Wednesday January 15
QQQ – This was yesterdays chart and there was essentially no change on Tueday, except that we made a new high on day 28 and then it sold off slightly. The last run peaked on day 39 and put in a dcl on day 42, and as lomg as this stays above the 10 or 13 sma, it remains Bullish.
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IT MAY BE TIME TO PAY ATTENTION TO OIL & ENERGY STOCKS AGAIN, LET ME SHOW YOU WHY…
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WTIC – OIL made a slightly lower low and then stalled there. Wednesday is the Oil inventory report and that should move Oil either back above the 50 sma as a shake out, or down for more of a break down. Oil is now pretty oversold, so the selling may be finishing up. That is not all…
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XOP – The XOP & XLE do not look bearish at all on this pull back, so they may also be signaling that Oil & Energy stocks are preparing for another run after this short rest. So…
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DNR – DNR already reversed off of the 50 sma and started to run higher
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WLL – WLL ran 100% on the initial move out of the lows in just over a month, and now it has landed on the 50 sma and is oversold. OAS also reversed on good volume yesterday, so this sector should be watched during Oils inventory report.
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USD – The USD has had a good bounce , but it has been bouncing and making lower lows recently as it drops into an ICL. We’ll see if this continues to stall under the 50 sma & eventually rolls over again. If the USD starts to sell off here…
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GOLD – This reversal in Gold may bounce & start to run higher again. That was a hammer candle (reversal).
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GDX – While GOLD remained red, GDX & GDXJ reversed and made some decent gains. GDXJ actually gained over 2% with Gold red so…
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GDX / GLD RATIO – No we see that The Miners began to lead the way and this is how a bullish run starts.
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So Tuesday gave us some early Bullish signs in the Energy Sector and Miners. We still need to see some follow through, but this is a good start. We also had some very Bullish follow through in the MJ Sector and Blockchain stocks mentioned as a result of Bitcoins run, so we can discuss some of those bullish stocks below too.
Todays report highlights that Wednesday will be an important day for Miners & Energy, and hopefully they’ll continue to show us what they want to do in the short term. These are 2 of a few areas that I will be watching.
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Enjoy your Wednesday trading!
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~ALEX
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CGC – Yesterday I mentioned that some of these set ups are getting follow through and if CGC continued higher, it would start taking out prior highs of this base. Well it did continue higher and it could begin trending higher and many others could follow. Look at the RSI.
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Others are still following and the MJ ETF is breaking out higher too.
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CBDS – I bought CBDS at the 50 sma and it added another 12% Tuesday. Volume is swelling.
CRON – I mentioned CRON as a buy with this base…
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CRON – It moved another 5% with strong volume and now is at a great place for a break out. Often a stock that breaks from a base like this may experience ‘short covering’ too, and can continue higher rapidly, so we’ll see if that happens.
TLRY –I posted this Monday with its 12% high-volume POP as a buy. TLRY has a lot of short interest too, so what happened on Tuesday?
TLRY – It popped another 22% with almost triple the volume. This was under $16 and already ran to $21.60 in 2 days. As mentioned, this sector can be explosive.
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OGI – I liked this double bottom set up, but it didn’t move yesterday. Well in the after hrs they released earnings and it moved up 30% (earnings looked great).
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Another pick to watch?
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TGODF – I Like this chart , but I DO NOT KNOW WHEN THEY RELEASE THEIR EARNINGS, so be careful. The last release was NOV 14 and that is 3 months ago ( qrtly). I like the set up on The Green Organic Dutchman as a tight base with a strong MACD. It is a 50 cents stock with HUGE potential if it gets running higher.
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TECH
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CREE – While recommending AMD, MU, TSEM, I have been watching and waiting for CREE to move from this base. It put in a higher low in January and now it has broken out. I think that it can quickly now run from $50 to $64 if the markets stay bullish, so this is a semiconductor buy.
CRWD – Volume is still increasingly bullish and I still own this, but it has been a bit boring compared to some of my other positions. If it can break $60, it may experience short covering & additional buying.
ENDP – I Like this set up a lot and would consider it a buy right here. It ran from $2 to $5.50 in this consolidation and POPPED Tuesday. If it gets follow through it can almost double actually.
SHAK – And SHAK started to break from this round base yesterday too. I took it as a quick trade. There is a gap on the left that it may now run to fill without very much resistance.
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I had many charts in yesterdays reports that are still playing out too. You may want to look back at the end of yesterdays report if you didn’t write a few down on a separate piece of paper. I do recommend keeping a small list of the set ups that I mention that interest you . I have my own watch lists of Energy stocks, MJ stocks, Miners, Tech stocks, etc., and I mention many of them in the reports. This way you can track their progress too. Why? Well, I mentioned ZUO, SPWR, SOGO, UBER, DBX, PD, SID, and several others recently and some are still buys right now. Others may Pop and run, but they pull back later as a buy on the moving averages. We’ll look at SOGO as an example:
THIS WAS MY SOGO BUY – I own it. It Popped 5% more Tuesday, but then sold off a little into the close, so it only moved up about 3%. I do still think it is a buy with this base and it could lead to nice run with upside potential . It is now at $5.43, but I can see this running much higher if it remains bullish ( use stops).
