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Well, the markets decided not to run together again, so let's take a look at the recent changes.
SPX - The SPX stalled and had a heavy volume doji candle stick. This is often a top or point of indecision...
I want to remind readers of something that I wrote the other day...
Read MoreSometimes the markets are a bit hazy, and they need to be explained or clarified, but then at other times you can look at the Charts and it just looks like the facts speak for themselves. At this point, things seem pretty straight forward, so I am going to try to keep the chit chat minimal, and let the charts do the talking. Just The Facts please...
Bitcoin started tacking on 'hundreds' overnight, surpassing the initial target that I had mentioned, and reaching toward the extended targets that I had. I do believe that this is a parabolic move and it will eventually fall just as rapidly. This chart seems to show that we had that type of fall intraday, if it is an accurate chart.
SPX - In the last report I mentioned stay long if you are long, but it may be best to start tightening up trailing stops ( Due to BKX , TRAN, and divergences) and we'd have to see how this plays out. Boom, the long play continues on day 8. Just the facts.
TNA 3X Small Caps - I expected a gap fill and a tag of the 10sma anyway, but it just took off higher. I'd keep a stop under the 50sma & raise it as price rises.
Read MoreToday I want to do a quick review of our markets, since not much has changed, and then I will discuss a few more trade ideas. We have been killing it with Bitcoin or blockchain trades, but another sector deserves our attention too. I have mentioned it in the past couple of weeks, and I still believe that it is also ready to go.
5 Charts to discuss the markets
SPX - The DCL is in place, so this is another long position in a bull market for those that trade the SPX, UPRO, etc. Is it blue skies ahead? Maybe not, so for those riding TQQQ, please see the next chart...
Read MoreLet's discuss a few of our current trades, and please do not just 'skim the charts', you need to read the cautionary notes in print too.
Read MoreLet's do a market review of the various market sectors and we'll see that things seem to still be playing out as expected.
Read MoreWhile waiting patiently for the Gold market to set up properly, we have been trading other areas, and one of those areas recently has been the Blockchain trades. I mentioned that I had been trading these on the side, watching how they play out, seeing if they act as expected, before including them in the reports. Well, they are quite volatile, but I was having success trading them, so I came to the conclusion that they were trade-able and that maybe I should put them in the reports with a small warning about risk last week.
I'm not sure who decided to take these trades with me, and who watched from the sidelines, but I want to review some of these explosive moves (and gains) and point out a couple more set ups that may be ready to follow the leaders.
RIOT - This chart showed a consolidation that I had been trading with BIG SWINGS. After a series of lower lows, we see a higher low Nov 13 and it looked ready to break out, so I Used this chart as a buy and...
RIOT - This chart to show the bigger picture potential. I named a couple of upside targets that sounded kind of ridiculous, like $14 & $16, even in the $20's.
RIOT - I sold 1/4 of my position at $16 & posted that in the comments section. Then it after hrs, it continued to ramp up and was at $18.35, so I placed a sell for 1/4 at $18.30 & it sold immediately. I mentioned this in the comments too, so that others could follow if they wish.
GLNNF - GLNNF, RIOT, and PRELF were the main ones that I traded as an experiment. GLNNF has been very quick mover too, but they are also getting very exuberant and parabolic when they take off ( Bit coin is breaking new highs too). I sold this one a bit early every time, but with solid double digit gains. I mentioned this one near $1.20 I believe, and I sold it at $1.80 ( Red Arrow = early again) 🙂
So let's take a look at some other trade ideas in this sector...
Read MoreOn this holiday week of trading in the U.S., the markets often have a bullish bias, as traders leave early and travel to be with family. At this point, the Markets do seem to just be continuing higher...
SPX - I would say that this is day 4 of the new daily cycle. Do not stand in the way of this 
. Each consolidation leads to another leg higher. It remains a 'buy the dips' market.
Read MoreIn the U.S., Thursday is a Holiday and the markets will be closed, followed by a 1/2 day of trading on Friday. Usually many are traveling to be with family on Wednesday afternoon, so the markets volume & trading lightens up on Wednesday. That said, it is a bit hard to know exactly what to expect going forward, especially after Tuesdays trading. For now, lets take a look at Mondays trading, and review a couple of the 'Changes' that we discussed in the weekend report.
Read MoreIt comes as no surprise that markets can evolve and change over time, so when a change appears, it is best to listen. It may or may not amount to anything in the long run, but we take note of any changes anyway. That said, I have seen 'changes' in the markets this week in a couple of areas, so we will listen, discuss, and prepare. As I mentioned, they may not amount to anything permanent, but we still need to listen and prepare, so let's discuss some changes in the weekend report.
SPX - No change here, but I wanted to point out that in the past, the SPX did visit the 50sma a couple of times before moving higher. These were areas of ICLs that did not sell off as deeply as the ones in the past (see JULY & NOV 2016). So, will the markets just continue higher, or are we coming due for one soon?...
Read MoreToday is Friday and it is the last trading day of the week, so let's take a look at the markets and then discuss a couple more trade set up ideas.
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