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The past few weeks have seen huge gains %-wise in the Chartfreak Gold & Silver Miner picks. I've been reading that other letters have avoided the sector due to the C.O.T. What a shame, we discussed the C.O.T. here too, but didn't accept it as utterly bearish. I'll discuss that again this week. Lets start with a look at a couple of the recent explosive moves in Miners for example.
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TRX- I bought and have been discussing the bullishness in TRX for weeks. I will discuss it further later in the report, since it has broken out with a bullish surge higher.
XRA - This also burst higher after a 2+ month consolidation of prior gains.
AUMN, VGZ, MUX, TGD, and many others mentioned in the reports over the past few weeks are surging higher. AUMN gained 50+ %last week alone.
After a market review, I'll discuss what I think will be the next opportunities in this sector, and what to look for in Gold, Silver , and Miners going forward.
Read MoreFriday is the last trading day before we enter ( in the U.S.) a 3 day weekend. Markets are closed in the U.S. on Monday, so please keep that in mind when deciding whether you want to buy, sell, or hold. Lets do a quick market review, and then I wanted to go through some lessons pertaining to our positions in Miners. 🙂 In the general markets, something that could turn out to be very bullish happened in the markets today.
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DJIA- This was my chart from yesterday pointing out a possible shake out with the Brexit vote. I labeled this SPX, but it was DJIA. They both had the same reaction.
Notice what happened Thursday...
Read MoreWhat 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.
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