Tuesday June 10th – Still Running
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SPX – The general markets are still moving higher, though it is at a slower pace. It is only day 10 so it will likely make a peak at a higher point than day 10.
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USD – Will a bullish USD affect Gold this time? It did not affect Golds run in December, when both the USD & GOLD rallied higher together, so we’ll see.
I’ve been watching for a higher low dcl with the USD and now that a wedge has formed, that low could be in place. We do have a little more space in the apex, so it is possible for this to dip one more time to give us that dcl. A break of the downtrend line & a close over the 20 ema will signal that a dcl is most likely in place.
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GOLD is on day 16 on Stockcharts, but it is day 18 on Spot gold. Right now it looks like Gold broke out from a downtrend or large triangle and then back tested it. Now we’ll see if it can move higher from here or did it peak on day 14?
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SILVER is not in sync with Gold. It is running very strongly out of the 2nd daily cycles low. Silver is starting to look extended, but Silver is also known to stay extended for a while, so for now it has formed small triangles and continued higher, with its’ peak on day 16.
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GDX has followed Gold more than Silver and it has moved higher in a choppy manner. I do see MACD divergence at the new highs and that can cause choppiness and a pull back over time. So I have drawn a choppy path as a possibility and …
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GDX has a day 15 peak and if this dips into a dcl, it should come in around or before day 30 to stay R.T., unless the GDX makes another new peak before dropping.
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EXK dropped while Silver was green on Friday and I mentioned that possibly we were just seeing a gap fill. As of Monday, EXK shot up 11% and does seem to be a gap fill on Friday.
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FSM – So it was odd that FSM dropped over the last 2 days while Silver was higher, but it is possible that it is also just filling that gap. We’ll see. It was disappointing to see FSM down 2% with Silver up quite a bit, but it has made a nice run from $5.25 to over $7.50.
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The Bulls are still showing up everywhere, so I am going to have a few extra charts at the end of this report, AFTER BITCOIN, so please read on. Enjoy your Tuesday trading!
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~ALEX
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BITCOIN surged yesterday and that is only day 4 of a possible 60, so there is a strong possibility that we can rally to $120,000 and beyond. If so Crypto stocks should make it back up to 2024 highs. This looks SO GOOD, so WHAT COULD GO WRONG?
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This looks SO GOOD, so WHAT COULD GO WRONG?
Well, it’s too early to worry about it, but I do see divergence as we entered new highs, and that bothers me. It often leads to sideways choppiness or a pullback to try to undo it. We are near $110,000 already, so we could do a quick run to my $120,000 target and then chop lower as L.T. and that would be important to notice if we do. We also could just chop higher and correct that divergence, so I’ll be watching this rally closely. SO FAR, Crypto stocks are joining in on the run.
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IREN (& other crypto miners) gapped open and then sold off quickly while Bitcoin surged, so I pulled up an intraday chart and saw that it was not very concerning. Most of these started to push higher into the 2nd half of the day…
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IREN dropped, filled that gap, and then pushed higher. It closed up 6%. If Bitcoin runs to $120,000, this may be a 5 wave rally as drawn here.
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RIOT also gapped open higher, dropped to the 200sma (down 2%) and then reversed from Red to Green. It eventually closed up almost 3%
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WULF started to move from red to green, so I posted this chart. It closed up 4.14%.
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In the comments, ‘AA’ mentioned this crypto stock. It looks good and volume has been increasing to 800,000 to 1.5 million yesterday.
DGXX broke above that 200sma with 1.5 million in volume, so it does look bullish (up 15%), and can continue higher when Bitcoin does.
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I want to review Clean Energy Stocks:
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On May 19 I pointed out this nice base and set up in FCEL. It was squeezed below the 50sma, but showed signs of strength with good volume…
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FCEL. broke out and started to climb higher, so I pointed out other bullish set ups like CLNE, USEG, ULBI, GEVO, BLDP, CHPT, PLUG, etc etc
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FCEL is now almost double at the 200sma, so I wanted to revisit the other bullish set ups in that area. ULBI has had a strong run, for example.
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ULBI & FCEL have had a strong run, and continues to follow through. So lets look at laggers…
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BLDP was mentioned at the 50sma, and it has started to run…
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so I pointed out PLUG on June 4th, it had the FCEL set up too. A base with Volume popping under the 50sma. I expected a break out…
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I posted this in the comments yesterday as it started to break out. This was a lagger, but it had the same set up as FCEL. A tight base under the 50sma.
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PLUG was up almost 30% by the end of the day. It was a great trade so far. Do we have another lagger?
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CLNE is crawling above the 50sma. I do NOT see the steady volume surges that I like to see, but this still can start to run and get increasing volume as it goes. This sector is heating up, so this is a buy in this area, or you can buy it when it starts to push higher.
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On a separate note:
ARBE is a robotics stock, like RR, RCAT, KITT, etc, and it is a bullish set up. It has been steadily climbing the 20 ema and lately is crawling under the 200sma. I am thinking that this will break out and run over time too.
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LAES popped above the 50sma and out of a base in MAY, and volume was coming in, because this was midday when I pointed it out. It ran very strong in December from under $1 to $11, so this was worth a small position and add if it gets going.
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LAES rallied, drifted back to the 20 ema and is now starting to go again. The set up is a good one and buy and hold is paying off again.
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I mentioned many stocks in the past as buy & hold at the ICL while raising stops ( or buy the dips). CRWD, CVNA, PLTR, XMTR, SOFI, RKLB, NVDA, GOOG, MU, TSEM, AMD, TSLA, AMZN, QUANTS, etc etc , and so far the bull markets have added gains to these and other areas of the General Markets. Add to that Precious metals and Crypto and we have many areas to trade in.
MU simply crawled sideways during the dcl, and that was a buy. It has 6 days of straight gains out of that consolidation and…
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It has 6 days of straight gains out of that consolidation and doesn’t TSEM look very similar to MU before the straight up rally? hint – hint.
