Wednesday November 25th
Today is the LAST Full trading day of the week in the US. Markets will be closed Thursday and Friday will be a 1/2 day. I have mentioned that the shortened holiday week can tend to be bullish with a short melt up and we’ll see if this continues.
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The SPX set up remains bullish and the DOW hit 30,000 for the first time Tuesday.
WTIC has also been pointed out as a Bullish set up and it continues to push higher too.
APA – Some of the stocks mentioned by me weeks ago are now up around 75-100%. Congrats to those that have been buying & holding there. Additional good news is that after The Miners finish their sell off, they may recover in the same manner as we are seeing in the Oil sell off / recovery. V-Bottom.
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NOG is up about 100%. The sell off is panful and relentless, but MINERS MAY RECOVER LIKE THIS TOO!
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YESTERDAY I POSTED THIS CHART OF GOLD: It dropped about $40 on Monday and I had discussed that the Drop to new lows Friday with the Miners could be a warning, since Miners often lead the metals. So Gold is on day 39 and that makes it due or even late for an ICL, but I expect it to drop further. See the chart…$1800-ish or lower.
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GOLD sold down on day 40 to my trend line and the 200sma, but it needs more time to see if a reversal will take place here. In an ICL sell off, support can be broken, so we’ll have to wait and see if this really does act as support.
GDX did break through the 200sma Monday and gapped down Tuesday. There is a possibility that this will mark the lows, but this is not a buy signal. That candle can be a final low after a sell off, but the SAFER BUY is waiting for a swing low to form above the 10sma. I am just letting you know how this could play out, but it needs more time. If we get a gap open higher Wednesday this could be an abandoned baby and finally possibly be exhaustion of the selling.
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Again the ‘safer’ buy is not to get FOMO looking for the exact bottom candle and try to wait for a swing low that closes over the 10sma. The choice is ultimately yours if you feel like trying to buy an abandoned baby with a stop.
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EXK – I saw some reversals and even some Silver stocks that reversed to Green . This is not a Buy Signal by itself, it is just noteworthy though for now. This also saw a reversal to green 2 days ago and still it sold off on Monday.
AG reversed right off of the 200sma again. It also found support here a month ago. Some may buy this with a stop, but if the sell off continues, a shake out could still take place.
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For those that trade and carry on discussions in the live area: I have been called away on Monday and Tuesday to help my parents this week and may not be around all day Wednesday. I just wanted to say that I have appreciate coming back and seeing over 100 comments posted while I was away. It really helps me to ‘catch up’ on what I may have missed, with some mentioning that Uranium Stocks were popping and others discussing Biotech Pops, etc- so Thanks for keeping it alive =)
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This is the last full day of trading for the week in the US. Markets are closed Thursday and we open for Friday morning until 1 p.m. How do you want to be positioned when the markets open on Friday or Monday? Today is a good time to adjust positions if you think that would be a good idea. Enjoy your Wednesday trading!
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~ALEX
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LTBR – This broke out above the 34 & 50 sma and looked ready to run. It reversed Tuesday, but it still may be fine. I still own it at this point.
I watched MAXN release earnings and drop last week, but it held support at the 50sma and is a Solar Stock so it remained on my ‘Watch this one now’ list. It’s in the Red Hot Solar sector. I set an alert to buy above $19 and it triggered while I was away. I bought at $19.50 and posted that in live area around 11 am that I bought it (but could offer no chart) while it was less than $20. Later I posted this chart, but by then it was up 15% at $21.50. This is breaking a base & could still be bought in my opinion, especially if it pulls back lightly. Look at the upside.
MAXN closed up 18%, had good volume, and may just run higher from here into that gap. Volume is good.
RUN ( Solar) also recovered the 50sma and seems to be forming a nice cup here after an excellent run.
JKS looks like a bullish consolidation. These solar stocks had Massive runs and are consolidating gains. Does it just break out & fly from here? Maybe, maybe not because…
JKS -I can picture this triangle as unfinished. We could see something like this and it would be totally normal and very bullish.
NETE dropped to the 10sma. Is that enough? To be honest it is too early to tell. On the first run higher in June-August it did continually run up the 8 ema, but this can pull back deeper depending on market conditions.
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MRMD – I have been saying that some of these smaller MJ Stocks have bases that may eventually run up from 10 cents to 20 cents, to 50 cents to $1 (former prices). I used MRMD, MMNFF, and check out EDXC as examples. It popped 20% on the weekly chart with increasing volume. You could Buy & Hold and forget about it and see how it goes.
MRMD – has moved up 20% this week already too and …
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MRMD that volume represents only Monday & Tuesday, so I still see these bases as possible big gainers over time. We talk about ‘5 Baggers and 10 Baggers’ in Miners and we could see some in this beaten up sector now too.
WWR is still acting correctly, even though it has been down both days this week. It CAN drop further, but it remains a bullish set up.
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I said that I bought LIACF as it broke above the 50sma & downtrend. It dropped 9% Yesterday, but as you can see, it also remains bullish. Unfortunately it could even drop further back down to the 50sma, but I may add on a reversal.
