AUG 12 – Navigating Choppy Waters
I wanted to share a thought on Gold, Miners, and Oil
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WTIC - Oil remained bullish with the bullish follow through on Day 6. There may be resistance at the 50sma, but so far this looks good.
Author Archive for: Alex - Chart Freak
Entries by Alex - Chart Freak
Thursday August 11
We were expecting the start of a pull back, so I posted this NASDAQ chart along with the Vix and a few other charts
Now lets look at the latest developments...
Scoop Them Up?
Along with our market review, I want to discuss some of the selling we saw in Oil and Energy stocks Tuesday. What are we looking for in the pull back that we see? Should we be scooping them up, or not? Lets review our markets...
One Step At A Time
I am seeing step by step progress in the areas that we discussed in the weekend report, so I am going to go right there.
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This was my weekly Oil chart
Weekend Aug 6th – Good News
And the good news is, I see quite a few bears falling asleep again. Our trading has been fantastic in 2016, especially in the beaten down Precious Metals sector, Commodities like Steel and Aluminum stocks did well, and Oil and Energy. The bears had attacked these sectors for quite a while, but now it seems that when one sector runs strongly and then gets a little tired, another one that was selling off begins perking up. That seemingly bearish selling fades and the baby bear goes to sleep, allowing us to do some sector rotation in our trading.
This weekend we'll discuss which bears look to be calling it a day, and also review Gold, Silver, and Miners. We should discuss what happened Friday and whether it is the start of something big, or just a little noise. lets review...
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SPX - We've been watching this constructive consolidation for a while. This was the Aug 1st chart.
SPX - The Jobs report gave it the needed boost to put any thoughts of a bearish drop to sleep for a while. The dip 3 days ago was likely a 1/2 cycle low of this daily cycle.
Lets look at the weekly chart ...
Friday Jobs Report
The May and June Jobs report numbers came in very low, and it was given an 'F' by many reviewing it. If we get another low number this morning, it will likely be graded an 'F' too. What if the numbers suddenly come in strong? It's probably worth an 'F' too, for 'fudging the numbers'. 🙂
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Today we'll take a look at Oil, Gold, Silver, Miners and some energy stocks that seem to be setting up bullishly.
Aug 4th – Progress
Things still seem to be progressing along in the various sectors of the market that we have been following. Lets take a look.
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SPX - This sideways move is really a bullish consolidation. As time goes by, we get deeper into the daily cycle, but this is holding up rather bullishly. On a wkly chart, it is forming a very bullish pattern.
Tuesday we saw this back test on the NYSE, and it held and reversed higher Wednesday.
Gold Core Positions and Miners
Gold Core Positions and Miners
Note: This post is an except from a nightly member only report.
SPX - Not much has changed over the past several days, but consolidations often lead to strong moves.
Wednesday Aug 3
SPX - The SPX has been consolidating sideways and Tuesday it started to sell off a bit more. I mentioned that we could get a back test, but it recovered a good amount into the close. So not a whole lot has changed here (again).
A bit of a different look for the DOW and the NYSE 🙂
