Gold Bugs Getting Their Moxy Back

To update my post from this morning and my long NUGT (3x levered long ETF for gold miners) inside the 12631 Trading Service, I am looking at the $23.75-$24.20 area as the initial target. However, I am not viewing that area as an automatic sell spot. I am simply looking to see how strong buyers are in the face of logical minor resistance, seen on the daily chart below for the GDX (straight-up gold miner ETF).

I am looking to add to my position more than I am looking to sell at this point.

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Courtesy of The PPT algorithm, here are the most current top five readings from my “12631 RELATIVE STRENGTH” custom-made screen, identifying which stocks are exuding some of the best performances to the market at-large at any given moment.

I look for stocks whose Daily PPT Hybrid Score surges, while the Weekly Hybrid has been negative over the past week. This can often yield stocks which are emerging from consolidations.

Members can click here to view and save the screen.

Sorted for at least 500,000 shares of daily average volume to ensure liquidity.

Please click on image to enlarge.

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General Motors was a short idea on the Weekly Strategy Session and inside 12631 headed into this week. As you can see on the first chart, below, the stock has taken a beating of late, including today.

With this is mind, after its recent (steep) snapback rally, I still think Ford is worth keeping on watch short if we see signs of another rollover imminent.

Note on the second chart that even with Ford’s sharp rally the damage suffered under $17 has not been healed.

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I have been long the gold miners all week inside 12631. Finally, they are showing signs of continuing on higher.

More on this later. I am looking for $23 to hold on GDX.

What are you trading this morning?

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Intel, classically seen as being the perennial semiconductor bellwether, had gapped down last evening after earnings.

Turning to the monthly timeframe, below the light blue lines seek to denote the best bull argue for a massive inverse head and shoulders bottom dating back to the dot-com bust. Overall, though, the stock has clearly been dead money for quite some time. It will be interesting to see if the recent strength in the semis as a sector is negated by Intel’s weakness.

Drop me your top watchlist ideas this morning.

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A few years back, I created a custom screen inside The PPT called: “12631 TOP ENERGY PERFORMERS.”

Members of The PPT please click here to view and save the screen (you can save it on the top lefthand corner of the screen, once inside The PPT).

For everyone else, here are the top readings as of the close on Thursday.

I am presenting them to you in the event the energy sector catches a rotation. If not, it is still a good screen to file away for future reference.

Please click on image to enlarge.

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