Header Photo artwork credit to RUSH and Hugh Syme
MARCH 23, 2014 No one actually predicts with 100% accuracy what the markets will do next, but with a little help from the charts, we may gain some idea of a likely path they'll take. In the last Report the $USD "Popped" and I mentioned that it may pause when it got to the 50sma & go sideways (Chart 1), before resuming higher. So far - that is playing out (Chart 2). What could that mean...?
When the markets turn fast, we have to try to keep pace. Yesterday during the Fed commentary , The U.S. Dollar took a sharp turn, and Equities, Treasuries, Commodities and so on were shaking it up a bit too. Lets Start with the dollar...
After some beautiful runs in Steel stocks , they took a rest and some thought that Steels strength was over. It seems that the Large run up just needed to take a healthy breather and consolidate some gains ,so lets see where they are now. We'll start with AKS
We have a FED MTG directly ahead of us , should we even be looking at the volatile Precious metals?
Well, I wont recommend anything, but I need to point out some nice looking reversals...lets start with PAAS
Buying CPE @ $6.60 has paid off rather nicely . The CPE update here http://www.chartfreak.com/2014/03/13/cpe/#more-95 showed that the set up was still bullish as it then traded near $8.00. Yesterday & Today it traded around $9...whats next...
GDXJ has broken inside the triangle on increasing volume, using a 4hr chart . (Click to enlarge) More downside would seem likely (Especially a close inside)
I've been asked what I see with the selling in GDXJ / GDX today.
- I can view it in a few different ways, so lets start with the daily
-( Is it just a simple "test" of the break out & 10sma ?)
I'm Still liking Rare Earth set ups( See QRM, AVL, REE,MCP ) as mentioned in a prior post. They have "Based out" and look to be moving above( and some have finding support above) their Moving averages .
I also like some of the energy stocks like AXAS , MNGA, & a few others are starting to look good.
Let me highlight 2 stocks and why I like them. SHLO and MNGA
I wanted to quickly review a possible change in the way AAU looks. It may have gone from "Bullish" to "Caution" , please read on... Read More
Noticed some reversals in RARE EARTHS today. They look oversold and seem to be “BASING”. see AVL, QRM, REE, MCP MCP as an example
