Thursday Trading

After a quick review of the markets, we’ll look at some of the stock picks in recent reports and a few new thoughts…

 

NASDAQ –  Each morning I wake up and Futures are a lot higher, giving the idea of another bullish open, but The NASDAQ remains choppy really. All of September to now was sideways chop.

 

SPX –  The SPX is pushing along the upper B.B. Band and is also sideways and choppy lately.  The MACD is dropping.

 

ENERGY:  Cycles were pointing toward  OIL dropping into an ICL.  We had a left translated daily cycle in July / Aug, but it never dropped below the lows, so we’d expect a drop below that daily cycles lows.  Well, I flipped away from that idea & Went Bullish when OIL and Energy stocks flipped Bullish.  I don’t fight the markets when they say something and…

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WTIC  –  Oil certainly has played out Bullishly.   Oil is already likely to be a R.T. Daily.  It has been strong.  So…

 

XLE SEPTEMBER 12 – In Early September I was now watching ENERGY stocks also  flip Bullish.  So many energy stocks started setting up bullishly, and I posted a list of charts  like OAS, WPX, BTE, etc – I think I mentioned ERX & GUSH too, since I often play those if I am long energy .   (I did not take the trade, I was in MJ & MINERS).   So- This would become a double bottom in XLE…

XLE – And from there it took off higher.  GUSH ran from $30 to $40 so far.

 

USD – I was looking for an ICL in the USD too, and NOW THE USD looks similar to OIL when OIL flipped bullish. This already looks like an ICL,  but thankfully it  is not slamming down Gold or Miners, so I am not overly concerned at this point.

GOLD –  We see a rather small drop with the USD Big pop.

 

GDX  – This rejection would be expected in Tech Analysis. It did make a new high Wednesday since the Sept lows.

 

WHEN GOLD  & SILVER SELL OFF, I LOOK FOR SOME MINERS THAT MAY BE SETTING UP AS A BUY ON THE DIP, OR LOOK TO SEE IF THEY ARE THEY BEING DAMAGED

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KL   –  So watch stocks like KL ( there are others like it) as it dips and approaches the 50sma. Read the chart.

NG    –  Better yet, Look at NG on Wednesday. It bounced right off of the 50sma already with Gold down.   Search through your list of Miners and look for health on a Gold pull back too.   SBGL did well too.

 

ABX  is staying strong so far, well above the 50sma

 

AEM –  Will the 50 hold?  Will we see a shake out? A reversal near support?

 

TGB  –  The same applies to a pull back in Metals.  TGB is gently drifting to support so far.    CENX  got hit hard, but several others like AA, AKS, FCX, HBM, etc were green Wednesday.  Look up AA.

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ENJOY YOUR THURSDAY TRADING!

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~ALEX

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UUUU  September – A recent buy, but as noted on this chart – “This could tag the 50sma again”  – It would still be fine.

UUUU Currently  – It did drop to tag that 50sma again, but Wednesday it attempted to break out , as shown here.

UUUU –  By the end of the day, UUUU pulled back, so this gives you a chance to ‘add’ or ‘buy’ . I’d still use the 50sma as loose support though.  Why do I think that this could pull back to the 50sma?  Because…

 

UUUU – When it gave up the gains, I looked at it in a new way.  I see  another resistance view as 2018 highs.  This is a 2nd possibility, it still remains bullish. A longer inverse H&S,  consider this another opportunity to buy.  This still may just break out tomorrow (Volume).

 

 

NXE  – Another Uranium stock that I mentioned  is NXE and it looks like an  A-B = C-D.  Look at a 3 yr weekly, and this is a nice chart too.

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MJ

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CNAB  – Recommended Sept 11 near 50 cents.  This is a double bottom low with divergence in a sector that was on fire.     I bought CNAB.

 

CNAB SEPT 28  –  I posted this last week as another buy while I was on vacation.  I like the volume popping and it reversed at a place of support.  You could  ‘Add’ or start a position.  Now it was almost 60 cents.

 

CNAB – I mentioned it a few times in the comments Wednesday and by the end of the day, it was up 30+%, now it is 78 cents.  I used a longer term chart to show that this may just be starting to break higher off of the lows.  If it pops like this tomorrow, that would be another 100% move from the 50 cent recommendation  ( But I do not think it is done yet).  $1.50 is a triple  🙂

 

I have been in MRMD for a while,  I liked this set up at the 50sma in September. I posted this POP  Sept 19 as it broke above $3.

MRMD  – Today I posted this in the comments Wed morning, because this looks like a bullish flat wedge ready to go, it was now at $3.80.

 

MRMD  – It broke out after Noon Eastern time. It closed at $3.94.  This could run higher immediately from this consolidation.  It is STILL lower risk on the 10sma.  That last ‘little run’ was $2.60 to $4.00.   That gives this a possible $5 price target when it is ready to go.

ISOLF  – Yep, I still love this one   🙂  I just think it is taking its time.

 

IBIO  – from yesterdays report, PERFECT  run above the 50sma.

 

 

IBIO – Another 8% after being down in the morning. This was another buying opportunity.

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I HAVE MENTIONED SHIPPERS IN RECENT REPORTS

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I mentioned a few that were running & Popping and said to keep a watch list if you like this sector to be ready to buy Pops.  SBLK, SB, FRO, FTK, TNK, STNG NAT, and other charts look great.

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NAT  – Pinched between the 10 & 50sma, this had a nice 10% pop and should eventually run higher to $2.90.

TNK –  This popped above the 50sma yesterday and may be ready to run.  It is a buy here at the 50sma.

STNG  –  This is a buy too-  this sector is looking good now that OIL has perked up.

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CGC – Consolidation in a possible flag.  It landed at the 34sma, so we’ll see if this is a mid point consolidation & it runs higher, or needs more work.  It could be bought with a stop loosely below the 34sma  ( My bad, I wrote 50sma on the chart).

 

CGC – At times we see a much larger consolidation, so here I’ve drawn a possible long dragged out dip toward the 200sma.  The stochastics is not oversold yet

 

 

It is Feast or Famine in the Markets.     At certain times it is difficult to find a ‘proper’  low risk set up, and at other times they are setting up everywhere.

 We have a lot of Bullish set ups in various sectors showing up now, and Metals and Precious Metals seem to be in that group too.   I love the stocks  coming right out of lows or pull backs, because they offer low risk entry  ( stops under lows) & then can tack on some good gains with short cover & buying.

 I hope you are able to take advantage of a few of these, and if you are really waiting for the Miners to get going, we are seeing some evidence of their bullishness too.   Sometimes ‘Bottoming’ is tiresome and takes a while, but things are setting up nicely and this should continue over time.  We’ve been able to look at Uranium, Energy, Metals, Miners, Medical Marijuana for buying opportunities after a run higher & Pull back, etc.