- Rank: 15
- Followers: 88
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- Years Member: 11
- Last Update: 26 January 2020, 14:10
General Market Commentary
Market and metals bouncing today. SOXL, TECL, been hot, hot! Have a fine weekend out there. Stay safe, keep warm. Will try to get into the charting better next week...
Jan 17 Fri 2:45 p m> Broad market still very over extended, with F&G index above 90. Metals trying to base with back and fill. On Feb 2016, the $INDU was 18,205. By Aug , the $INDU had a loss of 2835 points and closed at 15,370. Fast forward to today, we are now above 29,000. Maybe on track for Dow 30,000 by summer. Almost a 100% possible gain in 4 years. Could this really happen? I will be 76 next month and have seen many exciting things in the market place over the past few years. We are truly seeing history be made. Today, CLM and CRF, both doing quite well.
New charts under Oil section... If price drops below purchase price, sell and wait for another entry. Patience and Discipline...
Nancy will have (only one) a knee replacement surgery next Tues, so will be away for a couple days. We have a EZGO burgundy golf cart. The V.A. is giving me a burgundy mobility scooter, for agent orange related problems from Nam 1965. Maybe be here for my birthday. How cool is that? Anyway, all stay well and safe. Good weekend to all! Appreciate the support and votes...
Nancy and I are celebrating our 53rd wedding anniversary! And the old man being home from Nam 54 yrs ago. All a Blessing from God!
Proverbs 3:16 Blessed is the man who gains wisdom, the man who gains understanding.
The gift of giving is good, the gift of learning is great.
Acts 20: 35. It is better to give than to receive. Wealth is good, health is better, and God is Great!
Over the month, I have reorganized and narrowed my personal chart lists down to (nine) #9. Yes thats right and one chart list was given to me by another member. Reason for this: clutter, time consuming, and way too much info to process to be used to trade from. Keeping it simple is the only proper thing to do. Being away from SCharts for a couple of months has given me time to be able to do this, but most importantly to be with and help care for my wife Nancy, recovering from lung cancer surgery, who is doing pretty well at this time. Praise the Lord!
I have culled through many, many charts to analyze and rework, to present the best trading chart patterns as possible. I trade only a handful and most are Etfs, not stocks, as poor stock earnings can ruin ones portfolio.
As this broad market rally is over nine years and counting, risk on must be seriously considered.
Just in the last 30 days much volatility has entered the market place. Not to say that it hasnt been interesting. 500 point market swings in both direction is not something to want or be involved in.
Looking at the chart Etfs of SPXL, SOXL, MIDU, TNA, QQQ, SPY and others for the last 45 days, chart movement followed in all the same patterns with a chop, chop up an down. All mostly mirrowing each other in price movement creating whipsaws of price magnitude. This was the price movements of the broad market. Even the $TRAN index has suffered losses not wanted by the markets.
Here is the result of my prognosis of analyzations. The precious metals did not mirror the above listed Etfs in price movement, but rather enjoyed a rally of their own with small pull backs. I have marked a couple precious metal charts with ***** after the chart symbol that I feel worthy of trading. If a chart does does not show good turning points to trade from, then leave it alone. Hope this info helps...
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