The following is just a small excerpt from my latest Weekly Strategy Session (please click on that hyperlink for details about trying it out). which I published for members and 12631 subscribers this past Sunday.
The XME, ETF for many global materials miners, is still threatening to confirm a major bottoming technical formation after a steep, multi-year downtrend. The ETF has been working on an inverted head and shoulders bottom since April of this year, with the close above $40 projecting target of about $48.
First, note the zoomed-out, multi-year chart of the ETF. You can clearly see how significant the $40 level is. Price has memory, and bulls simply must continue to turn this level into newfound, unambiguous support in order for any type of bearish-to-bullish reversal thesis to hold water.
Next, the weekly chart gives the pronounced look to the inverse head and shoulders bottom pattern, which I have outlined and highlighted for you.
Notable stocks weighted in the ETF have been the steel play AKS, which has been quite strong but is currently too extended to chase. However, I would certainly have this name on watch headed into 2014 to stalk for orderly consolidations as buying points.
More actionable and intriguing ideas in the global miners space headed into this week are:ANR BTU CLF CNX WLT.
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Quote from george harrison…nice
thanks, haha
… and my cliche mind was expecting an 80’s Madonna vid….
that works too!
Chess, on a rare (for me) serious note, material wise, that ol’ hobo PAL… looks to be making new friends.
http://ibankcoin.com/chessnwine/2013/12/17/making-notes-on-the-shorties/#comment-82087
nice!
yup..on that AK STEEL HLDG CORP.
It’s been a pretty performer this year,as well.
(posting Acquired 04/17/2013 Price: $2.867)
proving itself here at $8.13 (+183.28%)
UNITED STATES STEEL CORP not as bountiful (posting Acquired 04/16/2013 advancing nearly +80%)
*I do remain long (core) both mentioned above
😉
Chess, didnt see my weekly srtaregy did it come out yet?
Thanks, gary
Gary, it was sent out. Please email Jeremy: seasonalityreport at gmail