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I have been mentioning that the markets were due for a drop into an ICL, and I used this chart to show the potential downside -
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NASDAQ AUGUST - I thought that we might run to the top and then drop into an ICL just like the drops we saw in the beginning of 2018, and ...
This chart looks to be a lot of what I was expecting, but I wouldn't just jump in here. The NASDAQ broke & closed below the 200sma. Even though this could be a shake out, there is no need to try to catch this falling knife. We'll monitor it along the way.
Read MoreWe really didn't see a lot of changes take place that were not expected on Tuesday. As the markets pull back, things do get choppy and sloppy. At this point, let's do a market review and then discuss a few possible trade ideas...
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What was surprising about Monday? It was this- Gold dropped over $17 and the Miners fought their way back to green...
GDX:GLD - I discussed the bullishness when Miners lead Gold, so this is how Golds drop & Miners POP affected the GDX:GLD ratio. Bullish.
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SPX WEEKLY #1 - I have been expecting a dip into a DCL, and likely an ICL. Last week saw the SPX drop how deep will it be? Please read chart #1...
And now Chart #2
Read More It is Friday, the last trading day of the week, so let's just do a quick review...
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SPX - Yesterday using this chart , I pointed out that the SPX was running up along the top of the B.B. with divergence and due for a daily cycle low. The Markets dropped yesterday.
QQQ - The Markets began to sell off . We Also discussed that the General Markets were showing divergence in the RSI & MACD, Due for a dip cycle-wise, and showing a much higher number of new lows than new highs at the top here. A dip is due and seems to be starting here...
Read MoreAfter a quick review of the markets, we'll look at some of the stock picks in recent reports and a few new thoughts...
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Maybe he is Long Gold too 🙂
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GOLD - This was a nice break higher and this took place with the USD moving higher an also on the infamous ' Chinese Golden Week'. It was a nice on day pop and I'd like to see some follow through this week.
GDX - Our last report already discussed the GDX : GOLD Ratio, and showed that the Miners have been leading Gold. They kept up with Gold on Tuesday with a nice push higher on strong volume. Since this looks like GDX is coming out of a 1/2 cycle low, it should be able to break right through that 50sma and back test it on a dcl. We'll see.
Read MoreThanks Ray, for reminding me by email that this is the so called Golden Week in China. What is the Golden Week? See the calendar below, and you'll see that China is basically on holiday from Oct 1 - Oct 7th...
Read MoreThe picture is getting clearer in the precious metals sector, and we have been on the right track. My Midday Friday report pointed out a few things to take note of, and this weekend report will contain a few more noteworthy points of interest. Let's get into our weekend Big Picture Review.
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