DEC 10 WEEKEND REPORT – Flying Low
The general markets are flying high, but the Precious Metals are still flying low. Let's take a look at last weeks market action.
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SPX - Please read the chart
Author Archive for: Alex - Chart Freak
Entries by Alex - Chart Freak
STOCK PICKS
My weekend report covers Monday and I usually post full reports for Tuesday, Wednesday, and Thursday morning. Most of the readers at Chartfreak know that when I started this service, I thought that whatever I wrote in Thursdays report would also be able to cover Friday, the final day of the trading week. The readers here also know that in 2016, I got into the habit of posting a Friday report anyway. Today is Friday, so let's just look at Stock picks!
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NAK has been on my "must have' list for much of 2016. The chart set up, that long Base, those Volume surges. I also loved the story about their reserves and their future possibilities. I loved it and was loading up when it was 30-40cents.
NAK - After an initial strong run higher, we got a normal correction. In October I was trying again to get people to add to this set up. I have 20 charts of NAK from 2016 reports, encouraging low risk buys all along.I expected a possible 1-2-3-4-5 wave move higher.
NAK Dec 8th. - The first 1-2-3-4-5 was a run from 50 cents to $1. This could be a larger 1-2-3-4-5 playing out. NAK is up around 600% so far - Congrats to all who caught some of this strong move. I'm only selling a partial, and will add on future dips.
Lets look at some current set ups!
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Was That Progress?
After we review the progress of the general markets, we will then try to determine if we are seeing any real progress taking place in the Precious Metals sector. Are things improving or is that sector still just drifting around?
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SPX - My thinking was that we would get a Dip in the SPX ( to the 13 sma?) after the break out. We got our dip, and it was very similar to prior pull backs out of an ICL, so Wednesday I wrote that the dip may be over and we would watch the upside from here. Longs could even raise stops to a little below the 50sma.
SPX - Well that was some strong upside Wednesday. Maybe people were shorting the dip thinking the markets would roll over, and this was partly short covering?
Well, take a look at this...
Dec 7 – GIDDYUP?
Today after review of the General Markets, $USD, and Oil, we will discuss the slow motion giddyup that we are seeing in the Precious Metals market.
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SPX - November 29th I was expecting a small dip in the SPX, and I pointed out this possibility. It showed a drop t about the 13 sma.
SPX - That dip came and it may be over already. Now if someone was 'long' they can watch and see how this unfolds. In the spring time the markets ran straight up. bouncing off of that 13 sma for a while. When moving out of the July lows, the SPX ran higher and then went sideways for months.
Looking For A Little More Traction
In recent reports I've been pointing out various Miners that have been setting up in bullish manner. On Monday we watched Gold fall to new lows again, but then Gold flipped higher and put in a nice reversal. Maybe now we will see the precious Metals sector gain a little traction? Let's take a look at the markets, and then we'll review some more bullish looking Miners.
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SPX - The dip that we saw may have finished its course at the 13 sma. We did see that in past moves out of the ICL.
Precious Metals – Alive Or Dead?
Precious Metals - Alive Or Dead
I see a lot of people have started absolutely hating Precious Metals and Miners in recent weeks, and that is understandable. Gold, Silver, and the Miners have taken a dive, especially since the recent Election results in the U.S. They cannot seem to catch a bid, and each reversal just doesn't seem to stick, even though Oil and Metals like Steel, Aluminum, and Copper rocketed higher.
We have to ask: Is the Bull dead or Alive in this sector?
Here at Chartfreak, we have been discussing this extensively throughout the past several weeks. I'd like to open up a portion of the weekend report from Dec 4th, along with a few charts from earlier reports, to show how we have been monitoring these areas. Enjoy.
As of Nov 18th, GDX was already at an important Fib retracement of 61.8%, so we looked for the sell off to stop in this area.
Weekend report – See No Evil
This week has been another active week in the markets, lets see if all is good, shall we?
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SPX DEC 1st - Expecting a dip to a 1/2 cycle low, this bearish rising wedge was pointed out and is now playing out. Could it drop to 2160?
SPX WKLY - I think that it could.
Here is something to keep an eye on that looks a tad more bearish than the S&P ...
GOOD NEWS – BAD NEWS
I have what I would consider to be some good news! The only problem is, the good news may also be a little bad news.
Let's take a look...
Nov 30 – Waiting For The Final Flush?
Yes, I'm talking about Gold again...
11-30 Lining Up
It seems that many things within the market structure are lining up again. Let's take a look...
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SPX - We did get our initial burst higher out of the anticipated lows as shown on the 2 charts below.
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This was Oct 31 - Anticipating the trade-able low
SPX now - We got the lows and the initial run higher, but will it continue? Notice how the 13 SMA affected the first run. The 2nd run tagged it and then crawled sideways for weeks. No good trade resulted Long or Short for months last summer, and that may happen again. It can still be bought or held above that 13 sma.
