BobbySpa

BobbySpa

NEM looks like it may be ready to breakout. MACD crossover and RSI turning up. Flag breakout looks to be holding. Watching and waiting for confirmation.

BobbySpa

Looks like GDX is ready to move up out of the channel depicted by the green line. Some work may need to be done in this area to get thru , but with the war, rising inflation and other macroeconomics factors it wouldn't take much to send this stock to new highs. Watching and waiting patiently for entry. NEM holds the key.

BobbySpa

I think so but this market is hobbling in the corner doing the rope a dope. Golden pocket from 395-410 looks reasonable on a turn around day. NTA

BobbySpa

if history repeats itself it may be time for SLV to outperform GLD. Look at peaks and Fib retracements. Interesting setup here.

BobbySpa

Silver could be on the verge of turning up. Gold/Silver ratio looks ready to rollover. Poor sentiment for a long long time. Watching very closely.

BobbySpa

GDX is flirting with an important level that marks the breakout area from last year's massive sell off. Looking left we can see this level has a bit of history. Resistance in the 33-34.50 area is heavy but I think we are headed higher. Sentiment is awful and RSI is telling me something is amiss. If the Fed doesn't accelerate its tapering program gold could...

BobbySpa

I think so. This is the gold to silver ratio. When silver outperforms gold this ration goes down. SLV has taken it on the chin this year and over the next few months I expect the pattern to resolve itself to the downside similar to the 2010-2012 period (look left). Indicators look ripe for a roll. Typically silver makes a new all time high within a year or less of...

BobbySpa

MSFT has risen $61 dollars since the start of June or 59 trading days (and $90 since January low). That's better than a $1 day since June and with about 100 trading days left in the year who knows where it could go by year end. Late last week it broke down inside this wedge only to be saved by big money piling in on news that subscription revenues will rise next...

BobbySpa Updated 

Is it finally time for the SPY to take a real breather? I'm not sure but the initial wedge broke down and the secondary wedge will need to find buyers quick to get back thru. Last time I wrote a note about the SPY it was at last year's bottom around 220. It's do or die for the S-P-Y!

BobbySpa

Try as it might at getting over 1.60, yields look tapped out at this point to me. Overbought on Daily and Weekly. I expect some retreat maybe to the 1.30 area.

BobbySpa

I meant to post this yesterday but got caught up with something. Haven't posted this in a while but today it made a new low for the cycle and looks to be headed down again. SLV should be moving on up!

BobbySpa

Stock is at an all time high and virtually all of its legacy business is struggling. You can't sell enough streaming memberships to make up for the lost revenue on the legacy side. It is simply a bubble and I would look out below if I owned this stock. Bearish divergence is clear. Distribution at its finest.

BobbySpa

It certainly has been a punishing 7 trading days for the miners. After looking like XAU was ready to attack the highs from August the reopening trade put a hurting on gold, silver and the miners. Gold traded down to its 200 day today and the miners have done so as well. Looks like a bullish RSI divergence on the chart and once again we are at the bottom of the...

BobbySpa

Chart says it all. Looking back to the beginning of the year we see the same set up. Market is due for a breather. Tertiary stocks going parabolic. Now is the time to protect long positions.

BobbySpa

GLD is groping for a short term bottom here after getting whacked for $6 over the last week. GLD hit its highs almost three full months ago and is down right at 10% from $195 to $175. RSI on almost every time frame except longer term, 3D, 7D and monthly, looks ready to move higher, however, I wouldn't discount a move lower with all the inviting FIB levels going...

BobbySpa

Some money came in at the .786 Fib level that I have marked. I like the market to grope for a bottom here and move higher into the election.

BobbySpa

SLV working on the next leg up! Little more consolidation here. Indicators looking good! Resistance ready to give way. Wait for it!

BobbySpa

Lot of congestion in this area going back 15 years.