Fridays Final Trades
Good News, Bad News. The Good News is that in the U.S. we have a 3 day weekend to rest up and enjoy time with family and friends. The Bad News is that in the U.S., we have a 3 day weekend. I don’t know about you, but at times I hate it when there is no trading Monday. Earlier in the week I was lamenting that some of the trades were choppy and not really going anywhere, but toward the end of the week the gains started adding up and now I’d like to see this continue Friday and into Monday, but I guess many of us will need to wait until Tuesday. So let’s take a look at a few things on Friday, our last trading day until the 3 day weekend.
EDIT: I WANT TO RELEASE THIS EARLY FRIDAY, WITH GOLD NOW POPPING, SO THERE IS NO TIME FOR ME TO PROOF READ, PLEASE EXCUSE TYPOS, THX
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WTIC – Oils chop may be ending, and the next move higher may be starting. Many Oil / Energy Stocks began moving higher now too.
XOP – I took the GUSH trade and it has been gaining ground, and I will discuss some of trades in this sector at the end of the report.
GOLD – Gold is going sideways, and at this point it has peaked and remains under the 10sma. A sideways move can break in either direction and though I’m expecting a sell off, GOLD HAS BEEN BULLISH SINCE OCTOBER, so the reversal candle Thursday could lead to a POP higher.
GDX – This reversal would have me closing my ‘small short starter position’ that I mentioned yesterday, if it gets above the 10sma, and…
GDXJ – GDXJ did get above the 10sma, so I mentioned in the comments yesterday an hour before the close that I have a stop at the 10sma and I may get stopped out.
Many of the Miners looked so – so , not very strong Thursday , though some closed up 1-2 %. GFI & FSM looked pretty good yesterday though.
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GFI -GFI on the other hand, looks Bullish reversing off of the 50sma. That is what I call “Acting correctly in a bull Run”and this has been running well, so this could be bought and just use a stop if concerned about a coming sell down.
NEM – Other stocks, as you can see, have been a bit choppy and lack luster, like NEM.
GG – GG did put in a reversal though. I expected this to drop to the 50sma down at the gap as we seek out a dcl, but maybe that sell down to a dcl is not going to happen right yet, and it tags the 50sma later.
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SO the MINERS are a mixture right now. Some are selling down, others are churning sideways ( and GDX & GDXJ fall into that group), but there are others, especially some Juniors, that are Popping and moving higher. Also to note: NGD had earnings miss and got crushed down 25%. USE STOPS ON YOUR MINERS. Below I will discuss a few trades that are playing out, and several from past reports may begin performing too.
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Enjoy your Friday Trading & Long weekend if you are in the U.S. !
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~ALEX
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EDIT UPDATE: Is Gold about to make a run? It does look to be breaking higher. I JUST SOLD JDST PRE_MARKET JUST IN CASE. SOME MAY WANT TO GO LONG WITH A STOP, BUT REMEMBER THAT MKTS ARE CLOSED IN THE US MONDAY
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GDX SHORT PLAN – This was my idea for trying a short. I start VERY SMALL STARTER under the 10sma and wait for confirmation ( a drop), then I short the bounce heavily, then I may add short one more time on another bounce. I then just flip to long at the dcl. This starting point is the STOP. Whether Gold Pops & drops today, or if it rallies, I am now stopped out pre-market, as it went above the 10sma. I will watch to see how this plays out.
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Again, earlier in the week I mentioned that for those waiting to enter trades, don’t feel that you are necessarily “missing great moves”, because some of my trades were choppy and gains were come & go. Well that is changing, and it looks like now is a good time to buy. Let me point out some trades.
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BLDP – This began to pop higher and I bought it and added. I mentioned in the live trading area that This usually runs when FCEL and PLUG do, and they really Popped yesterday too. This should run higher, since it already crawled at the 200sma, broke out and back tested it. That is the “WORK” That I like to see a stock do in a bullish ‘set up’.
FCEL – This was and is a buy too. This is a double bottom with Divergence. It is crossing the 50sma and has good volume.
DNR – This has been in prior reports, and in the past it has moved swiftly once it got going. i also bought this as it crossed the 50sma as a double bottom low with a higher low.
HOS – This looks ready to go too, I would say that you do not have to wait for a break of the 50sma, you can enter this one early, since the Volume shows increased buying already at this point. Notice that it ‘Bounced’ from $1 to $2 in a few days in January. 100% gains! After a 1.5 month base, now $1.50 to $3+ is also possible.
PDS – PDS jumped 14% yesterday ( 20% midday), and this just shows the ‘energy‘ that these have, no pun intended (maybe) =)
CRK – In my Lamentation speech 🙂 I also stated that I bought CRK, but it wasnt running yet. Well that may be about to change. I still own it and it is above the 50sma.
SO along with some very good buy set ups above, watch the energy stocks that have been in prior reports. When I give you a list of set ups in a sector, it is best to either make a note ( post-it-note?) or write down which report to go back to , to see how they are doing later. That list that you can keep an eye on included OAS, WTI, WLL, LPI, NOG, DNR, CRK, KEG, SN, etc,
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TK – I also mentioned that ‘Shippers’ often run when Oil does good, so I posted this as a buy at $3.50 , especially if it breaks that 50sma
TK – It is breaking higher ( I do own it and added). Notice that the RSI is above 50 for the first time since the sell off. That shows relative Strength building in a sideways base.
TOO – I posted this Too (no pun intended), and it was a bull flag looking ready to break out. When these shippers move higher, they often have good %-Gains…
TOO – Yes, this still looks like a BULL FLAG ready to break out TOO.
MJ STOCKS – Just a side note that many of these have been choppier lately, but some are breaking and running on their own. It seems that the bigger ones ( MJ, CGC, CRON, ACB, TLRY, etc) continue to consolidate.
MJ ETF & BIGGER STOCKS – 2 ideas
1. This may just break higher, above the 10sma and start running again, or
2. This could do an a-b-c type drop to back test the moving averages as shown ( I do still own ACB, WTER, YGYI).
TGODF– I posted this recently as acting bullishly despite the choppiness of the sector. It reversed off of the 50sma at $2.50 .
TGODF– I also own this, and as mentioned some of these smaller ones are acting correctly . This is now already $2.80 ( they move FAST) and looks like it wants to continue higher.
SNNVF – I do not own this one, but I want to show you again that some of these are continuing to act bullishly, setting up & running. This was a long bullish consolidation after bouncing off of the 50sma and that is a nice high volume break higher after reporting some good news.,
