June 5th

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SOXX– The General Markets remain bullish and The SOXX is now breaking out above the 200sma, so this area and the stocks that we have on our watchlists are bullish and can be traded or held as ‘Buy & hold’, where more gains should be possible over time. In my last 2 reprts I had a good number of charts, if you’d like to go back and review bullish set ups.

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WTIC – Oil paused at the resistance of the 50sma. This can remain choppy, because I feel that day 34 was too early to be a dcl, but if it was an early dcl, this can just move higher.  The MACD is strong.

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GOLD & SILVER LIVE – Take a look at Silver! Up $1.21 shows that it is up very nicely this morning!

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GOLD looks like it did a back-test Tuesday and started to push higher again on Wednesday. This is a bullish set up and the Miners are doing well.

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SILVER seems to be forming a pennant, and I grabbed this chart last night, but now that it is breaking higher, I’ll grab a live chart…

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SILVER – I have been saying that Silver resembled Platinum before it broke out, so buying Silver stocks was a good idea, and now we see Silver taking off. I have also pointed out that when Silver wants to run, it CAN take off and leave everyone behind, so hopefully you have been holding some Silver trades, because it looks to be running away for now.

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GDX paused on Tuesday, but so did Gold & Silver. This morning Gold & Silver are up nicely so we may get another ‘gap and go’, just like Monday. This lockout movement can keep buyers on the sidelines if the gaps don’t fill and they haven’t entered their positions yet.

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NG closed p 24%.  On May 30 I pointed out this Bullish set up. It shows a STRONG HIGH VOLUME BURST in April and then price dropped to the 50sma and held there for 2 weeks. It was ‘pinched’ between the 20 ema and 50sma and these can burst higher. This was an easy ‘buy with a stop’.

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NG popped yesterday.  It started out up about 6%, tried to drop and fill the gap, and then took off higher. It was up 13% when I posted this, but…

 

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NG closed up 24%.  We are seeing surprises to the upside, so the buy and hold is paying off again. Moves like this can happen in bull set ups and then we would be ‘locked out’ if we didn’t buy early.

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FSM: I showed this Big Picture view to just show potential on these as Buy & Hold candidates. This was about to try to breakout from a long consolidation and the last one ran well.

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FSM is breaking out and after todays pop with Silver I would say that this run can continue, so buy and hold is a great idea with a basket of Miners, and Silver Miners may be starting to play catch up to Golds ‘all time highs’ run.

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We have some very bullish set ups in many sectors and Silver can run quickly higher when it starts to run, so hang on and ride those Silver stocks (or SLV, AGQ, etc). Enjoy the ride! Bitcoin and Crypto stocks are very interesting too, so I’ll discuss that below. Enjoy your Thursday trading!

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~ALEX

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BITCOIN – So when we look at Bitcoin, you can see that there is no real strength or conclusive evidence that proves whether it has bottomed on day 54 or does it have 1 more drop.

 Some bullish action can be seen in the RSI holding the 50% line twice, but some would also view this as a possible small H&S and it could drop to the red 50sma. I have been pointing out, however, that what makes this look bullish is the Crypto-stocks. Let’s review that again..

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Bitcoin was slightly down 3 days in a row, but Crypto Stocks are quite bullish ahead of Bitcoins next push higher.

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HUT was up 5% midday, so I pointed out again that the crypto stocks are on the move. Hut was at resistance and with Bitcoin red, this should get rejected, but it didn’t. It closed above $17.

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RIOT resembled the bullish ‘3 white candles’ move out of a low. Those lows are not retested, so even if Bitcoin dropped to day 60 low, these look to be under accumulation.

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CIFR  was up almost 7% midday, and moved up over 11% as the day went on. I pointed out this push higher by CIFR in the commenting area, because again, Bitcoin was down 3 days in a row and these are ignoring that. It almost feels like Bitcoin itself is being held back to allow smart money to enter these positions low. That would be very bullish for this sector when Bitcoin does move higher.

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WULF was moving swiftly and was up 12% by Midday.

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Like I said when I covered CIFR:

It almost feels like Bitcoin is being held back to allow smart money to enter these positions at low prices. That would be very bullish for this sector, because when Bitcoin does start to move higher, we could see stronger buying with those waiting for Bitcoin to move, and possibly short cover.