Thursday March 28th
DATA – Todays data DOES usually move the markets, and I mentioned yesterday that the recent drift lower that we have been seeing could be reversed soon and a push higher from the Jobless Claims may be what we see.
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SOXX – We got our drop and reversal yesterday at the 10sma/20ema and I do expect that the Jobless claims will push us higher. The SOXX clearly shows us on day 6.
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THE SPX reversed and closed higher too, so as expected, our bullish set ups remain bullish at the start of daily cycle number 3.
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XOP -The Oil stocks are breaking out from that massive consolidation that I have been pointing out since January. That means that many of the Oil stocks that we discussed have done well, like VLO, MRO, NOG, OKE, APA, ERF, VET, etc…
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MRO & VLO have been very steady in their climb out of the lows in February. As a sidenote, I wanted to mention that Many Silver stocks have started to move out of their lows and look very much like this set up to me (where the box is). I will discuss that later in this report.
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NOG was one that I mentioned as a favorite of mine when these run. It has done well too, very steadily climbing up and along that 10sma.
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THE USD pushed higher and that usually is not good for Gold or Silver, but lately that has not been the case.
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GOLD is running higher after back testing that breakout of the Bull Flag. Gold is back near the day 25 highs again.
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SILVER was dropping as Gold was pushing higher, but it was due for a dip into a dcl. I think that we may have the dcl with this reversal at the 20ema. That is just a guess, since we don’t have any follow through higher to form a swing low, but I will show you something very important to me in this report…
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On Wednesday Morning I saw GDX steadily climbing and I wanted to point out that a move above $30.84 would be quite bullish, because THAT indicates to me that we do have a dcl in place with Golds Bull Pennant break out at day 25. Why? Well, this late in a daily cycle, we shouldn’t be dropping sharply and then making new highs (on day 30), so I think we’ve started our next run higher, and…
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GDX tagged $30.97 nd broke to new highs. For GDX, I think the lows are in place at the 20ema.
YESTERDAY I WROTE ABOUT GOLD STOCKS:
Take a look at this.
My favorite Miners like EGO, HMY, GFI, IAG, etc. etc. are NOT in a deep sell off right now. In fact EGO is running away, not dipping down when Gold and Silver did as we looked for a dcl. Many are hanging around at the highs, so this is a very mild sell off at the timing for a dcl.
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HMY and the others that I mentioned have given GREAT gains to those that bought and held a basket from the Oct ICL . HMY was $3 to $8, for example, and $5.50 to $8 from the recent February ICL.
NEXT I wanted to mention here that the Silver stocks were lagging a little when compared to HMY, EGO, OR, IAG, AU, etc etc. ,
That said, these set ups look like they want to run and catch up to Gold stocks quickly. I REALLY LIKE THESE SILVER SET UPs
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AG was breaking out above the 200sma midday, and I had pointed out a week ago that these silver stocks were bouncing off of the 20ema. That has happened again. THIS IS A BUY or a place to add if you owned it and wanted more.
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NOTICE THAT SILVER just dropped day after day into that recent low, right? 6 red days here, but…
CDE is not selling down for 6 days, is it? I am seeing Silver miners act bullishly and I really like these set ups.
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EXK ran up and out of the lows recently, it then chopped sideways as we looked for the dcl, and now it looks ready to go again. It was strong enough to avoid even tagging the 20ema. I see a similar move last March -April too, and that 2nd run was strong.
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HL started to break out yesterday and again, this was not selling down for 6 days, it has consolidated sideways and is breaking out.
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As a reminder, IAG has done well and looks good here. It tagged the 20ema when Gold broke the Pennant on day 25, but I also want to take note of something else…
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…but I also want to take note of something else, and that is THE BIG PICTURE. I don’t have time to review all of these for you in this report, but if you have some time, take a look at a few 5 year weekly charts of your favorite Miners.
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IAG ran from $1 to $5 in 2020, with a midpoint consolidation (dcl), and it just did half of that again. If GOLD is breaking to new all-time highs and will run to $3000 or more, these will make great profits and should start trending too, so it could run beyond what we saw in 2020.
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Our Bullish set ups remain bullishly set up and I feel that the Precious Metals, General Markets and Crypto Miners (or The ETFs) are a buy. MJ’s are on fire, but I can’t safely recommend them until we get a pull back to support to cut the downside risk. Also Solars may be perking up, so we have a lot of opportunity going forward! U.S. Markets are closed tomorrow, so Enjoy your Thursday trading !
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~ALEX
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BITCOIN was down yesterday, but I saw several Crypto-related Miners like WULF, MARA, BTBT, etc. up nicely, so that is a bullish development. This chart is Bitcoin live this morning and it is green so far on day 8. Day 8 of 60 is still a buy opportunity.
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BTBT was up 13% with Bitcoin red yesterday. This is encouraging, because we recently saw these miner dropping as Bitcoin raced higher.
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MARA was also pushing higher in the morning, so I grabbed this chart to show that MARA was actually trying to break above the 50sma with Bitcoin down. Did it get through?…
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MARA broke above it midday and actually was up 10% near the close. With Bitcoin down on day 7, this is a bullish development early in the daily cycle.
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RIOT is back near the lows, but we’ve seen this before. It was only up 2% yesterday, but again, Bitcoin was down and these often drop 5% when Bitcoin drops, so again, I think that we are seeing signs of bullishness in this sector as bitcoin starts to move out of the lows.
