fast turtle

Faster Turtles?

AUG 13, 2014     History and rumor has it that in summer month of AUGUST  the Markets  are as slow as a Turtle  ! Believing this to be true, I signed up to do  some charity work that will take up much of my spare time during this month.  I  figured that during this ‘low volume, Slow summer month”,  when Congress leaves Washington and Fund Managers all go on vacation,  I too could take a break & would keep busy with other pursuits and  post occasionally when things present themselves.  SURPRISE!! We have faster Turtles this Aug.  The Markets seem pretty active, with a correction as July Ended, so lets just look at a few things.

 

IWM ( & RUT) had warning signs of a double top

 

IWM

Lately this has been a buying opportunity , as the “Buy The Dips, Sell The Rips” mantra has proven effective.  What about now?  How do  the Nasdaq and the $SPX  currently look ?

 

 

The Nasdaq has been quite strong, and almost looks like it wants to pullback less and less, leading to a parabolic curve.  Remaining steadily overbought, it still has a bullish look to it.  Its almost bordering on early parabola, and will be viewed that way unless it has a deeper correction soon.

 

QQQ

 

The SPX  can actually be viewed a few different ways, so I will present a variety, but why not start with a possible parabolic look too, since we just discussed how the QQQ could be heading that way.

SPX parabola.

 

What if we DO get further selling? Is that the end of the uptrend? NOT necessarily. Notice the weekly uptrend .

SPX WKLY

 

To keep us alert, however, I also see a possible rising wedge, which could break down to the blue dotted line  (October is known for these type sell offs)

SPX 2

 

The markets have had such a strong run up , Despite Geo political Events.  Pullbacks have even become more shallow this year , as seen here.  The miner blip of selling recently had people nervous, but notice how it was nothing on a weekly chart.  A gut wrenching sell off could STILL leave this uptrend in tact.  And with this chart, further selling to the orange line would be “Normal”.  Another possible BUY OPPORTUNITY. 

 

SPX 3

 

We’ll have to see how things play out, but for now the markets remain in an uptrend and bullish longer term.

 

QUICK REVIEW…this was my last call for $GOLD

USD AND GOLD

 

It Popped from that wedge as noted…needs follow thru soon I.M.O.

 

GOLD POPPED

 

 

This was in my last post  GDXJ ( $39.79)  should also begin to move up…

GDXJ AUG 5

 

So I showed this close up of a “BUY”  – click to enlarge  (I used this to add JNUG)

GDXJ ROB

 

Here is the update of how it played out  (Perfectly , so far with an additional break out …click to enlarge)

gdxj Aug 12

 

And  I also posted what I was watching for GDX at  $25.60 , using GDX as a trigger for NUGT

GDX ROB

Played out nicely too…

GDX aug 12

 

I had also pointed out that individual Miners looked to have bullish set ups EVEN THOUGH GOLD SOLD OFF , and posted a few that looked like nice opportunities.

Lets see how they played out

EGO

 

I also drew this for a friend that warned me that EGO had done 5 waves up and may drop. I appreciated that warning, but also thought that we may have only seen 1-2-3 & currently in a 4 sideways, with 5 higher to come, because other signs were very bullish.

EGO wave

Yesterday…

EGO 3

 

GG & RGLD Looked to be in a Bullish consolidation in July  also …

GG

RGLD

 

Here they are now  & both now have the  MACD  crossing up-  still bullish

gg 2

RGLD 2

 

I like to do these reviews so that readers will see that there really are value added ways of looking at charts and looking for indications that can signal that a move may be pending. Thats how we can make some money .

I made a few calls that havent made much progress too, however, so its only fair to  post those charts.  I actually think that they are still valid, just taking more time.  In my last report I mentioned and bought  WLT, ANR –  They are doing fine,  and actually did break out, but pulled back a bit yesterday. lets see charts.

I POSTED ANR & WLT AS A BUY

ANR

 

ANR YESTERDAY

ANR AUG 12

 

ANR did break out , but reversed yesterday , possibly to “Test the 50sma”.  But notice this too, it hit resistance yesterday on a wkly chart & needs to build steam to break above

ANR WKLY NEW

 

WLT    broke out too, shooting up to $6.80ish and is still good. Aug 5 chart below, its pulling back to that price. It still looks fine

wlt

 

 

 

- I also mentioned  WEAT, CORN, & JJG in JULY.  I was a tad early , They look to be basing.  WEAT DID break out, but returned to its base.   Let me just post some charts and you can review them from here.  I’ll post my July charts first & then how they look now.

 

WEAT

CORN

JJG

 

These are still valid Bases I.M.O.,  look at that  SWEAT reversal on CORN!!

 

WEAT FOLLOW UP

CORN Aug 13

 

Thats all for now…as I mentioned, I expect to be quite busy just in the month of August, but I still plan on popping in and posting if I see any big changes.  You can see from this post that things have been playing out as I expected

I didnt see a strong need to post an update this weekend and I also had a ton of things to take care of here with friends, family, and other obligations.  Some have emailed me and asked if I was ok…  Thanks for your concern.  Again, things were playing out well when one compared my last 3 reports to current charts .

 

Thanks for reading along!

~ALEX