July 12th Weekend Review

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SPX – I’m just using the dally chart this weekend, because it tells us all that we need to know.

1. The first daily cycle was strong and it was 33 days long with a 4 day dip into the dcl.

2. This daily cycle is strong and peaked on day 31 so far, it is on day 32, and a dcl can come next week.

3. So the general markets are in a bull run out of that crash down ‘tariff’ driven ICL.

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Also using a daily chart, I wanted to show that The USD is ring upward. but it hasn’t hindered Gold (or especially SILVER), if you saw what happened on Friday!  🙂

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GOLD – Gold made a move higher on Friday and that was a slightly higher day on day 8. After sliding down the magenta downtrend line, it looks to be ready to run. It’s not overbought at all.

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GOLD WEEKLY – Golds weekly chart actually looks really good with a large triangle formation for a consolidation.

 

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SILVER burst higher from a wedge on Friday, and Silver stocks did follow, with many gaining 8% or so. The MACD crossed up and this can run.

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USING THE SLV here because Stockcharts didn’t include the volume, The volume backing this move in double or triple what it has normally been lately. I love that as a sign of strength.

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THE SILVER WEEKLY CHART surged 4.13% last week. It surged higher in May/June, then it flagged by chopping sideways and it put everyone to sleep, and then Silver woke everyone up on Friday. Silver can run when it gets going, so this is a bullish set up.

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SILVER WEEKLY – As mentioned in recent weekly reports, Silver has been dealing with resistance areas, but this area has a bit less resistance, so once we break into this blue area, we could see a quick run higher.

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GDX WEEKLY – GDX was down for the week, but this is a bull flag, so that MIGHT be a buying opportunity. Usually I like to see Miners leading the way, but GDX dropped and bounced back, so there is buying here. What about SILJ? Was it weaker & down for the week too?

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NO IT WASN’T DOWN FOR THE WEEK TOO!  🙂

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SILJ WEEKLY– SILJ was up 5% and this looks like a continuation, so what we had was Silver stocks performing well after that 1 big dip (they especially did well on Friday). Volume is great.

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 MANY SILVER STOCKS DID VERY WELL – You may recall that one day last week Silver stocks slammed down. Apparently it was a shake out, and that was mentioned in the following reports. This was EXK as of Thursday, breaking to new highs.

I WROTE …

EXK crashed on Tuesday but is now back at new highs on Wednesday and Thursday. So the Silver stocks are outperforming and breaking to new highs, possibly indicating that Silver will.

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So the weekly charts are stunning, because then they ran much higher Friday. EXK was up 15% for the week.

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And what about one of my favorites, ASM?

Thursday I said that ASM broke out to new highs from this bullhorn.

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ASM was up 20.57% after Fridays surge. What a gorgeous chart & run this has been. This looks like its going parabolic, but it can run higher.

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It was a great week, the bulls are in charge. Have a great weekend everyone, if we dip into a dcl for the general markets next week, it will become a buying opportunity once the dcl is in place. Bitcoin popped too, but Crypto stocks were not as great, I’ll discuss that below. Enjoy your weekend.

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~ALEX

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BITCOIN surged this week too. It tagged $118,800+.  Crypto stocks were doing ‘o.k.’ as they chopped higher, but they aren’t nearly as explosive as they used to be. I wonder if that indicates that Bitcoin is near the top and smart money is selling a little into the rally?

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I would expect that HUT would have surged with Bitcoin Wed, Thursday, and Friday. It has chopped sideways, so

1. This MIGHT be a bullish consolidation, or

2. Smart money is selling to the buyers and keeping it from rallying too.

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Bitcoin broke out very strongly at the end of last week, but WULF dropped 5% on Friday? Again, this was as Bitcoin broke out from a large consolidation and rocketed higher Wednesday – Friday?

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It’s hard to know exactly what to make of this price action in Crypto stocks with Bitcoin rallying so strongly, but I personally lightened up before I went away. I wouldn’t necessarily recommend selling everything here, but if these drop further and bitcoin rises higher, it may be a warning sign. I’ll continue to discuss it. This is the 3rd year of a 4 year cycle.