Friday December 5th
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SPX – The General Markets closed up again on day 8. You can see that for each day this week, the markets were red at one time and then closed green (except for on Monday when it closed red).
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IWM – The rally was so strong for the IWM & The SOXX, that it has reached the former highs already. As pointed out in the daily reports, the stocks are making good gains heading into the Fed Meeting next week.
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FCEL was pointed out a couple of days ago under the 20 ema, and after adding another 9% yesterday, it is up 20% this week already.
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PLUG is at the 20ema now, so it may pullback and then break out, or it may break and run like FCEL did.
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I posted this in the comments as OPEN appears to be forming a large triangle. Since it is tight in the apex, it may be ready to break out. It was a buy with a tight stop…
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OPEN continued higher and closed up 9.2%. It is now pushing in the 50sma.
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PONY is an AI stock that I did very well with in September. It sold off hard into the recent lows, but it now looks ready to recover with the others. Can it get above the 50sma? So far it is crawling along or hugging that 50sma, but it could breakout if the markets continue higher.
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Speaking of that 50sma, Is Oil finally going to break above the 50sma and run to the 200sma? It did move higher, as expected, and is pushing on the 50sma.
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THE USD broke below that 50sma after breaking out above the 200sma and then losing it when the Feds started to discuss the rate cut possibilities. So we have weakness now, with a false breakout and then further rejection with the USD. Notice the RSI.
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GOLD broke out and has paused above that triangle.
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YESTERDAY I SAID ABOUT SILVER:
I’d like to see Silver pause and maybe put in a pennant or bull flag, because if it just keeps going straight up, this will likely be a blow off top and a ‘peak’ for a while.
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SILVER dropped and the started higher, so we may get that flag that I wanted, OR…
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If SILVER drops even further, it still isn’t going to become bearish. We may see a tag of that 10sma or even back test of the breakout if it drops even lower. Silver is a very good-looking chart at this point.
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GDX dropped and recovered, and many Gold & silver stocks did this too. I have the 20ema here, but if the Miners are going to be really strong run, they’ll usually follow the 10sma (next chart).
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GDX held the 10 & 13sma nicely on the recent rally of August through October.
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KGC a number of Gold stocks look very similar to the GDX chart, like KGC, AEM, etc. These remain bullish set ups.
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IAG and EGO and a few others are even stronger than the GDX, with price above the cup, so the sector paused but is set up bullishly.
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NAK actually looks very strong, and I posted this in the morning in the comments. This is a nice move regaining the 20 & 50ma, dipping back to it to test support, and then rallying higher again. NAK held the gains and closed up over 8%.
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Today is Friday, the last trading day of the week. So far, we have seen a very bullish week, now that the rate cut appears to be more certain. The kind of trading that we have seen this week can continue into next week and the markets would break to new all-time highs again after the recent sell off. The stocks of Quants, AI, Nuclear, Tech, etc were making 10-20% gains again yesterday, so it would be great to see that kind of recovery continue. Then we could….Enjoy our Friday trading and upcoming weekend!
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Note: I have a funeral this Saturday, followed by a gathering to support his wife, so the weekend report will likely be finished on Sunday. That said, you can just feel that the bullishness is returning to the markets this week, so it will be a bullish weekend report.
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~ALEX
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YESTERDAY I SAID:
BITCOIN has now given us a move out of the lows that formed a higher low and a higher high. It also overcame that 20ema , but Crypto stocks are mixed right now, and I am a bit more cautious right now. WULF & CIFR look good. CLSK and HUT & RIOT do too.
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Bitcoin is meandering around at the lows, but again, we have a higher low and a higher high and now I would use a stop at the higher low. I haven’t traded CIFR, HUT, WULF, IREN, CLSK, etc on this run, mainly because the other trades in the general markets have been doing very well too, but they are moving higher.
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I will just post charts of CIFR, CLSK, and HUT here today, since they represent what the Crypto stocks are doing. They are now moving higher and many also have a higher low in place now.
