12631 member “JFB” noted the constructive price action in the Australia country ETF, seen below on the weekly timeframe going for a base breakout.
With this in mind, BHP makes a logical play to keep on the radar as a long idea if this Australia breakout holds true, over $27.
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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 precious metals and miners continue to attempt to hold consolidations without breaking down. Traders should still have them on watch to see if another leg higher materializes.
But commodities as a whole, after starting off 2014 with a bang, have not impressed this summer, with natural gas and corn particularly disappointing in their downside price action.
If there is to be another commodity rally in 2014, coffee and crude oil appear to be ripe to break higher from their respective weekly chart, orderly consolidations, seen below. Traders should be on watch for signs of emerging strength in JO and USO this week for potential long trades.
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The major averages remain mixed, with the Nasdaq outperforming.
That said, some earnings pops like BRCM and especially VMW are fading as I write this.
Keep an eye on Vmware to see if it can recover by the end of the session. If not, I suspect a short setup may be had, with a stop over $100 for the cover.
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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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Apple’s strength is certainly helping the cause for the Nasdaq this morning, while the likes of FEYE YELP are weak and struggling to get going for a secondary rally.
My EMES long is trying to move up through $116 for a base breakout.
Overall, the remarkably resilient S&P 500 Index is grinding to another all-time high as we speak.
Back with some more ideas in a bit.
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Enjoy tonight’s video, and enjoy your evening.
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