Daily Archives: December 7, 2017

Gold & Silver Bulls, Don’t Give Up Yet

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The “sentiment” in the metals complex now ranges from indifferent to very bearish.  In fact, I am seeing many just posting how they are just fed up with the metals complex, and just want to move on.  And, that is often the time when fireworks are seen.  So, I think it is prudent that we remain on our toes right now, just as many seem to giving up.

With silver’s direct drop lower this week, along with the potential that the GDX may hold its 21 region support, we may be able to maintain a more immediate bullish perspective.  However, I still want to note that it will still take several months until the next break out set up is ready to go.  But, what I am about to present is the best-case scenario we can view on the charts at this time.  And, they need some serious confirmation in the coming weeks.

First, I will go through the more immediate bullish potentials, as presented in silver, GDX and GLD.  Then I will discuss the more bearish potential, and what can trigger that. (more…)

Taking a Page from History

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Some of you know that I wrote a history book called Panic, Prosperity and Progress. The first chapter of that book discusses the “Tulipmania” of nearly 500 years ago, and since it seems no one can conjure up a better analogy for the Bitcoin mania going on than the aforementioned tulips, I thought I’d share a page from my book with some highlights. I thought of this particularly since Bitcoin futures (!!!) start trading within days, just like tulip futures were invented all those centuries ago.

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Two Longs & Two Shorts to Watch

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Here are two stocks with strong technical momentum and two with charts that look to be breaking down.

On the long side, First Solar, Inc. (FSLR) reached a new high for 2017 on Wednesday, hitting $65.43 intraday. It closed up $2.03 at $63.24 on heavy volume of 4.6 million shares traded. The stock has appreciated by 140% since April 3 and has been tearing up the chart since the renewable energy company’s earnings announcement on October 26, buoyed by positive analyst opinion. Wednesday’s move came with news of a strong 2018 forecast announced during the session at the company’s analyst day. There is a multi-year resistance level at $71. But if the stock can close above today’s high, $70 may not be far away.

Nutanix, Inc. (NTNX) rallied 3.5% Wednesday, closing at $35.20 on light volume of 3.1 million shares traded. The move up came with news of a positive research note issued by a Raymond James analyst. The stock has risen by 140% since May 1. Price has been consolidating in the $32-$38 zone since the cloud technology company’s earnings announcement on November 30 and spiked up to the top of its rising price channel that day. There may be some continued short-term consolidation but next targets are $40 and $42. (more…)

When The Going Gets Tough

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I’ve been struggling to get my morning posts out in recent months, and that’s because my workload at theartofchart.net is substantial and still growing. Every morning before the open I update and publish charts on nineteen different futures and forex instruments and record a premarket video looking at all of those. This must be my main priority.

A possible solution I am looking at is to clip the equity indices section from that premarket video, and post that with a chart or two before or near the open. This should allow me to get back to doing these free posts on indices every morning which I’d like. Trying that out today. Tell me what you think.

SPX is approaching channel support now in the 2621 area and that is a match with rising support on ES. I’d be surprised if that wasn’t tested and that could break at that test, though I’d prefer to see it hold. SPX 60min chart: (more…)