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The general markets are flying high, but the Precious Metals are still flying low. Let's take a look at last weeks market action.
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SPX - Please read the chart
Read MoreMy weekend report covers Monday and I usually post full reports for Tuesday, Wednesday, and Thursday morning. Most of the readers at Chartfreak know that when I started this service, I thought that whatever I wrote in Thursdays report would also be able to cover Friday, the final day of the trading week. The readers here also know that in 2016, I got into the habit of posting a Friday report anyway. Today is Friday, so let's just look at Stock picks!
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NAK has been on my "must have' list for much of 2016. The chart set up, that long Base, those Volume surges. I also loved the story about their reserves and their future possibilities. I loved it and was loading up when it was 30-40cents.
NAK - After an initial strong run higher, we got a normal correction. In October I was trying again to get people to add to this set up. I have 20 charts of NAK from 2016 reports, encouraging low risk buys all along.I expected a possible 1-2-3-4-5 wave move higher.
NAK Dec 8th. - The first 1-2-3-4-5 was a run from 50 cents to $1. This could be a larger 1-2-3-4-5 playing out. NAK is up around 600% so far - Congrats to all who caught some of this strong move. I'm only selling a partial, and will add on future dips.
Lets look at some current set ups!
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Read MoreAfter we review the progress of the general markets, we will then try to determine if we are seeing any real progress taking place in the Precious Metals sector. Are things improving or is that sector still just drifting around?
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SPX - My thinking was that we would get a Dip in the SPX ( to the 13 sma?) after the break out. We got our dip, and it was very similar to prior pull backs out of an ICL, so Wednesday I wrote that the dip may be over and we would watch the upside from here. Longs could even raise stops to a little below the 50sma.
SPX - Well that was some strong upside Wednesday. Maybe people were shorting the dip thinking the markets would roll over, and this was partly short covering?
Well, take a look at this...
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