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Yeah, that little guy on the left is rather precious to it’s dad there, but I’m talking about Precious Metals here. Let’s discuss what I mentioned in the weekend report about the coming sell off that I expect in Gold, Silver, and Miners, and discuss what we might see …
I started with these 2 charts, one of GOLD
And the other of GDX
But I also included this chart and it raised questions in the minds of some of our readers, so let me discuss this a bit further…
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QUICK REPORT ON THE FAST TRADES FOR OUR TRADERS
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MYMMF– Bought at 42 cents
MYMMF – Hit $1.26 today.
Do we have another set up similar to this and the other ones? Yes, I believe we do…
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This weekend we’ll discuss how the markets behaved last week, and at the end of the report, I want to also touch on daily cycle strength. Visuals may help things to stick in our minds 
SPX – When looking at past ICLs ( deeper meaningful lows), we can see that the dips have not been as deep as they used to be. This is showing the markets strength over the past year. I now can draw a middle line as recent support. Please excuse the type on the chart 🙂 We do look due for a dip down sooner than later though, don’t we?
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SO MUCH TO WRITE ABOUT, SO LITTLE TIME. Today is Friday, the last trading day of the week, so a quick review and a discussion on a few trade ideas…
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3 SPX CHARTS
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SPX#1 – Thursday saw the Markets gap down, sell off, and then start to recover, so we get another ‘buy the dip’ reversal, however …
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SPX – ‘No Change’ from yesterdays report. Just keep riding it until a trailing stop takes you out. This can keep riding the upper line higher for a while too.
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Again, not a whole lot has changed, but I am expecting some changes as we move forward. Let’s discuss our current market set ups…
SPX – This looks the same as we have expected, but please notice the recent divergence. This usually calls for a pause , a sideways move, or a dip. Let’s take a look at the NASDAQ and see what is happening there…
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One trading day after the weekend report and expectations have not changed, except that almost everything improved, so let’s take a look…
SPX – No change from our expectations
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The various Market sectors acted as expected this week, so let’s take a look and see how things continue to line up in a way that we can profit from.
SPX – The General Markets put in another high DCL, and we’ve discussed how the pull backs are more shallow lately and what that implies. This would only be day 7 of a new daily cycle. That dip was sharp , but shallow, so ‘longs’ may not have even been stopped out with a trailing stop. If one was stopped out, this sideways stall has allowed many to re-enter long positions.
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It’s Friday, there is only one trading day left in the week, so I want to cover a couple of questions that I get from time to time in todays report. I will do a short review of a few things first, and then I will just cover everything else in greater detail in the weekend report. For now, this report contains a brief review, a couple of trade ideas at the end, and a lesson or two in the middle.
SPX – No change here from our expectations. This looks like day 6 of a new daily cycle.
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Every now and then the Markets give us a bit of a conundrum, and it takes a little extra time and meditation to get to the bottom of things. After the Fed Decision was released and I began to review the charts, I ran into that very situation. Lets discuss the markets and I will show you what I mean…
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DJIA – This is not the conundrum. We got a Gap open in the morning and then the markets sold off a bit into the close post fed. Nothing has changed here yet, this looks like day 5 of a new daily cycle.
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