Jan 17th – Thursday Markets Await
SPX – We still have a wedge that has formed. These usually break down, so with the SPX at the 50sma and a wedge, I would think that we may pull back for a few days.
That could be a 1/2 cycle low and it is not uncommon…
NAZ #1 – So here we see that the NASDAQ was able to get above the 50sma. Well that is usually bullish, so does that mean the we don’t get a 1/2 cycle low? …
NAZ #2 – Notice the other break outs became false break outs in recent history. It’s a tough call, but if I owned a position, I would just make sure that I had a reasonable stop in place, unless I bought at the lows and just want to ride this out.
WTIC – Oil did not sell off after the inventory report. It is pushing on the 50sma, and that is usually Bullish. We are in a resistance zone ( shown in yellow), but this could easily push higher. What about buying here, or adding to current position long positions here UNDER the 50sma? …
WTIC – I would use a stop under the 20sma – to possibly avoid ‘wiggles’ from knocking me off early.
XLE – I looked at the XLE, and the crawl under the 50sma has reached the 10sma. Read the chart. Even this can go either way, but it looks bullish. A break out higher with volume could be a buy ( Gush, Oil Stocks?) or if it drops, look for a reversal to buy or add. I will show oil stocks at the end of the report.
USD – As the USD rises, Miners have finally been dropping into a dcl. This still has room to run higher…
GOLD – GOLD has been holding up, while Miners sell off. Gold looks like a Bull Flag. Are Miners leading the way & Gold will follow? We’ll see. If Gold Breaks out higher, Miners may put in reversals, we can watch for that.
SILVER – Silver is also still a bull Flag, while Silver stocks dropped a good amount this week.
GDX – GDX stalled on the 200sma, if this breaks, I would watch the 50sma.
GDX – Read the chart.
SILJ – I was asked what I think of SILJ as a buy. I think that Silver Miners could drop further, so looking at SILJ, I see the next downside support as the 50 sma and the lower trend line. That may be a buy if we see a reversal there.
As you can see, The Equity Markets, Oil, and Precious Metals are going sideways or dipping down. They are in the middle of a move, and if you bought the lows, you can just ride it out. If you sold and are looking for an entry, it may be coming soon, as described in this report. Be patient and let the trade come to you. If you are a short term trader of stocks, this has been awesome trading, from MJ stocks, to some Miners, some equity stocks, and ENPH, VHI, Some Metals like X, AKS, HBM, etc . I’m going to discuss a few trades below, including thoughts on Oil / Energy Stocks and Miners. I have already discussed trade set ups like VHI, ENPH, ACB, etc, and they’re playing out well, we have a lot of trades playing out, I may not add a lot of new trades at this point. A short term BUY in Miners, and a buy in Oil / Energy may be coming up soon.
.
Enjoy your Thursday trading.
.
~ALEX
.
SEDG BY REQUEST: This seems to have broken a down trend and back tested it. If you zoom in, the red line is the 50sma and it is trying to break above it, so that would be a buy ( or you can jump in ahead of time with a stop under $34ish (the higher low).
ALSO BY REQUEST FOR UGAZ– The Gap actually should not fill, the 10sma may be supportive if this moves sideways , NATGAS does look like it wants to go higher eventually. Note: I ALMOST WASN’T GOING TO POST THIS TRADE. UGAZ can be VERY Whipsaw, it is not good for everyone. It just went from $40 to $70 to $54 in 3 days trading !!
AGI – I posted this in the comments, as other miners pulled back. This closed at the highs at $4.10 and looks like a buy if you want a bullish miner. Stop under the 50sma.
DQ – I posted this 2 days ago as it rested on support. A back test after breaking out, so …
DQ – I bought a starter position Wednesday and mentioned that it was a small position in the comments section.
DQ – It then closed down a bit from here while I was away in the afternoon, so I may add in pre-market. It was a starter position so that I could add if it pulled back later, and…
DQ – I like the big picture , this is another reason why I bought it.
OAS – OAS is bullishly aligned, so again, use a watch list and buy 1, 2, or 3 of these when you are comfortable. Some of us bought right at the lows and are still holding, I’d add on a break out.
WTI – WTI is above the 50sma and is now crawling along the top, so this may be a leader, BUT…
BAS – This may be a cautionary note that some just aren’t ready quite yet. At least the volume selling is light, it may just be dropping to a 50% pull back or some other technical area that is still bullish.
SN – I own SN, and this does NOT bother me at all . Look at it this way. SN was 30 cents Tuesday, it hit 40 cents Wednesday ( 33% gain in 1 day) closed at 33 cents, above the 20sma. Like I said yesterday, this may continue to BUILD THIS BASE, and I compared it to VHI base building which took weeks. I like this in this base.
.
Let’s look at some Bullish Metals leaders, and then some that should play catch up
.
HBM – I pointed out This as a BUY, inverse H&S. I also had some other bullish looking METALS stocks . HBM as an inverse H&S, TGB, WRN, CPST, X, AKS, etc etc . were bullishly popping too. Here on Jan 4th, the HBM volume pops look Bullish…
HBM – HBM has been running with strong volume from there, and the Metals still seem to be basing and Bullish.
CPST #1 – Capstone Turbine usually runs with Metals. I posted that this had a large POP out of the base, look for a possible bull flag to buy…
CPST #2 – I posted this as a bullish crawl along the 50 sma, a Bull Flag, and a break out. It popped 10% again as a leader. It continued higher as the day went on…
CPST #3– And closed up almost 20%, and …
CPST #3 – CPST continues to lead the way higher. So let’s look at a few other Metals stocks setting up bullishly…
CLF – Crawling under the 50sma, this looks ready to pop higher soon. I would buy this , AKS, X, or many of these below with a stop in a reasonable place , in case of any bed news releases. Hold a small basket of stocks for safety or start with smaller positions.
AKS – This is also crawling sideways and looks ready to pop soon. Read the chart. So keep your eye on your watchlist of X, CENX, AA, VALE, TGB, WRN, ETC.
ZEUS broke out yesterday, as a possible leader, so watch X, AKS, etc.
CLD – This is VERY interesting. Read the chart, imagine the possible gains. You know how I feel about large volume pops along the lows. I like it with a stop under lows.
TGODF – I own this one, and am thinking of adding if it breaks out. It and ALEAF closed higher and look to be bullishly flagging, so far, but also could be building bases.
VIPS- I JUST POSTED THIS IN DECEMBER. IT WAS $5.60… IT IS BREAKING OUT
VIPS – Now at $6.15, it broke out & back tested already. This should be ready to go. I LIKE THIS TYPE OF SET UP A LOT. This is easy to buy with a stop. A RUN from a solid base can be very good (Barring any bad news or earnings). The set up is a good one. I also like WHD, CURO, CASA, and others. BUY & HOLD CROWD? This is like VHI and ENPH as far as buy with a stop and see where it is 1-3 weeks from now.
INTERESTING – Look up banking & Finance ( XLF) , see charts of GS, DB, JPM, BAC, etc .
They are ALL doing THIS.
ENPH – Up another 9 %, I have been posting this as a buy everyday. It is now really stretching out, so it is really longer a low risk entry , but it can keep running, so if you own it, ride it.
CGIX, IDRA, GALT, TWST, ZIOP, IDRA, GH, and more – all have very interesting internal chart activity right now. Bullish set ups in many ways, so I wonder if BIOTECH ( or LABU) is going to run too. Put these on a watch list.
.
