Oct 17, 2013

Well, I'm back in the saddle. It's been a long year with too many things going on to responsibly keep up with market action. This time, I'm going to take a different approach. Counting cycles and updating them daily took way too much time. I'm going to keep it simple.. using some basic trend lines, channels, and technical formations along with some indicators to try and find entry/exit points. The commentary will be minimal and the charts should speak for themselves. I'm also not only going to focus on metals, but I want to look at some equities that present some unique opportunities.

Let's dive in..

SLV - Silver - Trading in a downward bear channel right now. Watch for any daily outside closes of this channel. Also watch the trendline off of the July lows. Also notice the kiss of the 3ema touching the 10ema. A crossover tomorrow could give us a buy signal.

$WTIC - Crude - Are we just falling out of a rising wedge? If not, are we forming a megaphone (in red) with a higher high coming soon?

TLT - Treasury Bonds - Treasury Bonds looking to break out soon. Inverse head and Shoulders? Nice bottoming action going on here after a bear channel down.

WLT - Walter Energy - Walter Energy has taken a beating over the last couple of years. From highs at $140 all the way down to $10. They acquired a lot of debt in a new acquisition. Will they be able to recover as demand for MET coal rises worldwide this year? Watch for a quick pullback at current levels.

RVLT - Revolution Lighting - I'm hoping this one turns into a great swing trader in the coming months. I'd like to see this channel play out touching the top and bottom several times. Watching these trendlines to see where price action takes us. Looking a bit overbought right now.

And lastly..

S&P - $SPX - Stocks just have me mesmerized. I just can't see how they keep going up and up. Today we broke over the old high in the $1732 range. What does this mean? Could we trade to the top of the channel at +$1760? I watch in awe..