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Not a whole lot has changed since the weekend report, but we can review the little changes that took place and see if it changes anything in our big picture outlook.
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NASDAQ may 1- The Wedge pattern still had wiggle room
You can see on the next chart that on Monday there were minor changes...
In this weekend report I wanted to briefly review various sectors as we usually do. We have been quite focused on Energy and recently I was calling for the double bottom lows in NATGAS. We have seen these ideas play out perfectly. Now, in this weekend report, we're mostly going to focus on GOLD/SILVER/MINERS. I have about 40 charts and this will be my longest wkend report to date, enjoy!
SPX & NASDAQ - I have pointed this out for many weeks now. Very trade-able lately, buying dips, selling rips.
Here is the NASDAQ...
Read MoreQuick update for readers here on Gold & Silver.
Read More FED WEDNESDAY came and went and it rocked many of the areas that we anticipated. We have been invested in Energy stocks for some time, so we actually benefited from the upward push that many of the energy stocks received. Along with Energy and a few other areas of interest, we have also recently discussed the precious metals area again, and I sent out an intraday alert on Tuesday regarding the set ups that I had been watching. So why the puppy with the leash? Notice this...
GOLD
You can see that Gold had started breaking upward this week, and Wed it reversed into the close. Now notice Silver...
Read MoreIf you look at the volatility in the stock market lately , it would seem reasonable to believe that this Fed Mtg Day could be a shaky one. Yesterday TWTR ironically got rocked from an untimely tweet on their earnings. As mentioned in a prior report, Housing stocks MTH, PHM, TOL, LEN , DHI all got rocked, while MSFT, NFLX, GOOGL shot up higher with their results. After the bell, SSYS, WYNN, AKAM and a few others joined TWTR in the selling off , so we're getting a mixed picture with the weeks earnings reports. And then there was this chart...
IBB - Yes, it has recovered it's 50sma before, but it has work to do. Thats some pretty high volume selling lately.
With the IBB 2 day drop, something interesting happened with the SPX...
Read MoreLets discuss GOLD& SILVER briefly.
Read MoreMonday morning when we woke up, The General Market Futures were higher and it seemed like smooth sailing. Suddenly a storm was moving in and things started giving it up . With an active week of Earnings and the 2 day Fed meeting , lets take a look at the charts and see what we can see.
IBB- This was taken as of 2:30 P.M. Eastern time ( I added the end of day volume) .
We've seen this before right? A huge drop at the end of March and recovered at the 50sma. Is that what we can expect? Let me show you what it tells me..
Read MoreBetween the Earnings Reports last week and the FED this week , the markets have begun looking quite interesting in many ways. Lets take a look...
April 22 - I pointed out a consolidation that could break to new 'closing' highs in the NASDAQ.
Would it Break or Fail during earnings ?
Read MoreI dont always do a Friday report, but there were a few interesting things that happened in the market. Lets see what those were...
This was the SPX going into yesterday, you can see that anything higher would be a break out type move
Yesterday the markets did move higher, but they pulled back into the close.
Read MoreFirst, I apologize that this wont be out before the market open, I think I had food poisoning last night and it was a rough ride. I am looking at the markets and stock set ups that have been discussed and wanted to just review a few things to watch for going forward. We'll start with our market recap ..
SPX futures are down as I write, but there is still upside possibility short term, if this breaks out.
That being said, there is still this reminder...
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