and GO It did!  🙂 CIFR almost shot up 20% Thursday alone and it was also up 10% Tuesday and Wednesday. That’s 30% for the week if you took the trade after the weekend report.

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MARA broke out 2 days ago, stalled on Wednesday, and took off on Thursday too. It was up 9% midday when I captured this chart. It dipped a little at the end of the day, but that may be a buying opportunity.

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And we do still have other Laggers, like CAN, but this is a base and it can be constructive if the buyers step in.  you can see that it does have a couple of volume pops, so it may be revving the engine.