Friday The 13th

The Census Bureau releases the Retail Sales data for November before the open on Friday. Retail Stocks have done excellent lately, so the news may be good. That could gap the markets  up at the open.

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NASDAQ – The General Markets do look strong,  but unless we get a melt up type move, I would have to expect this to form as L.T. eventually – possibly peaking by day 15 or 16.  I’ve said  “Use a stop under the 10 or 13 sma”

 

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SPX  –  Are we going to break out? Or is this going to do a false break out to draw in the Bulls, and then sell off?  This has been a strong bull market, so I’m not shorting it, but I don’t think that it gets much beyond this circle before pulling back.  We’ll see.  Many individual stocks do look very strong & Bullish ( AMD, MU, CIEN, etc)

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SOX #1– Semiconductors broke out to new highs. This looks strong & so do the semiconductor stocks.

 

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SOX #2–   I just want to point out, however, that we have seen strong moves and large Gaps open that eventually rolled over, as shown.  Use stops.  Charts do not lie- these markets do have pull backs.

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MU, AMD, & TSEM have been recommended as semi stocks lately.  Yesterday I posted this &Wrote:    If you like the General Markets ,  MU broke out yesterday, so you can try an entry on MU.  That was a small abandoned baby at the recent dcl.

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MU –  MU popped another 3.5%, and AMD Popped 7%.  I like the volume & these can continue higher, as long as the Markets stay Bullish.

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LETS DISCUSS OIL / ENERGY STOCKS FOR A BIT

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XOP –  The XOP broke out from a short term down trend today, and many Oil & Energy stocks were up 5-10%. I already mentioned that the XOP represents the GUSH trade, and that could have been bought with that mini shake out abandoned baby.

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XOP from Dec 6 – We had a Bullish Descending Wedge with strong volume. XOP is GUSH, ERX,  or individual stocks.

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We have discussed  Energy Stocks like OAS, WLL, WTI, DNR, LPI, MRO, BE, VAL, PE, NOG,   etc. They are all popping & moving up higher off of the lows. Buying the next dip or one that hasn’t really moved too far off of the lows may work best here.  Let’s discuss that a bit further.

 

DNR – I posted this on Dec 9 with a small list of other favorites.  Volume was coming in and it had formed a base…

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DNR – It is now at $1.24, so it could run to the 50sma, and then start to pull back.  Some of these are a bit extened, it may be best to buy the dip, or add on a current position on the next dip. HOWEVER, That said…

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DNR – These are long bases, and can just continue higher and back test the 50 sma, as shown. When I see this, sometimes I start a smaller position and add on the next dip wherever it is, or I find one that has not broken out yet.

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OAS – Notice that OAS popped 7% Thursday, but it is really up about 30% off of the lows now.  That means that buying here COULD be a bit risky if they pull back, but you could start small here and add later. OAS JUST broke over the 50 sma Thursday ( The green line).

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WILL – WLL was actually up 12.48% Thursday, but doesn’t it look like it is a small move that is just getting started?  This shows the potential.  Some of these have very long bases and could lead to a nice run higher if the sector stays Bullish going forward.

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ECA – So Energy stocks like, ECA, BTE, GTE, AXAS, and others may be ready to start playing catch up.  For example: This is a buy here, or when it breaks that 50sma.

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COG looks like a double bottom at the lows with a much higher MACD on a 6 month chart, so find some laggers and watch them.  Buy it here with a tight stop, or as it breaks the 50 sma.

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GOLD  – Gold broke higher on Thursday morning and that would have it above the 50 sma, but you can see that price was also now hitting resistance to the left of this chart.  It then started to sell off…

 

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GOLD –  So gold actually made a new high on day 22, broke the 50 sma, and then pulled back ( A false break out).  It may just continue to chop around and crawl along the underside of the 50 sma. Please read the chart.

 

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GOLD  – This Gold consolidation still strongly resembles the May 2019 ICL & Consolidation, and look at the run that eventually unfolded there! Patience will allow us to ride the next run higher too.  I DO think that the lows should be in place with a day 22 high.

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SILVER   – Silver rallied and tagged an upper trend line & sold off too.  Since Silver made a new low recently, this might be day 3 of a new daily cycle. For now I’m just watching the triangle formation.

 

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GDX – So we see GDX also made a new high, dropped, but bounced off of the 10sma.  The sector has been choppy for weeks, but it should eventually break away ( similar to some of the Oil & Metals stocks recently).

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GSS – I posted this chart after an hr of trading, because as Gold sold off, GSS ignored it and ran higher.  How did it do by the close?

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GSS – Well it ran into the 200 sma and pulled back, but I think that it was a good sign that it wanted to run, even with Gold down.

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HL  – Hecla has been bullish ever since breaking above it’s 200sma. It dropped & reversed Thursday with good volume.  I like the set up long term.

 

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The Metals continued higher, Oil & Energy look good.   Tech & Semiconductor stocks like AMD, MU, TSEM, etc continued higher and so on.  Today is Friday, the last trading day of the week. We’ll see at 8:30 a.m. Eastern Time how the Retail Sales data for November affects the markets, and then you can…

…Enjoy your Friday Trading!

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~ALEX

 

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VSLR   – I pointed out VSLR in the live area  Volume midday was looking good, and …

 

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VSLR   – VSLR closed up 9% and after reversing off of the 50 & 200sma. This could really run, so I would still try buying it.    Take a look at  CSIQ & JKS to see how nicely some of these Solar Stocks have been running.

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ENPH   – I also saw this wedge at the 10sma, so I bought it.  I posted this chart midday. Did it break & run by the close?

 

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ENPH   – NO!!  It popped higher , but by the close, price reversed  back to that 10sma.  🙁   I am now wondering if it is going to do the ‘back test’ of the 50 sma, since it hasn’t revisited it yet. Time will tell, I didn’t sell.

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 The MJ stocks have been crawling sideways since last mentioned, but they may be ready for the next move.  Let’s just take a look at a few charts.

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APHA  – After the initial 3 day Pop, it ran sideways , but looks ready to push higher with these Volume Pops. It was up 7.77% Thursday.

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HEXO  – This looks the same .

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CRON   – This looks the same and was also up 7%.

 

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ACB   – This also looks the same, and popped 6%, so MJ Stocks may be ready to make another push higher.  I added just a little to my current positions.