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The Weekend Walk Through – Aug 27
Were you prepared for this action today? At chartfreak, we have been selectively buying Miners and other commodity stocks for weeks, and discussing the bullishness in this sector, despite many articles expressing concern over it.
I'm opening up the weekend report, because we have been expecting this break out in Gold for weeks now. I have been posting various Miners chart set ups to show which ones were good low risk buys over the past few weeks, and my reports have been very focused on the bullish side of GOLD, SILVER , & The Miners. In addition to that, We also have been buying and trading commodity stocks like HBM, IPI, TGB, X, FCX, etc over the summer, and pretty much avoiding the General Markets as they topped out and consolidated for a bit. I was able to call THE lows in Oil in July, but the Energy sector using XLE & OIH was tricky, so I didn't enter a trade there. Set ups kept breaking down and even though the XLE did break out in late July and looked promising, it lacked strength and follow through after that break out . This was this weekends report is posted below in it's entirety, and follows up on all of those areas. IF you think that all the prior daily reports directing you to the Commodity stocks and Miners may have helped you with your trading, why not sign up for a month and try it out now? I will be closely watching this sector after todays break out. Enjoy!
NASDAQ -We still haven't dropped into our ICL, but you can see that the NASDAQ has basically gone sideways all summer. Price is where it was in May. Is this reversal ready to move price higher out of this consolidation?
