FEB 10 Charts

Friday is the last day of the week, and I usually just do a brief report with a few bullish chart set ups.   On Thursday, we did see a variety of action however,  so Fridays report will be a bit longer than normal. Keep in mind that I usually cover things with a bit more detail in the weekend report.

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SPX – Many think that the market is breaking out and going to rally a lot higher. I do not think that for reasons mentioned in prior reports, including the VIX situation.

Last  weekends chart

 

USD – On target so far.

 

GOLD –  Day 9 and it can drop further. $1222 would be ideal, that is the 10 sma.

GDX CHART #2 – Huge drop?  No.

 

GDX CHART #2 – Can still drop further and be fine, I have us on day 10.

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JUST CHARTS –  GOOD & BAD

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-Let’s get a couple of not so great charts out of the way first

 

CDE CHART #1 –  OUCH! I skimmed their report and have no idea what is going on here, but it looks like FUNDS or big money was taking their exit.  If I bought it as core in the spring of 2016, it’s a huge let down, but I guess I would still be holding it.  What if I personally bought this in Dec 2017 or even later?  I would be stopped out ( or I would have just sold) since it broke the 50 & 200sma, then I would just wait and see.  This is not normal 1 day action and thus it may need time to repair itself.  Time that my money can be used elsewhere.  IS A BACK TEST COMING ??Ossibly.   See also chart #2.

CDE REPAIR WORK –  IT STILL DOES THE BACK TEST SHOWN ABOVE, AND THIS IS JUST A GUESS, but this is why I say that these often take time to repair. FUNDS may be dumping the stock and they can’t all do it in one day, so selling might persist.  If so , it could be dead money for a while.   🙁

THM –  I mentioned that I sold 1/2 and put it in WRN Wednesday. I also said that I would probably sell on a break of this uptrend, that was my line in the sand.  This recovered a bit and may be fine, it could even drop to the 50sma and then move higher.  as for me, I sold the rest and went into WRN again. If I see a break out above the 200sma, I will re-buy it there later.

 

Now the better charts

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Using the 2 charts below : We talked about the nice reversal on CLF using these charts yesterday, unfortunately it POPPED pre-Market.

So the question for those that were already in it.  Can this go higher?

Answer: Sometimes they bull flag, sometimes they just keep surging higher.

I’m using LPX to show you how they can just keep running higher.

 

Wednesday We discussed this set up in  WRN–  I said that I sold my THM and added to WRN.   Let’s take another look, I still really like this set up now.

It didnt blast off, why do I like it?

 

WRN : I love this weekly chart

 

I pointed out NAK Wednesday.  Again it just dropped 13 cents and closed only down 1 cent.

 

PLG –  The 200sma area did hold it back and caused a pause. Maybe a bull flag will form? That would be so much better than a back test of the recent break out.  Either way = Still Bullish.

 

PPP –  I am still in it.

X– Mentioned A week ago, we saw great follow through Thursday. This has a lot more upside in my opinion.  I mentioned a $52 price target the last time this was in my report a week ago.   X, AKS, CLF, SHLO, etc  all did well.

UUUU WKLY –  Uraniums are setting up, this is a good weekly set up.  I think it is a buy.

URRE – A nice bounce off of the 200sma.  I bought this Thursday at the close.  Why?…

URRE WEEKLY –  Weekly charts may not play out “the next day”, but I love this set up longer term.  We bought URRE around $ 1.40 – $1.60 late Dec and early January. After a huge run, I sold all of mine at more than 100% gains.  Now we see a consolidation and I want to buy & hold for a while, and this looks like good support and an excellent base.

 

So there are a few trade ideas to review as we go through a possible pull back in Miners. Enjoy your Friday trading and your weekend!

~ALEX

183 replies
  1. zig-zag
    zig-zag says:

    Hi Alex, thanks again!
    Your chart on GDX, “GDX has been riding the top of the bands” what type of bands are those? They don’t look like Bollinger bands. What is the name of the indicator on stock charts?
    Thanks in advance.

  2. deshy
    deshy says:

    Alex, thanks for the Friday report! I think I’m addicted to these things as my day feels more complete :-). Also interestingly sold THM as well, bought URRE and added to PPP (like the bull flag on the hourly though it may not hold) all before your report…something must be sinking in! [now let’s hope it was the right trades]

    • chartfreak1
      chartfreak1 says:

      Sounds good, I cant tell when URRE is going to go, but I do like the set up. 🙂

      Sadly – you missed WRN…That is one of my favorite set ups and I’m covering it in the weekend report too.

  3. Cal Staggers
    Cal Staggers says:

    I’m looking at the MACD & RSI on GDXJ for 1min, 2m, 5m, 15m & 1hour
    I’m not sure I recall seeing such buying pressure during pre-market as we currently see
    NOW I wish I knew what that meant!

    • chartfreak1
      chartfreak1 says:

      Seems it did.

      I write most of my reports at night Ray, and I use whats in front of me at that time. I pointed out that the 10sma was near 1222, and that was the next likely target.

      I release reports in the a.m., because it gives me the extra time to wake up, proof read for spelling mistakes or sentences that may need to be broken down to a more basic understanding, and then hit “post”. 🙂

  4. Steven
    Steven says:

    Alex, mjna that ridiculous candle yesterday, do you have a hypothesis of what the hell that was? Would you steer clear? Thanks bro

  5. nancytheartist
    nancytheartist says:

    Alex, you must have been talking to me about CDE. It was one of the first things I bought when I joined you last Feb. I sold some for a good profit and put the rest in my core. I’ll just keep it, especially now that my taxes if I sell sometime later will be better. I scanned the report and it did not seem so bad to me. I have liked the company for years.

    • chartfreak1
      chartfreak1 says:

      Yes, I dont know why it sold off like that. The report wasn’t bad. It’ll likely respond when Silver breaks out higher too. Bummer of a day for CDE holders though.

  6. chartfreak1
    chartfreak1 says:

    I’ll be in and out ( Away from my screen from time to time today.
    I have a lot of snow to clean up for myself and some others. We got over a foot, and some winds caused piles too build up to 18 inches, but its fairly light and easy to move.

    So far it looks like it’ll be a normal Friday- nothing too crazy . Enjoy!

    • nancytheartist
      nancytheartist says:

      I saw some interesting tips about snow….if you are shoveling, spray shovel with Pam [vegetable spray]…keeps snow from clumping and sticking together and not coming off the blade. Also…for accumulation on windows/windshield….mix 2 parts vinegar and 1 part water in a spray bottle and spray on….it breaks it up! Also…if you prepare before the snow comes, cut either a potato or an onion and rub its juice on the windshield…apparently the sugar makes it so ice can’t stick. put a baggie over side view mirrors. Pull out wipers and put a long sock on it and leave it standing upright. It won’t get stuck in ice to the windshield.
      And I live in FL!? Why didn’t I know this when I lived in NY!?

      • chartfreak1
        chartfreak1 says:

        I actually love a good snow storm maybe 3 times a year. Light the woodstove and stay warm while its falling outside. The clean up is good exercise, but sometimes the timing & driving in it is a bummer.
        New England can have those relentless times that drive you crazy, and no doubt about the fact that I LOVE summer time. So much more to do outside , and I am jealous when I’m here in the winter and see people in Cali wearing shorts and flip flops. 🙂

  7. Erik Sven
    Erik Sven says:

    Apparently I got stopped out of THM yesterday (8% loss on the position). Don’t really notice it in my account though after NAK and PLG wins. That’s not always the case, so I feel “in control” while also “not cute.” Thanks to Alex for the coaching! Edit: now can redeploy funds. Will look at WRN and/or URRE.

    • chartfreak1
      chartfreak1 says:

      I’ve had to cut a few losers loose too, but what you said is correct – if you have some bigger winners to off set the losses, you hardly notice. I had loss on LBTR, sold my TMQ ( for now – still like it) for a small loss, and another that I cant remember off hand, but the PLG, NAK, WRN, and other trades more than take care of that. Especially counting gains from Dec lows to now in Precious metals. Very helpful!

  8. The Seer
    The Seer says:

    Alex, what will gold do with the new tax reduction announcement coming soon from Trump?
    CDE to me is the premiere metal stock with AG and both primarily North America mines for
    safety so yesterday was a shock and I will continue to hold as it can ramp right back up.
    AG was taken down considerably to 7.85 or so recently AFTER Neumeyer (sp?) said he was
    planning on joining the class action suit(s) against the cabal manipulators . . . . . so I
    wonder if CDE was going to join (behind closed door whispers) so was taken down . . . .

  9. deshy
    deshy says:

    Alex (or anyone),
    Any thoughts on DNN/DML.TO? It’s been a hard slog but looks like it’s turning. Could be flagging here on weekly and maybe a 50% return if patient (that’s the hard part). Even the monthly looks good…though overbought for now??

      • BayTrader
        BayTrader says:

        Im still holding my position in this guy. Ive been fighting tooth and nail not to sell lol. (Dont be cute) entered .69 and added .71ish and again at .85.. Its actually one of my larger positions. I dont really check on it much, but i Hope NAK pt 2 is right lol

      • BayTrader
        BayTrader says:

        CF – Just looking at the bigger timeframaes – (no longer in NAK btw) but do you think its getting extedned at all? Im looking at the weekly and the RSE and MACd are pretty high up there… Ive been meaning to get back in, but after a massive gain, i was content watching from the sidelines…

        • chartfreak1
          chartfreak1 says:

          The 5 yr WKLY is coming out of a huge base, and that is why I accumulated it down in that base ( 30 – 50 cents area when it signaled that break was likley). Now you just ride a huge accumulated portion and trade the pops, but the drops using the pattern given, until the pattern stops working. This daily chart is climbing higher with consolidations, just like a stairway.

          So for some, it has been a buy & Hold, others are just scalping the set ups, and also some are buy & hold and trading portions.

          So just using the daily chart, a close under the 20sma can be used as a trailing stop.
          I think I even mentioned in the report that the set ups are near perfect for low risk entry and scalping the pops.

          The charts that I posted in reports this week ( see attached) are easy low risk entries though. These daily charts are no longer “overbought” when I point out where to buy.

          https://uploads.disquscdn.com/images/bf37510188fc80210b924838080d960cffb3601a874d4006ebf5163b8b4b9b12.jpg https://uploads.disquscdn.com/images/f844f92b42230621a26763bf0157012a260f5ddfbfabaa0a1b41695fec7cb44a.jpg

          • BayTrader
            BayTrader says:

            totally get it. Im done with scalps for now lol. But I was holding a pretty big position sub 1$. Just felt it was getting a little over extended and cut it. Biggest trade of the year for me, I think we discussed it before I signed up this qtr. I saw you post on it months and months ago on Stocktwits

  10. BayTrader
    BayTrader says:

    I know many of us got stopped on LTBR – its finally looking pretty good to me. clean retake of the 13, testing the 50. MACD still hasnt crossed 0 line but looking much better. Taking another small position

    • chartfreak1
      chartfreak1 says:

      I still have that on my watchlist- I took a loss on that one,but it does seem to be perking up again/

      If I was going to buy it, I personally will wait for a close above the 50sma. It breaks it , but can’t hold above it yet.

      • BayTrader
        BayTrader says:

        I took a decent hti on it as well. Hit my stop a while back. I know revenge is not a good way to trade it, but im taking that mofo down

      • MariaVacationTrader
        MariaVacationTrader says:

        I luv when u narrate ur buys and sells…and the Reason behind it….
        Great learning opportunity ..for me anyway………Then i can go and lookup that chart and study it…pack that info away for another day…another trade…. 🙂

  11. Cason
    Cason says:

    My morning limit buy for JNUG just missed. Drat. So, now will have to look to chase. Looks like all the buying I did yesterday in good faith is gonna work out!!

    Tried to post this morning but was having issues with Disqus. Seems to have resolved now.

  12. chartfreak1
    chartfreak1 says:

    NWGFF – Tammie, did you do any research on this one? It is breaking out .

    EDIT: I am not saying this is a buy, but the base is breaking out, so I was just curious if anyone spent time on it. I didnt and dont have time at the moment. Thx.

  13. deshy
    deshy says:

    Alex (and everyone), Thanks for a great week! As usual never bought enough but I’ll bask a bit in the WRN and NAK sun while it lasts. Enjoy the weekend!

    • Cason
      Cason says:

      Yeah! Made back 2/3rds of yesterday’s losses today already (stupid CDE). A couple more days like this and that will be well in the rear view mirror.

      • Glmus
        Glmus says:

        I made back 3/4 in basically a boring day. Luckily did not have CDE. Have a great weekend. Always enjoy your posts.
        Gary

        • Cason
          Cason says:

          Thanks, Gary. We all enjoy your buy signals, be it hourly, daily, weekly, etc. I had been just using my brokerage charting capability but was hard starting from scratch. So am now starting updatable watchlist, etc.

          I had a full position in CDE but have 12 miners and it’s smaller than cores, JNUG, etc so held me back a bit, but since I bought a large basket was able to mitigate the damage.

          • Glmus
            Glmus says:

            Thanks. My system is improving all the time. If you are following indicators, maybe we will end up being in sync on some picks.

      • Ken
        Ken says:

        Yea most definitely……sorry…..I could be wrong but I am seeing a possible H & S pattern devoloping currently, a right shoulder occurring, And becoming oversold RSI and Stoch wise…….
        I will be trading UUUU on the next buy btw…….

        • BayTrader
          BayTrader says:

          Ken,

          Not saying you are incorrect – we shall need to see the H&S play out… However, im not sure if URRE is following similar chart patterns. UUUU and URA seem to be identical in nature, but URRE seems as tho its doing it own thing.

          Any thoughts? CF?

          • Ken
            Ken says:

            UUUU is trading very close to URA Bay but I feel UUUU has more potential % gain.
            I just see it as a possible a b c wave 2 correction, if UUUU breaks 2.57 to new highs my count will be incorrect, needless to say, but then I may buy that breakout.

          • Ken
            Ken says:

            If she breaks that triangle I would consider buying that break….You ?
            Nice chart ! Way above the cloud……
            I have a position in URA btw………

          • BayTrader
            BayTrader says:

            I have a small position in UUUU and URRE as well as UEC. The reason Im pointing out this chart is because all though URA is potentially showing a H&S, UUUU and UEC are quite similar as well – UEC more of an ATriangle…

            URA UUUU and UEC all well above their respective ICHI clouds..

            I didnt notice a H&S, but I can see where your head is. Ill be keeping it on watch. Thanks for the heads up

          • Ken
            Ken says:

            Yes agree Bay UEC has a different pattern currently, I do think it follow the underlying OR maybe UEC will LEAD the sector and break out before URA and UUUU ? OR UEC may break that triangle at the lower triangle TL before URA will break my wave a at 16.15 ?
            Uranium is currently in a very interesting position…..
            Thanks for the discussion……..

      • Johnny
        Johnny says:

        I did well last Spring…I sold at the tip top (dumb luck). That dilution in the Summer was a big stall. Now it seems to have steam building again. Maybe you should reconsider. You are a smart cookie. I think it has a decent chance to climb higher. (imho) 🙂

        • Cason
          Cason says:

          Nice!! I’m missing out on GPL now. But, I’m all aboard the NAK train and my MUX and BTG cores are kicking butt!

  14. Glmus
    Glmus says:

    Alex, if you knew ahead of time that we were going to have an EWT third of a third next week, which stocks are a must own?
    Here is my list chosen because they are, or will be, breaking above of their nearby high and the resistance back to 2013 isn’t too bad (IMHO): BTG, GPL, GSV, GV (not really gold but running with them with no resistance), KLDX, MAG, NAK, PAAS, PVG.
    I own some of these already. Please feel free to add a few to this list. Have a great weekend.

    Thanks, Gary

    P.S. Also JNUG.

  15. Glmus
    Glmus says:

    Good news. $BPGDM is holding firm. The green line chart in the background is GDX. Notice that they are not perfectly correlated. Notice how they both had a pull back in May which is seasonally weak and bottomed there together. Thus, it would be nice if we could rally into April before having a serious correction – $BPGDM led the top there. Also, $BPGDM led the top in Aug and the bottom in Dec. So it is something to watch. Hopefully this next week will give us a nice rally.
    Gary
    https://uploads.disquscdn.com/images/58960fdf8bde352bac48077e7193742a8e1bfbb482d01ab0ff28ae8d86f1c928.png

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