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As mentioned in recent reports, I am expecting the markets to pull back soon. There have been some great gains in the run out of the lows for the General Markets, Oil, and Precious metals / miners, but we really are due for a rest. Just because I am expecting a pull back soon, that doesn't mean that we are finished yet though. The Theme picture may give you an idea of what I am talking about. Lets discuss the markets and do a little thinking ahead...
Read MoreAt 2 p.m. we had our F.O.M.C. Minutes released, and some things changed right away, so we'll discuss that. Is it likely to be a short term knee jerk reaction that only lasted for the rest of Wednesday? Or does it look to be more of a medium term change, with days of similar action to follow. I almost think that the readers here already know the answer to that, but we will discuss it further.
Read MoreIf you were in front of a screen during trading hours yesterday, you may have also noticed a multitude of trade ideas in various sectors popping up all over the place. It was a lot like juggling for the active trader, and a couple of questions received in emails reflected the fear of missing out on some really good moves in the blockchain trade ideas that I mentioned on Feb 8th, saying,
" XXXX was up 20% and YYYY was up 50%, my stocks were only up 5%- 7%, am I in the wrong stocks?". Those blockchain stocks are very hard to just buy & hold and as mentioned, they are NOT for everyone, so I would not chase those. I'll discuss them more at the end of the report. Let's take a look at things and answer a few questions...
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Read MoreWe have a lot to discuss, and I have a special section on the Precious Metals that should interest everyone here, so let's get right into it ...
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SPX WEEKLY - The market continues to rise out of its V-Bottom. It has now broken out over the 200sma on a daily, and that means that it is above the 50 week ma. I am using red arrows to show other slam down ICLs and their recoveries.
Read MoreGood News, Bad News. The Good News is that in the U.S. we have a 3 day weekend to rest up and enjoy time with family and friends. The Bad News is that in the U.S., we have a 3 day weekend. I don't know about you, but at times I hate it when there is no trading Monday. Earlier in the week I was lamenting that some of the trades were choppy and not really going anywhere, but toward the end of the week the gains started adding up and now I'd like to see this continue Friday and into Monday, but I guess many of us will need to wait until Tuesday. So let's take a look at a few things on Friday, our last trading day until the 3 day weekend.
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NASDAQ - The NASDAQ has now reached the 200 sma. We are getting late in the daily cycle.
Read More When the markets get later on in there cycle counts and start to get a little choppy, it can be boring and even a little tricky. You'll see what I mean by tricky when we cover the general markets and Oil.
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SPX #1 - The SPX has hit a new high as it pushed against the 200 sma Tuesday after a brief pullback. Does that change anything? ...
SPX #2 Feb 5th - A while back I had mentioned that in the past that we saw false break outs at the 200 sma before, so that could happen again. So breaking through that 200 sma doesn't really change anything, but I'll show you why it gets a little tricky shortly.
Read MoreNot much changed in Mondays trading , but I want to discuss something in addition to a quick review and possibly a new sector perking up. Let's get right into it...
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SPX - No change here, I think that the upside on the first daily cycle has run out of steam and a dip will come before another move higher.
Read MoreLet's discuss last weeks activities and the expectations of what is likely to come...
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SPX WEEKLY - Here we see a weekly DOJI formed and it formed at the 50 week MA.
Read MoreWe have been expecting a bit of pull back in the General Markets, and it would likely start after the SPX tagged that 200sma. I am not expecting a wash out sell off, it will be more of a ' Buy the Dip' type of pull back into the first dcl, but if you want to hold on to most of your recent gains? Then at the first signs of cracks in the ice, you would certainly tighten stops or take some profits. You want to Stay Frosty for a while.
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SPX - The SPX tagged that 200sma, dropped to the 10 sma, and bounced bit into the end of the day. We are on Day 30 and I expect this to eventually back test the 50sma.
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