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What has been the best game in town the past few weeks? Trading Gold Miners has really been explosive. Look at charts of VGZ, MUX, ASM, CDE, AG, FSM, and more and you'll see solid gains in these once hated Miners. I want to discuss trading these miners further, since we have been killing it in some of these. Lets go to the charts...
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XRA - On June 27th, I mentioned that this is an explosive set up, and showed a few reasons why. I was buying .
I then posted this on the 28th. With Gold down $15, XRA powered higher. Last chance to get in?
And then Wednesday- BOOM! - just like the VGZ and MUX trades, this exploded higher. Up 26% at the close.
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I was asked " Did you sell the pop?", this is what I'm looking at...
Read MoreFriday alone wasn't enough to give us the information we needed. Monday helped and now we have Tuesdays trading to add the the equation. lets take a look...
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SPX- The positive side....the weekly chart ( yes, it is only Tuesday) would shape up nicely if we held here or continued higher. That's a big 'if'.
The bearish side...
Read MoreFriday we saw the initial reaction to the Brexit vote, and Monday we saw some follow through. Lets look at the charts...
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From the weekend report...
Read MoreLast week the General markets went through a period of indecision. Each morning the futures were green, then the markets sold off into the close. We had the Fed giving testimony to congress and the Brexit Vote scheduled for the end of the week.
After the Brexit vote, the future went Ka-Boom, with Gold up almost $100 at one point, and the general markets ( in the US/ and globally) panicked.
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SPX - The Dow closed down over 600 points, the NASDAQ was down over 200 points, and the Spx was down about 76 points. That is a rather ugly candle.
The ICL (Lows) were not broken, but...
Read MoreWe are THAT much closer to the Brexit vote and it is being discussed on any and every financial media outlet available. Here is the 'kicker', did you know that it is forbidden that the vote be reported by the British media after the voting begins? Yes, that's right, they can report on it right up until the voting begins, and then there will be NO UPDATES all Thursday, no exit polls, no nothing. Until all the votes are counted, the British media is forbidden to report on it. So Thursday is the last day that the markets will function as pre-brexit markets. Are you ready for more of this...
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SPX - Not very dramatic so far, but it is holding above the 50sma and remains close to former highs.
What else have we seen this week?
Read MoreSo far this week is pretty much playing out as expected with the combination of the Fed testimony and the upcoming Brexit Vote, but a comment by Tess in the chat area had me wanting to take a closer look at Precious Metals. Things are still exactly as expected, but a slight variation in cycle count may be in order. Lets have a review of our markets first...
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SPX- As expected so far
Read MoreMonday we awoke to a Gold and Silver slam down, and the futures for just about everything else was pointing to a higher open. As the day went on, Gold and silver went higher and the general markets sold off into the close. Tuesday, the futures show pretty much the same. Will today bring what we saw yesterday? Janet Yellen is testifying before congress on Tuesday and Wednesday, and Thursday is the Brexit vote, so it seems that many do not want to commit ahead of time, we may just get more of the same.
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DJIA- The Dow regained the 50sma intraday, but then sold off into the close.
Read MorePlease read the weekend report, this is part 2. I wanted to post a few trade ideas...
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Read MoreThe Fed Decision is behind us and just when we thought that maybe we could enjoy a week free from extreme volatility, we have BREXIT this week. The vote regarding the European Union is on Thursday, and that could give us another week of volatility. That said, by using Cycle analysis and Technical analysis, we have been expecting a certain outcome and things do seem to be lining up as anticipated. Lets do a review.
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SPX- We may have seen a 1/2 cycle low. This would lean more to the bullish side indicating that the current consolidation is building steam to attempt a break out. This looks like a 'W' pattern with a handle.
The W-Pattern is a bullish pattern mentioned in William O'Neil's Books. This one ran to $800, and is currently at $1800.
That is not the only Bullish chart on our Brexit Week, there are more ...
Read More
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