Friday December 18th
Hey all! It is Friday, the last trading day of the week! Sometimes that is a relief (TGIF), but with the amazing trading that is happening lately? Being the last day of trading is not such good news. I actually hate days off when things are popping and right now things are definitely Popping & this week The Miners joined the race! 🙂
.
. I wanted to try to release this report Thursday night because in New England we had over a foot of snow in my area and I need to go back down to my parents house in the morning to help do some final clean up. I’m hoping to get back in time for the opening bell, so I’m releasing this tonight. Enjoy!
.
QQQ – As mentioned, we had a quick dip below the 10sma and it recovered, so this could be a mild dcl in a blow off top kind of a rally. Look at April to September and you see many mild dips on the run higher. The General Markets remain bullish.
WTIC made a new high on day 32, making this lean toward a right translated daily cycle. Oils daily cycles can be over 50 days long. A R.T. Daily Cycle makes sense coming out of a storing ICL rally. With Volume drying up, this may get choppy or start to pull back soon.
XOP has become choppy and this was expected. I drew it this way…
DEC 14th XOP – I drew a choppy sideways pattern as a possibility when Oil starts to slow down.
.
FROM TUESDAY: GOLD DAY 11 popped on Tuesday and as you can see, it may prove itself here. It has been trapped under the 50sm and a break above that will give us further confirmation of an ICL being in place for November as I have been saying (and not just another dcl). Hopefully we get that break out above the 50sma sooner than later. We would then be above this channel too.
.
GOLD broke out above the 50sma & the channel that I’ve been pointing out. We had a false break out that crashed back down after the U.S. Election, so we could raise our stops on Gold to the 50sma now, that should hold up going forward. This should confirm the ICL in place as of November and the Miners are sure acting like they are being bought up.
.
SILVER broke out Wednesday and Silver stocks have been on fire even before that.
.
SILVER has a history of running strong once it gets going. We have been buying in this area as an ICL BUY, just in case price runs higher and does not pull back in the short term. See this possibility as drawn out on my chart.
Many Stocks gapped over the 50sma and that is Bullish. I have had people tell me that they want to wait and buy the Gap Fill. I do not recommend that. I have been recommending a starter position for weeks and that should have already been in place, since the ICL is now 2 weeks old. I have listed MANY Miners in yesterdays report and in other reports to add to your positions. True, Miners can pop & chop, but Miners may also just run away. Let me point that out on the next GDX CHART…
.
GDX – Look at April on this chart. April had a gap up over the 50sma and that Gap NEVER filled. If you waited for that to fill before you buy, where would you have entered? We now have another gap and it may or may not fill.
.
Again, if you waited for these gaps to fill to buy in April, when would you have bought? You would have actually missed the run. I always advise Buying ‘something’ and adding if it dips. If it does not fill, at least you are in.
.
So we all should at least have a core position from weeks ago and likely you now own a lot more in the precious metals sector. This week has been very rewarding, since many stocks like CDE, EXK, etc are up 30% alone just this week.
.
In yesterdays report, I had a good number of Miners and examples of what to look for in ones that may be lagging a bit. You may want to go back and review those charts. I ran through my list of Miners and out of all of them it is hard to find one without a nice bullish set up now. Enjoy your Friday trading!
.
~ALEX
.
I looked at MANY charts and so many are bullishly set up, especially with Gold and Silver breaking out. I always try to Buy the laggers just getting ready to go.
.
THM is one of those that is just crossing the 50sma, but look at that set up! A nice solid base / consolidation still near support. Since this didn’t break down with Golds November sell off, it shouldn’t break down now without some bad news, right? It is a strong buy.
EXK – After breaking the 50sma, many Miners are making a straight line move higher. It is not possible to know whether or not this gap will fill so I don’t really recommend overtrading these at this point, unless you have been trading for many years and have a trading plan to get you back in.
We have seen Blockchain Stocks run rapidly higher, like RIOT, MARA, HVBTF, SI, BLOK, etc etc. Then I pointed out that I bought MGI and CAN as laggers, and now they are starting to run too.
.
MGI WEEKLY – Up 26% and plenty of room to run.
.
EBON is another blockchain lagger and it is showing a sudden surge of volume right at the lows, so I think that EBON may join the race too. In July 2020 EBON ran from $4 to $14! I took a starter position since it seems to be at the lows and we’ll see what happens. The volume is compelling.
.
.
FSR (Formerly traded as SPAQ) reversed at the 34 sma, it is oversold, and pushed 8% higher. This can be bought with a stop.
.
OSTK broke the 50sma and that MACD is really bullishly aligned with price breaking out. THIS IS A BUY and this one ran from ( are you sitting down?) $2 to $128 this year! I think that this could easily double from here as a Buy & Hold.
.
