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Yesterday we saw some of the Energy and Mining stocks running swiftly. There are some small bases that have formed in the past few weeks, and now they may be starting a small leg up. Some had Gains of 20 % in one day, which could just be a mix of short covering and a little buying, but they may still continue higher. We'll take a look at some individual stock set ups like the one below.
SGY - A break above the 50sma, we see a possible Inverse H&S forming.
Read MorePart 2 of this mornings Gold report. I'll start with 2 charts that I pointed out recently in premium reports and in the public post yesterday, indicating some bullishness in the miners...
Sept 30 - GDX buy above the blue line and confirmation above the green dotted line . We are currently seeing that today ( we need to close that way)
Why was this important? Using only Cycles, the volatile movement in Gold and the Miners was causing concern and looked ready to fail. While using some of the indicators that I have developed to monitor internals at the lows, I was still seeing bullishness in a number of ways and technical analysis was also leaning toward bullishness, as seen above. I dug a little deeper to try to reconcile the differences and came up with this...
Read MoreThis report will only cover Gold, Silver, and Miners
Read MoreThe market volatility has been whip sawing people left and right. What used to look like the perfect set up falls apart in just a day or two, so having 'stops' in place has been very important. Lets take a look at the markets and then review some very interesting things that took place in the Metals and Miners area today.
SPX- This bounce was expected.
Read MoreIt's time to discuss decay in the Oil and Metals markets, but first lets do a review of the equity markets.
SPX- This was Sept 15. I have been saying since August that I expect the lows to be tested sooner or later.
We see that happening now, so what next? ...
Read MoreCrazy action in the markets today. Some of it was expected, but some of it doesn't seem to fit. Lets take a look.
IBB - Really taking it on the chin lately. This is a weekly chart and todays volume was massive.
Read MoreIt would be good to look back at the past weeks activities and see how things are stacking up.
TRAN WKLY - This surely hasn't looked bullish as the trend changed. The Tran was rejected at the 10 ma this week again.
Read MoreA quick look at the markets and a brief discussion on shopping
On Sept 22 - I said that I was looking for a possible 'Test' of the break down and then a drop.
SPX - Reversal candle. Maybe that 'Test' comes now.
Read MoreWhenever we get mixed signals in the markets, it may take time to allow things to clear up. We are seeing that with the divergence between Metals and Miners right now, but until time resolves the differences, we can also look for clues. We'll do that here, but first lets review a few other sectors.
NASDAQ - We got the back test that we expected and then the drop back down. I expect the Aug lows to be tested or broken, but you can see that volatility has kept things from being a smooth move. We may bounce around inside this down channel too.
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