Thursday November 30 – Still Running

We do have some economic data being released today that has, in the past, moved the markets ( The General Markets, The USD, and Precious Metals).  There are times when this data will trigger a move at 8:30 a.m. ET, but there are also times when the data can be ‘an ingredient that is already baked into the cake’, so to speak. We’ll have to see what happens at 8:30 a.m., but this data has moved our markets often in the past.

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THE SPX -The general markets are still hanging up around the recent highs and have paused in their climb with a sideways move. This was day 22 and we can get a push higher or a dip into a dcl from here, so we’ll see if the data today gives us a continuation or a dip.

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I MENTIONED IN PAST REPORTS HOW A PULLBACK COULD UNFOLD INTO A DCL, (Though it may just run higher).I said…

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SPX – A dip that started now could drop all the way down to back test the day 12 breakout and the 50sma as shown. The markets have been strong so I almost don’t expect this scenario, but I just wanted to mention it since it is a valid possibility.

SPX – With the markets in such a strong ramp up, I would say that this kind of a milder dip into a dcl would be a little more likely, if the pull back starts sooner than later.

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LABU was doing a POP & DROP yesterday after the first hour of trading. I just wanted to point out that I saw several Biotech stocks looking good again, so The LABU 3x Biotech set up has moved up and off of the lows and now it is trading along the top of the 50sma. The IBB and XBI are also coming up off of the lows, so this may be one for the watchlist (or a buy).

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The USD bounced on Wednesday and it may be forming a lower downtrend line. Todays PCE numbers may move the USD. A bounce in the USD can pause Golds climb, but eventually Gold may begin to ignore the USD too.

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GOLD paused as the USD tried to bounce, however this is only day 13 of maybe 30 plus, so…

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Yesterday I mentioned that when I do a ‘measured move’ on this breakout in GOLD, or an ‘A-B = C-D’ measure, it reaches a minimum of $2114 (New all-time highs).

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SILVER paused too, but remains bullish.

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GDX paused, but it should still run higher, since Gold is only on day 13.

 

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The set ups remain very bullish in the longer term, but we had a short term pause on Wednesday. Even though the GDX Paused, some individual stocks still ran up 8%, 16%, and even over 20%, so holding a basket of miners has still been helpful on down days. Today we have some data being released that can affect the short-term direction of the markets, so we’ll see what happens at 8:30 am, and then we can go from there. Below I will just briefly cover some moves in the miners that took place despite the pause in Gold, Silver, and the GDX. Enjoy your Thursday trading!

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~ALEX

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BITCOIN WEEKLY – Just a reminder with the weekly chart that Bitcoin is pushing against a resistance area. I did expect a bit more of a pullback in this area when the DCL was put in place recently, but you can see the weekly candles have wicks along the lows. Each dip is being bought at this point, so it appears that Bitcoin is slowly trying to push its way through that resistance. Crypto Stocks have finally been playing catch up over the past couple of weeks!

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I was complaining that the Cryto-Stocks were NOT following Bitcoin. They were building bases or hanging around at the lows as Bitcoin surged higher.

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Well, that was until they released their earnings, and now some are playing catch up VERY QUICKLY! I suggested possibly buying a basket of lagging Crypto Miners too, and that has really been paying off. I have mainly discussed MARA, RIOT, BTBT, IREN, CLSK, BKKT, WULF, HIVE, HUT, CIFR – but there are others like SOS, CAN, EBON, MIGI, etc that have not started to run yet. (CIFR & HUT are not doing very well yet either).

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WULF as an example of a lagger:  You can see that this has moved up off of the lows, but buyers have not flooded in. I think it looks like a great base, so I would say that it can go in a basket, because they did release earnings. With that thought however, I’d keep it small until it does get going.  If they are having any financial problems, they could do an offering. I am not sure why some of these are stalling, but when I look at IREN and BKKT – I see that that can change in a hurry!

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I mentioned that some laggers like BTG . NG, SA, RGLD, SAND, etc are starting to perk up. Here we saw BTG breaking a downtrend on Tuesday.  Well, on Wednesday GOLD, SILVER & GDX paused, so…

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BTG was up 1.2%, but it may just move sideways for a day or 2 and then continue higher. This allows us to add to positions if we want, especially if we get a dip from the data today.

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I showed that NG broke out on Tuesday as a lagger playing catch up too…

NG paused with a doji, so it can pull back or continue higher, but it may be a good place to add if you wanted, since Gold is only on day 13.

PLG popped on Tuesday at the lows, and was popping Wednesday again. It then pulled back a little yesterday, so I posted this at 11 am. This is a good move out of the lows with volume. Its a low risk buy and…

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PLG closed up 14.56% on very strong volume, so if you bought it when I posted that, you are up another 7% and this looks like a nice ‘buy & hold’ candidate.

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PZG & VGZ) were in a long sideways base and are suddenly running now too, so you can see again that this sector is finding buyers in many areas. Even the smaller 40 cent stocks are moving.

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ESKYF has been popping now too. These are up 50-100% in days at this rate.

RSNVF popped Tuesday and had some follow through on Wednesday.

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AAGFF – I have mentioned that I bought this in my Buy & Hold basket and it was running again, despite Gold & Silver pausing, and…

AAGFF WEEKLY – It is up 32% this week alone Mon-Wed, so these little explorers and juniors are gaining ground fast. Again, I just have smaller positions in these, just in case they do an ‘offering’ or have some bad news released.

ASM pushed with huge volume from under the 50sma on Tuesday and then popped 7% in the first hour yesterday, so I posted this.  Again, this was with Silver pausing.

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ASM ended up as a pop and drop, only closing up 3%, so it is a buy candidate in my opinion. It may dip to the 50sma and fill that gap, and then continue higher.

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MGMLF -Another penny stock Maple Gold Mines is running out of the lows.  It popped on Monday, had follow through Tuesday and was up 13% on Wednesday, when Gold and Silver Paused,  so the baskets of miners can still see gains and losses on a red day.