BobbySpa

BobbySpa

Still has a bit to go but $40.35 to $40.85 or so will tell us a lot. A break of the downtrend line would be very constructive. Would like to see volume pick up.

BobbySpa

Let's see if this holds. Fib at 23.54. Need some follow thru on volume.

BobbySpa

Gap fill!

BobbySpa

GLD punched through two FIB levels and is at the very top of the flag. Would like to see a volume close above before adding to any position. Indicators looking favorable.

BobbySpa

SLV is back in the top half of the flag and looking to take out multiple FIB resistance from $23.50 - $23.75 or so. Filled one gap and working on the next. That should get us back to $25. I think weakness is an opportunity. Daily indicators all looking good!

BobbySpa

SLV working to clean up the mess inflicted in September. Interesting spot right here at the second gap falloff. Starting to see some higher highs and lows and levels to clear. Indicators are a coin flip but starting to shape up. I like silver to run if stimulus gets done and economy starts to open up.

BobbySpa

We have bounced a little as gold and silver have corrected from their summer highs. Traded down to the impulse leg target and the next leg down should be coming soon. Like SLV action over the past couple days. Bought hard off the $24.50 bottom yesterday and couldn't even get close today. It's coming.

BobbySpa

Bear flag and stock is breaking down. $90-100 on this move should do the trick! .50 FIB looks inviting and is between 100 and 200 day!

BobbySpa

SLV looks like it is just about done consolidating its big move up. Still way behind and playing catch up with GLD. GLS/SLV ratio is still high relative to historical norms during metals bull markets. Breakout coming....should be upside! Wait for it!

BobbySpa

Unsure but it has traded back down to the donwtrendline after going thru last week. Little bull flag pattern has formed. Watching very closely because dollar has huge impact on metals and markets.

BobbySpa

Looking for another 7-8%. Went thru the 50 day and the 100 day is coming soon. Breakout was $237 area and not sure we see that on this move. Impulse leg looks like $244 range, about $4 above the 200 day.

BobbySpa

GDX - miners starting to perk up again. In an interesting spot in the flag. Still some overhead resistance but with a little oomph it should be able to get thru. I was looking for this to trade back down to 38 again before a move up (and even 36) but metals are hanging in there and the miners seem to want to rise too. Could be a huge head fake but don't want...

BobbySpa

This chart shows the close of business on April 21 (the day before the reverse split and the change to 2x GDX and not 3x) thru today. The consolidation formation shows two flags, one marked in yellow and the other green. If the yellow is followed we have broken out, if we use the green we are still waiting for a break. Either way we are right at FIB resistance....

BobbySpa

SPY bounced right where it should today as the buy programs came in with a vigor. I suspect that this level will be retested next week some time as down volume is up. A break of channel support would be a win for the bears. I suspect we finish flat or up on the day so people can feel better about things over the weekend. Many will say that the correction is...

BobbySpa

NVDA simply went into a parabolic move. IT literally shot out of the second channel and is off 10% from yesterdays high and still hasn't made it back into the second channel. Lest anyone think this is a one day event. This stock and may others have a lot of correcting to do. TSLA ran from 275 to 505 in three weeks. Trading 390 after hours. It will be...

BobbySpa

QQQ looks like it's ready to pop. It tracks the NDX which is just under 12000. The extent of this bubble is simply incredible. Complete disconnect from the economic reality playing out for us at this time. Many many tech stocks up 10% or more on no news or little news. Take a look at NFLX. The higher we go the deeper we fall. Downside targets include 265,...

BobbySpa

This is chart is just silly! This is a Fed induced bubble and there is just no denying what it is. Getting close to March 2000. Same thing back then the Naz led the market over the cliff. AAPL is up $18 as of this writing. It was $212 just 5 months ago. TSLA was less than $200 last summer and it's more than ten times that amount today. This could be the...

BobbySpa

DUST did some nice work today on this 15 min chart. Held longer term FIB at the golden pocket and the shorter term Fib at .50 with what appears to be a W bottom. Take a glance at the daily chart volume and the pick up in buying volume. Still think miners are overbought and need a little more time in the penalty box. GDX definitely doing some consolidating...