Category: 3 – Gold Trader

The 6-7 week cycle low is overdue and the 4 week cycle low was due yesterday, but everything else says there’s more bad news ahead.

The mining stocks look no better. For the past week, there were just 2 charts with final buy signals after earlier ones, and 4 with  a final sell after earlier sell signals. Those low numbers suggest no thrust, but the downtrend is well established. In the week before there were 22 with multiple sell signals.  Here’s what I’m doing now.

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This doesn’t look good.

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Our entry into last week’s 3 mining picks did not go well. They’re all down a little and are threatening to break support. Consequently, I’ve added stops just below those support levels.

If they hold above that, there’s still a good chance of a rally, but if they break, we’ll take our lumps and come back to fight another day. Once or twice a year we see playable profitable rallies, but we never know where and when they’ll emerge. It requires dipping toes in the water whenever the potential appears. Sometimes it plays out and sometimes it doesn’t in this most frustrating of market sectors.

For the week, there were 22 charts with multiple buy signals. There are 13 with multiple sell signals.  But, on Tuesday alone, there were just 2 buys, and 18 sells. It’s not a picture that xxxxxxxxxxxxxx xxxxxxxxxx xxxxxxxxx. Non-subscribers, click here for access.

After reviewing the 22 charts with multiple buys, virtually all performed poorly on Tuesday, and none looked any more promising than the 3 picks already on the list. And like the 3 existing picks, all were in position for possible breakdowns. So there are no new picks this week. Wait till next week. Non-subscribers, click here for access.

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Gold is now working on a test of the low. Obviously, it needs to hold, otherwise, this could get a lot worse over the next few months. For example, a breakdown below xxxx would imply a target in the mid xxxx range.

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The screens for short term swing trades were again terrible over the past week. Unlike the above screens, which evaluate current cycle status, these screens look only for new signals indicating a change of short term trend. Looking back over the past week, there were only 3 charts that made the cut on the buy side. Conversely, there were 15 Sells. That’s not a good ratio, although not as bad as the previous week when the score was 3 buys to 35 on the sell side.

The last step in the process is to eyeball the charts on the buy side. One of the 3 was a penny stock. I’m not interested. One of the other two (xxx) was a falling knife setup at support. Sorry, no interest. The other (xxxx) might be a base. Might not. It isn’t a terrible setup, but wasn’t solid enough to entice me in this environment.

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There’s no reason for panic, yet. But a new 9-12 month cycle projection is scary.

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I’ve gone bottom fishing, adding 5 mining picks to our one lonely long added last week. The good news is that we completely avoided the crash. But will this move back in be too early, or just right? Download this report to see the charts of the stocks that look ready for something, here.

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