It Has Been A Good Ride

And I dont think that the ride is over in certain areas, so let me discuss that after a market review.

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SPX– Looking for a break to new highs, early in this daily cycle.

SPX –  We got the break to new all time highs.

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SIDENOTE:  I want to release this at 7:30, please excuse typos, since I havent had time to proof read  and correct.

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IWM – The IWM also broke to new highs and I had a target at 120. I dont love this break out yet…

The break outs honestly looked a little weak.  Why? Light volume and divergences, etc.  I expected people to be shorting this tag at the highs.  I have seen so many “Bears” saying that we would tag highs and roll over,  that I expected a LOT of shorting. With a break out, I would expect a little short covering and that would lead to a better pop. SO far the pop is tame, but closing at new highs can lead to a run higher with no resistance.

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BKX – Banks improved, but have a lot of work to do.

 

WTIC – I expect a bounce soon, but I’m watching it this way.

 

CRB – A pop in Oil would also help the CRB. Metals stocks actually look good to me again.

 

AA- Alcoa released earnings after the bell and price was higher in after hrs. This chart looks good.This should run to $11.50 and break out or form a handle and then break out. It has formed a nice base above the 200sma.

HBM – I like this set up too. Many of the commoditiy stocks (metals) look like they want higher prices again.

NCQ –  This is Nova Golds Copper company. ON April 17th I posted this chart of a bullish base forming, it was a buy on support. Some have told me that they put this in their ‘core’ position.

 

NCQ –  It ran very strongly for them in April and broke to new highs.  It has since pulled back to another base. It looks to be starting another strong run and will likely break to new highs again.

NCQ WKLY– This stock has good potential in a recovery.

X– US STEEL is back up near recent highs and will also probably break out soon. IT just ran from $13 to $20 while most worried about the ‘wiggles’ in commodities lately.

SO I think that many of the metals stocks look good again. Look at a chart of CLF. Things are bullish in this recovery, especially if you can just ride the wiggles in Metals and Miners.

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GOLD, SILVER, and MINERS

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GOLD –  Riding this Bull is tough ‘real time’, but Gold , SIlver, and especially Miners have put in a very profitable recovery so far.  Gold was down Monday,  Miners were green.

 

SILVER –  Silver is extended, so it could drop and remain bullish.  Maybe a tag of the break out, or…

SILVER –  These extended precious Metals can just remain that way, and we have seen that in Many Miners.  A sideways consolidation and another run higher…  

AG, CDE, PAAS, etc all at highs for 6 months and some up 600%- 700%+.  Notice all of the sideways moves during drops for Gold into dcl’s and an ICL. I have a large core position in Miners now that I may not trade at all in 2016, even though I expect dips along the way.

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AG – $2 to almost back above $20. I LOVE this stock. Plenty of “wiggles’ and sideways moves, but this trend was your friend!

GDX – Plenty of ‘wiggles’ and plenty of profits.  Yesterdays push higher was weak volume-wise. This could surge higher with better volume or dip down and re-group. 

GDX CLOSE UP –

 

TRADING and INVESTING in Miners

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With all of the wiggles going on in this bull ride higher, Many Junior Miners are just doing their own thing. I see many many nice set ups, and as you know, Giraffes are popping up everywhere.  Lets look at a few Miners and how they act under current conditions. It will benefit many.

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KGC–  Recommended here, it was breaking out. I’d expect a run to May highs and then another break out. This was the buy, however…

KGC –  It remains a buy. It has NOT broken out above May highs yet.  When these break out they can run swiftly again.  Look at GORO for example.

GORO – See how they can run after they break the May highs. Remember when I kept pushing BTG as it approached former highs? It broke out and so far ran from $2.25 to above $3.00.  Good gains.

EXK – I kept hearing that EXK is lagging and weak.  It was consolidating, and the set up was bullish, so I recommended it with this chart as a strengthening lagger,  not weak.   $3.89 and about to break out.

EXK last Friday.  This broke out, back-tested , and looks ready to run ( Again see Goro).

TGD –  This was an amazing move.  It was actually down 20% , and all it seems to have done is closed a gap & tagged the 20 sma  ( 22 shown).  I expect this to run higher.

 

XRA July 5th  –  XRA has run up quite a bit, but I showed a possible bull flag could form, and this base is HUGE! You know how I feel about the potential of coming out of a nice long bear market base.  I point them out all the time, but they do need to have proper formation and set up.  XRA has it.

This is the XRA bull flag as of yesterday.  It could just go higher from here. It is extended , so it is tough to buy, but the way it is riding that 10sma, you could place a mental stop there.

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NOTE : THM looked extended. I was told that when I pointed it out at $0.60 and $0.75 cents. at the end of June.

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THM–  The situation was the same with THM.  It was pushing April highs with a proper set up.  I said to buy it, it was ‘ready to go’ at 75cents, though it looked extended.

 

It popped to almost $1, and I had a report that discussed how the first pop would drop and lead to another move higher

THM CURRENTLY–  Though very extended, it has a long way to go in the big picture. Monday it POPPED another 32% and is now at $1.35!  From our original 65 cents, that is 100%.

NAK – SO, I think NAK may just be getting going too. Mentioned it at the end of yesterdays report and bought it at the open. It ran up 27%, but is it over extended? Not on this chart.  Any pull back and I will add. 

BAA – This is also a monster base.  BAA has been moving higher daily and was up 12% Monday. Over time gains could get exceptional.

SO we have our general markets pushing higher and the SPX is at all time highs. It is early in the cycle, so gains could be good if one goes long the UPRO or calls, etc.  I honestly didn’t LOVE that their wasnt a lot of short covering to POP it over prior highs, but that may still occur going forward.  The BANKING sector needs some work.  OIL isnt ugly, but it has weakened considerably. Interestingly,  Some OIL/ ENERGY STOCKS look like normal consolidations.   The Metal stocks look good and commodities in that area look healthy and like they want higher prices.  Precious Metals are still acting very well. They can be getting a bit extended, and so I trade them individually. Some are playing catch up & may be safer to enter for some short term gains.  The charts also show great potential if you just want to buy & Hold.  Stocks like EXK  ( yes, GPL in time)  SAND, BTG, etc may end up looking like AG, CDE, ETC by the end of the year.

 

Traders and Investors alike are benefiting from the BULL RUN out of the precious metals bear market lows.

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~ALEX