Friday June 6th

Just a quick update on me and you can skip this if you just want to get to the report:

 I had a couple of lumps form on my arm after release from the hospital last month. They said that it was normal after an IV. Yesterday I went in for a large lump that was growing and was ordered to have a Doppler ultrasound and then they held me in the ER at the hospital until 10 pm due to concerns of the size of my clots (one actually showed up as running over a foot long, and I didn’t even know that was possible!).   The patient will live because of their location being superficial veins and not Deep veins that lead to the organs. We are treating it and it should break down and go away over time.   Moral of the story: Don’t ignore medical situations (like I tend to do) if they persist for weeks.

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FUTURES as of 8 a.m. Friday ; We have the general markets green so far, and  I noticed that the USD was up, and Gold, Silver, and Platinum were too

 

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SPX – so we dropped o what should be day 8 and that is normal to have dips along the way. If day 33 was not the dcl, that would have been day 41 (& extremely R.T., so still very bullish), but I still feel that we have the dcl in place and have started a second daily cycle here.

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GOLD dropped and that was a bit frustrating, since Silver has been up big this week and was up big again yesterday. The MACD is rising and this looks fine on day 14 which is also the peak so far.

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GOLD stocks were mixed, with some like IAG or HMY remaining Green despite Golds drop, and others were Green but slid into the red like KGC. They are still overall looking just fine.

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SILVER surged yesterday again and Silver looks great. I grabbed this chart of Silver live at 8 am and it shows that Silver is up again on day 17. There is a very real possibility that Silver stocks only give us a 1 day pullback here and there and keep people locked out of buying as they wait for a bigger dip.  This is why I can’t recommend selling them (even when we get near day 20) and waiting for a lower entry. IF YOU DO, maybe just sell half to lock in gains and see what we get, but we may just get a flag over time.

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EXAMPLE: I know that our gains are already great, and I HATE GIVING THEM BACK TOO, but…

This is why I can’t recommend selling them, even when we get near day 20 and waiting for a lower entry. IF YOU DO WANT TO SELL, maybe just sell half to lock in gains and see what we get, but we may just get a flag over time.

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GDX ran higher but then started to drop with Gold.

  It only closed down 6 cents and again, this can just chop sideways or flag if Gold chops around. The thing to keep in mind is that the set up in precious metals is Bullish and day 15 may only be the half way point for this daily cycle. So…

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GDX

The thing to keep in mind is that

1. This set up in precious metals is Bullish and day 15 may only be the half way point for this daily cycle and what does that mean?

2. It means that surprises are more often to the upside than not. We can get small dips and big rips at time, and that is what Silver has now been doing.

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Again, the bulls remain in control and when we look at the weekly charts in the weekend report? Very nice looking charts. Congrats to all that held some Silver Stocks this week. And what I see happening to Bitcoin right now is possibly quite bullish too. You’ll see that below, enjoy your Friday trading!

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~ALEX

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BITCOIN – Are you kidding me? If this drop to the 50sma on day 59 and reversal sticks the landing, then this is exactly the other scenario that I had in mind. You may recall that …

We bounced off of the 34 sma on day 54 and I mentioned that one more drop would be possible due to ‘ cycle timing .

In fact, one more drop to the 50sma would probably shake people out,  since buying this 4-5 day bounce seemed good. And now …

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And now that drop may have people too nervous to buy. The crypto socks have been responding well to the day 54 low and a higher low now with Bitcoin making this lower low could be the perfect set up for the next run higher.  This looks perfect to me. A dip on day 59 to the 50sma. So…

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A Break of the overhead trend line would help to confirms this low to me, but I bought earlier anyway.