Archive for category: Premium

 I'm sorry, but my wife talked me into the picture above for the weekend report.   I actually felt right at home on my visit to the Biltmore in Asheville North Carolina.  Why? Well, they had Chartfreak Lions everywhere, and also Miners began breaking out Friday morning, easing any concerns that something ugly would happen in Gold while I was away.  🙂   Why did I like what I saw Friday, and what does that move in GDX & GDXJ mean ( if anything?).  Let's discuss the market action from this past week and what I m expecting as a result.  I also want to mention why I chose the LION as my logo when I started Chartfreak...

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With every passing day, we are 1 day closer to one of the best trade opportunities that the Precious Metals Markets offers, and they only occur twice a year. Let's discuss the various market sectors and then we'll look at Gold, Silver, and the Miners ...

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NASDAQ - June 18th, I showed the bearish rising wedge forming on the SPX & NASDAQ . Read the chart.

NASDAQ - After 4 drops & reversals higher in a row, we had a POP to new highs.  Deceptively strong looking, but the WEDGE was still in tact, so I wrote that  "we would see if this bearish rising wedge would break out higher or down"  (  They almost always drop down).

 

THE WEEKEND REPORT SHOWED THIS WEDGE AGAIN.  I SEE A HIGH VOLUME DROP FRIDAY THAT WAS LIKELY POINTING TO A COMING  TECH DROP.

 

NASDAQ - Monday at 10 in the morning , this is how Monday started...

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NASDAQ - As the markets try to pull back, it looks like buyers are stepping in and propping it up a bit.  We have seen 4 reversals in a row during the selling in NASDAQ.

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