Wednesday August 13th
Yesterday I said:
THE SPX – This should be day 6 of a 3rd daily cycle and a 3rd daily cycle can do well, especially when you picture 35 – 45 days or more and we’re only on day 6.
.
THE SPX broke higher: The general markets broke to new all-time highs and as mentioned, we can rally for a while since this is only day 7. So far, did you notice that it has been alternating with 1 green day, 1 red, 1 green, 1 red for all 7 days. We’ll see if Wednesday is red 🙂
.
AAOI surprised me when they released earnings and it didn’t break higher, but we were due for a dcl then. Now I am starting to see strength in AAOI as it pushes up against the 50 & 200sma. You may recall that this is the stock that doubled and then tripled out of the ICL. This pullback may allow another entry before it tries to double again, if it becomes bullish.
.
LTBR released earnings as was up 2%, then 5%, then 10%, all in minutes. I pointed this out with the intraday chart and mentioned that OKLO, NNE, SMR could follow. OKLO released earnings and went from red to green…
.
LTBR closed up around 27% after that earnings report!
OKLO released earnings and it dropped and started to recover, so I posted this at 11 am when it went from Red to up 4%…
OKLO
OKLO – By midday it was up 8% and closed up 9%. You can ‘buy and hold’ a set up like this after earnings has been released, hoping that it continues to climb higher.
.
QBTS also released earnings and held steady at the 50sma. For the past 4 days you could buy it with a stop near the 50sma. On Tuesday it shot up 6.56% at the end of the day. Now that I look at it, this last dip to the 50sma looks like a dip to back test the last breakout of the Magenta line. QBTS is actually oversold.
.
RR sold off and recovered after earnings yesterday…
.
RR I like bigger picture of RR as it has been riding alomg the 200 sma.
.
This was The USD in yesterdays report. The USD was due for a dcl, so I pointed to day 27 as the dcl. The bounce will be important now because we have higher lows and higher highs in place. Well…
.
USD – That day 27 was slightly broken on Tuesday, so that would extend this to day 30 – OR – it is possible that day 17 was a dcl. Lately, however, the daily cycles have been long. We still have a higher low and a higher high in place, but it keeps coming close to losing the 50sma.
.
GOLD had a small doji on day 9 after the inflation report showed a slight increase in prices. Gold looks bullish in this triangle.
.
SILVER also made a small move on day 8 of a 4th daily cycle. With a 4th daily cycle, I would have to expect this to roll over eventually as L.T. and the MACD is showing us the weakness, but buyers do continue to hold prices up in this sector. So far it has a day 5 ‘peak’, but one more pop to a new high is possible. Can it rally in a 4th daily cycle? In a bull market, the strength is with the buyers and the surprises come to the upside, so it is not impossible.
.
And then you have the Miners and they’re still looking strong. The GDX is at the highs. Sometimes when we see this kind of strength, we think that it is too strong to pull back very much, however I have pointed out that we can take a look at the strong rally in April as a similar example.
With that April rally, GDX moved straight up in a manner similar to now. It then peaked on day 9 however, and gradually popped and dropped its way lower into a low slightly below the 50sma. That kind of choppy drop could happen again.
.
Many trades are slowly moving higher again in the general markets and it is somewhat early in the 3rd daily cycle, so that can continue. The precious metals sector is a bit tricky though. Silver is obviously in its’ 4th daily cycle so we would have to expect a dip of some sort, since it is coming due for an ICL, but Gold and the Miners are very bullish looking, with Gold in a triangle and the Miners hugging the highs. If we get a dip into an ICL in this sector, it could be choppy and brief, rather than a solid slam down, but these dips would be excellent buying opportunities. right now, the bulls remain in control and we have uptrends in place in the General Markets and Precius metals. Enjoy your Wednesday trading!
.
~ALEX
.
Bitcoin has been doing a slow and steady climb, and I think that it looks quite bullish actually, with the MACD crossing and the RSI at 63. That said, the crypto stocks, as mentioned yesterday, are somewhat lack-luster at this point. It is possible that they catch fire and start to move higher more quickly, but some look better than others. See yesterdays report for details with WULF, HUT, above the 50 & 200 sma vs RIOT, MARA below the 50sma.
.
Ethereum:
Cason popped into the commenting area and mentioned Ethereum. It didn’t look like much in May-June, but it really rallied in July and now.
It actually bottomed last week and then it broke out last Friday and has gone higher since then. Some of the crypto stocks that are involved with Ethereum have not responded, but ETH is tradeable. I think that it is too late to get into ETH now for most people, but it may be ‘scalpable’ with a measured move possibly to $48, but it might also be tradeable after it consolidates or pulls back again. If you got in in June at the 50sma, that would have been a strong trade, but it didn’t look as good then as it does now…
.
Ethereum: I wish I paid more attention to it during this last consolidation, but it seemed to be doing what Bitcoin has been doing (so maybe Bitcoin will do this?). If I saw that volume in July, it would have grabbed my attention. If this does run up to $48 and then consolidates, it could become a entry then, but that also looks like a 5 wave move completed, so we’ll have to see how it plays out going forward. Again, you might be able to scalp some gains, but it didnt dip at all on the last 3 week run higher in July. That may happen again. ETHU is 2x this move and really took off.
.
