Fridays Assortment

 

SPX – We have a swing low at what looks to be a 1/2 cycle low on day 18. The follow through will tell us the strength of the daily cycle.  The 200sma acted as support, and volume increased off of the low. I willbe watching for a break of the down trend line & a new high above day 12.

 

TQQQ – The first run out of the lows in February was strong and the 1/2 cycle low was high off of the lows.  This one is right back at the lows, so we want to see good follow through from this point on.  A break above the overhead resistance is necessary.  The good news?…

 

The good news?…  Earnings yesterday after hrs had some bullish reactions.  Fridays we can see if the gains hold.

 

AMZN EARNINGS – A Thursday pop of 12 %, with after hrs earnings report tagged on, brought AMZN to new highs.

 

 

CREE AFTER EARNINGS – Cree Popped Wednesday,  reversed,  & sold off on earnings, but attempted to regain the 50 Thursday.  It could be a buy if it does so on Friday.  That said,  I am still hesitant to get too excited until the SOX Proves itself, but as a trade, it is valid.

 

INTC EARNINGS – New Highs after earnings

 

 I AM WATCHING THE GENERAL MARKETS FOR A BREAK ABOVE DAY 12, AND I AM KEEPING IN MIND THIS CHART THAT I USED YESTERDAY REGARDING THE NEW FED CHAIRMAN

 

 

XLE FROM YESTERDAYS REPORT – This was bullish.  I expected a run to the former highs, so I mentioned that ERX is the 3x etf for traders.

ERX – This is the 3x etf, for a trade.  $34 or $35  to $44 is almost 30% gains. A stop would have been below Wednesdays lows and acan be raised along the way.

 

LET’S DISCUSS MINERS

 

 

GDX –  GDX is still mid point. We are heading into the FOMC Meeting in 4 days!  This could still break down for a quick shake out, or it can fool those waiting for that drop, and break out & run.  The move after this breaks & runs higher should be very rewarding, we hope that it is on the next attempt.

 

As mentioned in previous reports, some Miners are not still down near the lows. Some Miners have continued to perform well, and seem to be being accumulated.  Let’s look into this further, since we are just Days away from the May FOMC meeting.

 

AG – First Majestic Silver is now off the lows and is attempting to get above the 200sma. The good news?  You still did not “miss the move” for AG Silver.  Look at these 2 charts.

AG WEEKLY-  I posted this last week to show the big upside potential, as it starts to break from this down trend.  AG is only 10 cents higher than it was here.

 

AUY – I like the way AUY is acting on the 50 & 200sma.  It is on my watch list, and I am tempted to  just start a small position here, and then add if it drops into the FOMC, but EARNINGS ARE NEXT WEDNESDAY MORNING.

 

NGD _ Earnings were released here, and you can see the immediate knee jerk reaction can be a little tough to take as it dropped 10% ( but this might be a great opportunity too-  it may be a capitulation low, or ‘buy with a stop at lows’ )  🙂

 

HL DAILY  –  I bought Hecla because earnings are already out, and it is a Silver stock that didn’t get too extended yet.   Let’s look at the weekly…

 

HL WEEKLY  – I posted this last week.  When this eventually breaks out, this should begin an excellent run higher. It is currently only 10 cents higher than it was here, but I like the set up and continue to hold it.

 

BTG DAILY –  Interesting. If you bought BTG  at the DEC ICL, it is now back down at that price.  If you didn’t, YOU DID NOT MISS THE MOVE  🙂    It is on the 200sma . Does it look ok? …

 

BTG WEEKLY – It MIGHT slam down as we approach an ICL , but this is a great long term charts, and…

 

 

BTG WEEKLY – It also could just take off if it breaks above this wedge. With a 2 year consolidation as a base? This could really make great gains, once we get the break out that we are looking for in precious Metals.    That 2016 run was what we would look to do again.

 

GORO – GORO is a Miner that is not near the lows, but it has been very choppy on the move higher. Choppy yes, but choppy bullish, making new highs and higher lows along the way.

 

INTERESTING:  3 charts below… DURING THE TIME THAT GDX WAS BREAKING OUT FROM THIS WEDGE, I CALLED IT A NEW DAILY CYCLE & BOUGHT JNUG FOR A QUICK TRADE…

 

 

 

JNUG – So we had the wedge break out & I bought JNUG for that trade at  $13.17 & sold near $14.79 at the 10sma.  Not a super great trade( $1.62/ share), but that was 1 month ago…Where is JNUG Now?  Lower, so we have not missed the 3x etf move either. I missed the run to $16, but it came back to pick me up.

I am starting to get the feeling that this next low in precious metals is just going to be a DCL and the ICL may be 1 more month away.  It is not really possible to tell right now, but Miners just seem to be holding up really well only 4 days from the FOMC, and on day 26 of a daily cycle.  A mild dcl here and an ICL drop into June?   Time will tell, but we would still get some upside after the dcl is in place.

 

I HAVE NOTICED THAT FOOD, RESTAURANTS , ETC,  ARE DOING WELL, EVEN IGNORING THE RECENT MARKET SELL OFF.   Some are BUYS here, some are good for a watch list.

 

 

CMG & DPG below are just to point out examples of this sector exploding. These are not buys here, (maybe on a pull back though).

 

SO LET’S LOOK AT OTHERS IN THIS SECTOR

 

EAT – I would put this on a watch list too, and buy a pull back / Back-Test  to support if we get one. It also may be bought on a dip to the 10sma.

DIN  –  I wouldn’t buy this one right now, but I wanted you to see the strength, with the recent market sell off.  This one tags the 50sma and then runs higher along the 10sma.  It had a strong POP in February, relatively unaffected by the markets recent Feb sell off.

This could be a cup & handle or it could form a more predominant handle here, and you’d have a cup & handle to buy later.  It also may just keep running along the 10sma, and you could buy  it at the 10sma if you wanted to, but it may go sideways.

 

THIS ONE I LIKED AS A BUY & STILL DO

 

CAKE YESTERDAYS REPORT – I already mentioned that I loved this set up  (and product) .  It was a buy with this reversal/ back test…

CAKE YESTERDAY  – It exploded higher and I don’t care that this sold off into the close, that long consolidation, inverse H&S Should get this much higher over time.

 

I LIKE THIS SET UP AS MUCH AS THE CAKE SET UP YESTERDAY.

 

SHAK – This is a break out & a buy.   This has ignored the recent market sell off after recovering from the February drop.

 

CHUY  – This looks ready to go, similar to SHAK. Buy the break out or buy it on the 10sma here, with a tight stop.  Note:  it is NOT quite as oversold as it usually gets, so it may stall at the upper line for a few days.

 

BLMN – This one Popped open Thursday and sold back off, but is still ok.  It usually consolidates sideways, then runs higher , then sideways, then runs.  It has gone sideways,  next it _____?

 

 

 

PLAY – DAVE & BUSTERS looks like it put in a capitulation low at earnings release and then moved higher and has held up nicely.  Sellers may be gone. The RSI is ALMOST moving back above the 50% line, and this looks like it is building steam to get above the 50sma. You could watch this & buy a move above the 50sma, or buy with a stop here.

 

TPR-  What a great chart.  This is a Luxury retail, and this stock caught my eye. It totally ignored the recent market action, and simply moved sideways for 2 months. I would recommend buying a tap of the 10sma, but this actually looks ready to go higher now.  It could be a buy ( Starter position) and add if it dips to the 50sma or breaks out.   It was a safe BUY & HOLD during rough market conditions.

I SAID THAT I AM BUYING & HOLDING BLOCK CHAIN AS LONG AS BITCOIN REMAINS HEALTHY LOOKING.  BITCOIN WAS $8700 YESTERDAY

 

 

 

IT CONTINUES HIGHER SO FAR YESTERDAY & TODAY

 

 

I OWN MARA, SSC, HVBTF, MGTI & 2 more smaller positions that I have not mentioned in the reports.

 

SSC – BlockChain stock update, I am still holding this.  It held and reversed at the 50sma back test. I’d like to see upside soon.

 

MARA  – I like MARA at the 10sma, and it dipped down & recovered the 50sma twice.  It had weak volume, but that is ok, since it sold off at first. Maybe sellers are drying up, now we need buyers to push this to the 200sma.

 

WHY SO MANY CHARTS ON A FRIDAY?

 

IN the past, traders requested:   ‘ What if you give us  5-10 stock picks and we’ll choose what we like‘.    That is a good idea to me.   Along with that, I may give a small lesson about the sector or set ups, for those a bit less experienced.   So I may advise that ‘ This one is a buy with a stop under support’, or  ‘ This is good for the watch-list, if it pulls back later’.

 

Above we have WAY TOO MANY ideas to trade or buy & hold right now, but it is good to have more than 1 or 2 picks to choose from.  I am posting all of these ideas, with the hopes that your trading experience will see something too.  Maybe You will see what I am pointing out and you may like that trade, or maybe you will see something that I point out and you like that sector. So you might say ,  ” I like THAT MINER, and it is going on my watch list “,  or  You may start a  starter position in your portfolio as we move toward the FOMC meeting.  I have been recommending that for weeks, and bought and own a few Silver miners.  Final thought:  You may also want to look up a company before buying it,  and see if they have earnings to release soon. I try to mention it if I know that they’ve released or not, but due to limited time, I dont always look each one up for the reports.

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 We are now only  4 trading days away from the FOMC MTG Wednesday.

 

Enjoy your Friday trading, and your weekend!

 

 

~ALEX