Friday August 15th

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THE SPX – The general Markets dropped or gapped down at the open with the PPI report, but again they found buyers later in the day and the SPX was able to go green again.

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THE IWM gapped down sharply, filled another gap, and then it also back tested the breakout, before trying to recover. It didn’t recover, but this is a reversal after back testing the breakout so maybe it will fully recover that selling today.

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THE SOXX gapped down sharply too, and it also back-tested and filled a gap, and then fully recovered. It looked like real panic with the PPI Numbers showing that inflation was hotter than expected, but the bulls continue to buy the dips.

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THE USD finally moved higher and it ended up reversing at that trend line that I pointed out yesterday. So this is either a small 17 day first daily cycle and then a second daily cycle that rallied and dropped sharply – or – one long 30 day daily cycle.

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GOLD – I feel like I’m just repeating myself here, but here we go: Gold was down, some Miners were green and ignored it, and this looks like a very bullish triangle consolidation.  It CAN break down and form a long box consolidation to give us an ICL, but time will tell, because it may just want to stay strong & Rally out of this triangle.

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SILVER: Again repeating myself, this is a 4th daily cycle. They usually become weaker and start to descend into an ICL or a deeper low. At this point, Miners are still doing their own thing though, and they do not seem to be all that weak…

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GDX seems to be forming a small pennant above the 10sma. Gold & Silver were down, and usually the sensitive Miners drop twice as much, but those days are gone for now.

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EQX -released earnings and with Gold down it ripped higher. To be honest, this stock has only been moving from January at $5 to $7.30ish for the entire 2025 year, and then chopped repeatedly, but it CAN now start to trend higher if conditions remain bullish for Gold.

 

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GAU is the same story. I would have hated owning this constant chop as a ‘buy & hold’—until this month or especially yesterday 🙂  GAU gapped up and ran up about 23% and the total for the month has added nice gains to the acct (I didn’t own it).

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VGZ also released earnings and this little forgotten Miner is also up nicely for the month of August, and that is noteworthy. These Miners are popping on earnings as Gold has chopped sideways and given us plenty of down days, so the Miners are doing their won thing and are bullish. (Note: Some are still tanking on earnings with a miss, though).

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So the markets are bullish, but we do still get our news driven slam downs (Inflation numbers seem to indicate that a rate cut is less likely). Many of the bullish set ups that I have pointed out remain bullish and much to our surprise, many Miners are still near the highs and even bursting higher to new intermediate highs this late in the run out of the April lows. Enjoy your Friday trading.

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~ALEX

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BITCOIN dropped sharply to the 20ema, but some Miners were up. Wulf was up huge on news driven gains.

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WULF gapped open over 20% and rapidly climbed all morning. It was a whopping 60%!  It was a news driven gainer, but surprisingly, it was NOT the only crypto stock up…

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THERE WERE OTHER CRYPTO STOCKS SHOWING STRENGTH & WENT GREEN DURING A DAY WHEN BITCOIN DID THIS??:

SO I WILL DISCUSS THOSE AND I HAVE TO CONSIDER THOSE AS BULLISH…

 

Bitcoin was down big, and the general markets were down with PPI, yet I came home and saw that HUT dropped or gapped down at the open, but then it rallied strongly. Midday it dropped so I posted this as very interesting, because this is up on a down day, it may find buyers into the close.

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HUT intraday shows that sell off into the open & then Surge higher while bitcoin and the markets were down (Regular trading is the darker black area). So after that very strong rally, you see that midday swoon finding support and turning higher at $22.50.  It went on to move up to $24.  So…

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So if you bought Hut on that pull back you get 2 things:

1. HUT gained another 6% to new daily cycle highs from a midday swoon to the close on a bitcoin crash day and…

2. This is a bullish stock for a day when Bitcoin and the general markets crashed at the open. This may be breaking out for a run.

 

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I also noticed that IREN didn’t realty drop with Bitcoins crash. That has to be considered bullish. It reversed at the 10sma and was up 5%. That is a higher low and is a buy with a stop, especially with Bitcoin crashing lower.

 

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And CIFR did not drop yesterday either. It rallied very strongly in June-July and then pulled back to the 50 & 200sma. Reversing at that support after that strong rally is a buy, but especially when I see bitcoin crash down and then I see CIFR rise up 8.5% it get’s my attention.