QQQ–   The NASDAQ is still trying to move higher off of the 50sma…

 

SPX –  The S&P 500 popped & dropped again. So we still have mixed markets in the General Markets

 

 

USD  FOMC WED –  This was in yesterdays report,  I was thinking that the USD could bounce,  but…

USD – I did not expect a BIG bounce & Rally.  The USD had a big surge higher on Thursday after the FOMC RATE HIKE.  This could affect the Precious Metals,  but …

 

 

This could affect the Precious Metals, but so far GOLD & MAYBE SILVER ARE  looking worse than the Miners.  Let’s take a look…

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GOLD –  Gold has been rejected at the 50sma.  I was watching  GOLD  ‘CRAWL ALONG’ the 50sma, but this is now a bigger drop than I expected.  Friday will tell us if we get follow through down,  but importantly,  miners  do NOT look this bad…

 

 

GDX FROM YESTERDAY –   I pointed out that a drop & recovery could form an inverse H&S.

GDX   11:38 a.m. –  We got the drop & reversal.  Miners started to reverse as GOLD stayed at the lows.    It looks like an INVERSE H&S , as I mentioned… Would this hold into the close though???

 

 

GDX –  Yes , it did.   So this is good, and it possibly signals  ( I don’t want to give false hope, but…)  Miners bottomed and the lows are in place. GDX is down 8 cents with Gold down over $10?  That sounds like a big difference from what we usually see, right?     FRIDAY WILL HELP US…

 

 

GDXJ – Not as convincing as GDX, but a reversal in juniors is good, when GDX reversed and closed its gap.   FRIDAY WILL TELL US MORE HERE TOO.   Watch for a move higher.  If it goes lower,  we may be seeing weakness.

 

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GOOD NEWS?

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ABX – Closed at $11:13,  With GOLD down $10,  ABX reversed off of the 50sma and closed higher.  This was midday, but it did close here after even travelling higher.

 

 

NEM –  Reversal and closed Green, while GOLD was down $10+

 

 

GG– Another reversal into the Green…

SO what can I say?  We see MINERS resisting the selling. GOLD dropped ,  the USD popped, and it looks pretty bleak, except for the fact that MINERS  like  GG, NEM, ABX, GORO, FSM, PZG, AAU, VGZ, TRX, MAG, WPN, SBGL, ALO all went green, and many stayed green, while Gold dropped and stayed down.

We need to see what Friday brings our way.  When I stop and think about it, it doesn’t really make sense.

1. Didn’t everyone know the FED was raising rates?  Yes- no surprise.

2. Over reaction by Gold?  Yes.

3. Yet Miners didn’t sell off and stay down with Gold,  so how do we read that?

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We need another day I guess,  it just is NOT a clear read as to what is going on.  I sold a portion of my JNUG and held the rest  JUST IN CASE THIS REVERSAL MOVES HIGHER.   With that reversal in GDX  (  And GG, NEM, and ABX) I feel that Miners may now lead the way and the selling could be limited in Gold,  but really we need to see how this unfolds.  I’ll take my chances with my current position.   It just is not that clear.   I am still invested in a low in Miners,  and will add  if I see confirmation that a low really is in for Miners.  If not,  I will cut positions for a loss at this point and move on to the next trade.    This situation has been very difficult,  but it will clear up soon enough.  I am watching  GG, NEM, ABX tomorrow for follow through or not.  And GDXJ for a move higher too.

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Enjoy your Friday & Weekend!

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~ALEX

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ENPH  BIG PICTURE–   I thought that this may break above that 50sma.  That looks like a shake out at the 200sma,  and that can be used as a stop if this is bought in this area.  It closed at $4.94,  under that 50sma.

ENPH  – I grabbed this chart,  it looks like it may want to break out.   It closed at $4.94, but this is bullish as a shake out at the 200sma.  Put  it on your watchlist,  it may break out as soon as Friday above the 50sma  ( As a buy) .

 

UUUU–  I liked the set up on the 50sma, so I posted in the comments that this is a buy.  I bought it.  Next chart…

 

UUUU- The big picture is very attractive & shows what looks to be a climb out of a base.

 

LBUY – This was in my report  yesterday.  I like the base, and the break out, and I expected to buy it,  but…

 

 

LBUY – up 62 %   I did not grab this one  🙁   Congrats to those that did.  I know  H50 did  🙂