The Canadian Technician

$COPPER Loses The 40 WMA

by Greg Schnell

I think I start every post about $COPPER that it is a great leading indicator. Well, it might be an economic activity indicator, but it sure isn't a good indicator of US stock market direction.  First of all, we can see the RSI is stuck below 65 which is a bear market. That's true! The SPURS behind the RSI are still underperforming, even though the materials sector has had a bit of a run recently. The price action on Copper could not be more interesting. After stroking a final high in early February last year, $Copper took a Winnebago out of town. After falling $0.80 to lose about Read More 

The Canadian Technician

$NATGAS - Volume Reversal?

by Greg Schnell

Heads up on Natgas. Just a cautionary note. THis soared 10% on Friday, so that's a caution. But more importantly, the 2x etf soared to 10 M shares, almost 3 times the normal volume.  Caution on longs! Good trading, Greg Schnell, CMT Read More 

The Canadian Technician

Gold Miners Outperform Gold

by Greg Schnell

Well, it looks like the 7 dwarfs can get back to work. The Gold Miners are finally outperforming the metal which is very bullish. One of the key clues at Gold's top was the miners underperforming.  Now having the miners rise from the ashes before the shiny metal, can only be viewed as good news. Starting at the top, the RSI for Gold is still below 50. I would expect some resistance as $Gold reaches up there. The purple shaded SPURS on Gold has broken above the downtrend. Bullish! It looks like the 40 WMA is going to be a test for gold up around 1300. A little Read More 

The Canadian Technician

$TSX Approaches 14000 And The 2011 Highs

by Greg Schnell

Well, it has been 3 years since the $TSX sat above the 14000 level. After Monday's 101 push, the $TSX was a basketball hoop from 14000. Well, this morning we shot up to 13999.60 and dipped back down. Here is the long term view. Most Canadian investors will find the recent rise has made it easier to make some money. The old axiom of a rising tide lifts all boats seems valid here. The portfolio managers preaching dividends forever may finally get to tune their eyes to a wider stock program than the TSX dividends listing. Let's look back to 2010 and check out the Read More 

The Canadian Technician

$USD Appears To Be Creating A Sequel Pattern

by Greg Schnell

In Intermarket analysis, the view created by all four investment categories can be very helpful, rather than just looking at one. Currencies, Bonds, Equities and Commodities. Let's review the 30 year chart of the $USD first. It usually has a big effect on the rest. We can see the RSI seems to have found support at the 50 line. Look back on the left where the RSI started to hold above the 50. Just before the blue line in 1996. Looking at the main price plot of $USD, you will notice the 10 year trendline from 1986 to 1996. In December 1996, the $USD shot up 7 cents in 60 days and 12 cents Read More 

The Canadian Technician

REIT's Are Starting To Perk Up

by Greg Schnell

Earlier in the week, I noticed some of the REIT's were starting to get some bids. On Friday, the REIT's and Utilities got a bid. Here are three that are working at getting back above the 200 DMA.   Here is RioCan the mall property developer. Here is Crombie. It might warrant some focus in this area if the market starts to roll over.  The fact that the sector seems to be moving back above the 200 DMA encourages me to think this is not a one trick pony.  Below is the REIT ETF. Read More 

The Canadian Technician

GDX - Head Shoulders Bottom?

by Greg Schnell

GDX is an ETF that tracks gold miners. In Canada the gold miner ETF  is XGD.TO. The Gold miners are trying to turn up here. The turn is important as sentiment towards the gold miners ETF is very very low. If you like the miners, this is worth paying attention. This is a 60 minute chart and the base looks to be 6 weeks wide. Good trading, Greg Schnell, CMT Read More 

The Canadian Technician

$NATGAS Bangs Up Against Resistance

by Greg Schnell

Natural Gas is in focus with the cold spell everywhere. A little global cooling for North America and a little extreme heat for Australia. One would think with the breadth of the cold weather, the record withdrawals from inventory and an improving situation for LNG exports, that Natural Gas would continue to soar. Brooke Thackray seasonality suggests this trade is over now and will resume in the second quarter. It is an important level on the chart to see if we can move into a new trading range above previous resistance. It looks like it might be time to wait for Read More