Anything Else?

Well, the past several weeks have been excellent for trading , and we have seriously had reasons to celebrate, catching the lows in various sectors. All good things come to an end, so is it that time yet? Can we keep the celebration going?  lets review!

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SPX ( or SPY) - A few weeks ago I was calling for a rally to get the bulls excited. Those who wanted to play it long should now be a bit more cautious short term. We have reached the spy gap, using a wedge to transport us there. The 200sma is there on the spx too 😉

SPY 3-4

Lets look at  another indication that the SPX is at least short term topping, and we'll then look at a longer term weekly SPX chart.

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Lets Wrap This Week Up

Another great week of trading!   Lets wrap this week up...

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SPX -  Will Friday s Job report end the recent rally? We are approaching resistance.

SPX 3-3 Read More

March 3 Trade Ideas

Trading has been amazing, and there are still some set ups that we can examine.  Lets get to it...

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WTIC - Starting with OIL, this looks set up to pop.    I pointed out  a possible bottom in oil a couple of weeks ago , and I mentioned that when Oil broke to new lows, some Oil  stocks like WTI had higher lows and held up nicely.

WTIC 3-2

Now look at this ...

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The Beat Goes On

  Yes, The beat goes on and the drums are on fire.  In my last few reports, I have mentioned how we were focused on Miners and commodities lately.  Did you see the Commodity stocks and especially the  Steel stocks today?  Many were up 15- 20+% today alone.  Take a look at charts of  X, AKS, CLF, FCX, VALE , and so on.  At chartfreak, we have been focusing  on these trades, and now Energy is looking very interesting too.   Below is a small portion of Wednesday mornings premium report. The follow through today was amazing!

 

From Todays report…

XLE –  This looks set up to break out higher

XLE 3-1


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By the way-  COPPER looks very bullish to me.  (  See FCX, NCQ, TGB, )

COPPER 3-1

 

My FCX chart from Feb 9, pushing that 50sma,  it could have been bought at $5.  EDIT: It hit $9 today, up over 100% from the Jan lows.

FCX 2-9

 

I still like all of the set ups that I’ve mentioned here in commodities , like CLF, X, AA, CENX, FCX, VALE, AKS,  etc.  They are having a nice run.  Here are some examples.

 

VALE Feb 3

VALE 2-3

 

I posted this 2nd BUY in Vale with a tight stop 2 days ago . This could easily run 25 – 50 % in the coming weeks.

VALE 2-29

 

Follow through

EDIT: VALE is at $3.63Wednesday.

VALE 3-1

CLF –

CLF 2-29

CLF 3-1

X –

X 2-29

 

This was March 1. EDIT:  On March 2 it hit $11.49

X 3-1

Check out this crazy steel stock.  $3.69 to $9.39 ,  now ready to go again? EDIT: It hit $9.22 today.

TMST 2-29

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I mentioned this set up on WTI way back when Oil broke to new lows.  Then I mentioned it Monday with this chart.

WTI 2-29

Boom

wti 3-1

 

PDS

PDS 3-1

OAS

OAS 3-1

I gave a list of these types of stocks in yesterdays reports and they all seem to be acting well, either forming bases or breaking out.

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If you get a chance, you can check out some of those charts  ( X, AKS, CLF, VALE, etc). They are continuing to act correctly.  Many are obviously getting extended, up 100% off of their lows, but commodities do look like they still want higher price.  It has been a traders paradise and a buy & hold approach has also worked for the last couple of weeks.  I hope that you have been able to take advantage of these moves. For $37/month , my reports can guide you as an addition to your own trading style or analysis.  It seems that  1 trade today could easily have paid for 1 month  ( or a yearly membership for that matter)   🙂   Thanks for reading along and best wishes!

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CLICK HERE AND SCROLL DOWN FOR SIGN UP INFO

~ALEX

 

 

 

Not A Whole Lot Of Change Here

The markets are basically moving as expected, so without a whole lot of change, there isnt a whole lot to talk about. We'll do a quick market and then discuss some trade ideas.

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SPX-  Good follow through.

SPX 3-1  

I've been discussing a rally for 2 weeks now, but where do I think this is heading?

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Public Report – Update For The Golden Pennant

Many people are looking at this almost perfect Bullish Pennant forming in Gold. Many are also looking at the C.O.T. report that came out Friday and seeing bearish implications.  Yes, Bull Flags can fail, but for now it remains a bullish trading pattern, so lets discuss Gold here using a few of todays charts from the premium report.

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GOLD – Gold tagged the $1250 area overnight. That is the top of the flag.  Gold could break out from here, but since we are not at the Apex,  GOLD MAY ALSO POP & DROP TODAY (SHORT TERM) IF THIS FLAG HOLDS IT BACK. This flag has eased overbought conditions meaning that Gold could still break higher in time . 

GOLD 2-29

GLD Monthly  ( Feb ended Monday). Thats a bullish chart .
GLD 2-29 monthly

Silver-  Silver actually dropped Monday and then bounced off of support.  This can be viewed as a test of the break out and also may be relieving overbought conditions. ( I don’t know why volume didn’t appear correctly here).

SILVER 2-29

This is a Monthly view of GDX, since Feb ended Monday.  This surge with that kind of volume is exactly what you want to see. 

GDX MONTHLY 2-29

 

I had posted this chart last week with a triangle that I had drawn in at the lower left corner. I’m pointing out that when a Flag pattern breaks out upside,  one usually buys the break out and puts a stop below the apex. If it fails, you will be stopped out.

GOLD flag

I also pointed out a couple of Miners that have ‘Lagged’ a bit and may be setting up to run even higher if Gold does Pop.  ( AGI  – Imagine thinking  that $2.40 to $4.30 is lagging)  🙂

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So why do I like the set up in AGI?   Look at the similarities between these next 3 charts. Long bases can lead to excellent rallies.

AGI 2-26

ABX base

NEM 2-8

 

So AGI could break higher out of that base if Gold decides to break from that flag.

AGI 2-29

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What if Golds flag was only a 1/2 way point, and the RSI & STOCHASTICS gets embedded? That would prove to be a huge move out of the lows.

GOLD FLAG 2-24

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Yes,  The C.O.T. was showing that Commercial shorts are as high as they have been at previous tops.  Will this flag fail?   It might, but I’m not going to jump the gun and short this bullish move higher.  I’ll just continue to tale it step by step, using and honoring stops along the way.

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Best wishes and thanks for being here.

 

~ALEX

What has been working lately?

The markets have been quite volatile and choppy, and that can be difficult to trade. At chartfreak, we've been focusing on bases and up trends, so lets do a market review and discuss this further.

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SPX- I've been saying that I expect higher price, but this has been quite choppy.  If we dont get a surge higher soon, this could become an overbought bearish rising wedge.

SPX 2-29 . Read More