Thursday September 25th – Bull Riding

.

SPX – On this chart I am simply showing how many days we have seen the markets pullback at one time. Some were 4 or 5 days, but recently they have only been 1 or 2 days. Currently we have 2 days down, so let’s see what happens on Thursday, since we are coming close to the time when we have a dcl drop.

.

NASDAQ –

Another observation: The dips often drop down to the RED 10 sma and we are there now, so again, we’ll see if something changes on Thursday with a deeper dip(?)…or if things carry on the way that they have been lately climbing that 10 sma.

.

WTIC – Oil popped and it actually made it up and over the 50sma. Oil stocks also responded bullishly, but as a small warning: This sector has Popped in the past and it has remained choppy and difficult. Could that change? It could, but it has been choppy…

.

So looking at The XOP, it has been bullishly consolidating above the 50sma for weeks, but it is now starting to break higher. Oil stocks may be ready to add on some gains. Let’s take a look at a few Oil stocks…

.

WTI followed Oil when it ran up into June and then crashed, but WTI did not crash back to the lows like Oil did. It consolidated sideways tightly at about the midpoint of that run and now it is popping with volume. WTI looks like it wants higher prices.

.

NOG,VET, PUMP and a few others are laggers, because they remained near the lows, but I have always liked and done well with NOG. NOG is breaking the downtrend as a buy. It did a pop & Drop on Wednesday, but that may be a buying opportunity where you don’t have to chase and can put a stop at the trendline or 50sma.

.

You can see that PUMP did follow Oil. It ran up into June and then crashed back to the lows like Oil. Notice that it based out and then Popped and Dropped Tuesday, but continued higher on Wednesday. The MACD is bullish and it looks like it wants to run higher.

.

APA is not a lagger, it has been a leader. It is still very choppy, but it is trending higher.

.

GTE was up 5% on Tuesday and closed up 6% yesterday. Someone wanting to own this could start a small position and add on dips, wherever they may come along. It could pullback on Thursday, but it also could put in 7 straight up days, so that is why I’d say,

“Start small with a starter position, and buy dips when they present themselves (Higher or lower)”

.

OPTT popped too. We have entered BLDP, BLNK, WWR, PLUG, etc t low points and watched them run away. This may run now too. It closed at 55 cents just below the 50sma (not shown). Buy here or after a breakout of the 50sma.

.

WWR #1 – We bought this last week as a breakout.

.

WWR #2 – It stalled and started to run again, so I posted this as a 2nd buy opportunity. It has good upside potential.

.

WWR#3 -WOW! 30%.  These set ups are explosive.

.

THE USD has bounced up to the 50sma in past bounces, but as you can see, it found resistance there and turned back lower. THIS TIME may be different. We are early into this bounce, and it may just break right through. If this happens, we may eventually get our pullback in the precious metals sector.

.

GOLD should be on day 4 and I’m pointing out here that it fell down to the 13 sma on the last dip. It could chop sideways or dip to that 13 sma area this week, but it doesn’t have to. It  can just run higher. If it BREAKS the 13sma, we may be seeing added weakness.

.

SILVER also bounced off of the 13 sma on this run. Right now it has paused up here at the highs with a small flag. We still have time for this to push higher since it is only day 5.

.

GDX has been running above the 13sma and it can still bounce too…

GDX – In a bull market, surprises to the upside could mean a bounce and then roll over if it’s going to be a L.T. Daily Cycle.

.

We do still have ‘time’ for more upside in the markets. What about Gold and Silver? I mentioned in past reports that with a new dcl in the precious metals, you could see a move higher for 10 days, even if it will become L.T. That is 2 weeks of trading chopping higher, so until the lower moving averages are broken, we can see surprises to the upside. We just have to wait and see how this plays out, but we are still riding a bucking bull. Enjoy your Thursday trading!

.

~ALEX

.

BITCOIN looked good on Wednesday with that reversal, but it started to drop lower after hrs and was rejected under resistance so far. We don’t want to see the September lows taken out and in Wednesdays report I said…

.

YESTERDAY I SAID ABOUT BITCOIN –

We broke down from an uptrend, and the choppiness is starting to look like a H&S. I will say that Bitcoin does move funny at times and the choppiness and bearish looking ‘lower highs and lower lows’ can resolve itself, so we’ll wait and see. The crypto stocks do look healthy, so for now the sector is fine. The stochastics has finally reached an oversold point where lows have developed in the past.

.

HIVE looked good Wednesday, so I pointed this out and also pointed out how HUT looks very similar. HIVE reversed at the 10sma and was up 8%, so We’ll just have to watch and see if this can hold up with Bitcoin dropping. I own this…

.

HUT looked very similar to HIVE to me, so I captured this and pointed that out.

.

IREN And of course the strong Crypto stocks stayed strong. What a nice solid run from IREN & CIFR!

.

CAN popped higher from this base again, but bitcoin is pulling back after hrs, so this may offer another buy opportunity on Thursday. Can has been choppy so far, but it is making gradual progress.