Moment Of Truth Time?

I was a little surprised to see the dollar down and also see the $CRB, $GDX, and $OIL down too.  They've all had nice moves out of their lows, and now it looks like it may be the moment of truth. Time to see if it was just another bear market rally or could it be the start of something more?

WTIC - From the weekend report. I had been expecting the 200sma to offer resistance and a quick dip lower.


There are a couple of other factors in play that I am watching too at this point.

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Lets Look At The Big Picture

Every now and then I like to step back for the weekend report and take a look at the Big Picture. I have been reporting for months that I see big picture changes in many sectors starting to take shape.  Lets see if they are advancing or falling apart.

The SPX is approaching resistance. Will it halt the rise, or possibly just give it a pause like we saw in 2011?


Lets look for some clues...

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Running The Bases

We've been looking at bullish bases in the Energy and Precious Metals sector lately. Very quickly  they have been making some strong moves. Explosive gains actually.

For example, this was SGY when I pointed it out.  It ran from $4 to $7 in August/September and then pulled back after hitting resistance at the 50sma, forming an inverse H&S.  When it broke above the 50sma , it was a buy around $6.


SGY  - 3 days later and it is nearing $10.  Thats $4 to $10 in about 1 month. 

SGY 10-8

EXXI is up 150% in 7 days!

EXXI 10-8

These are obviously getting extended and may be due for a pull back.  That means that it is best to look at other bases that are currently set up, but not extended...

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