THE WEEK AHEAD Ending May 16
Bears, Bears, Bears - Bears are everywhere, but do we get some relief?
$Invesco QQQ Trust(QQQ.US$ Looks like we get some relief, BUT -
BEAR with me, I'm on a meme kick 🐻 after all you have to find humor and joy in this crazy market.
BEAR with me, I'm on a meme kick 🐻 after all you have to find humor and joy in this crazy market.
- THIS IS STILL A BEAR MARKET!!!
So be careful out there and look for reversals back down.
This can go bullish two ways Monday, it can sell down at open and then recover to close higher, that would be bullish, or it can just take off at open, also bullish.
If it sells down and never recovers hunker down, it's going to get ugly, I don't expect this but i always plan for it. (that's why i sell calls not stock)
The first chart has my prediction for the week, this is way too early and highly speculative because charts change by the minute. Its only a preview of where I see momentum this week.
So be careful out there and look for reversals back down.
This can go bullish two ways Monday, it can sell down at open and then recover to close higher, that would be bullish, or it can just take off at open, also bullish.
If it sells down and never recovers hunker down, it's going to get ugly, I don't expect this but i always plan for it. (that's why i sell calls not stock)
The first chart has my prediction for the week, this is way too early and highly speculative because charts change by the minute. Its only a preview of where I see momentum this week.
I see this rally (if it is indeed a rally) similar to the one we had in late January early February now it COULD turn into the March rally, I dont see it yet, but bear rallies are violent, so watch the body of MACD and see what level the buying is. (do we get little green like Jan or big green like March on the MACD body *middle indicator)
If it's a rally, that means VIX goes down. $VIX Index Futures(MAY4)(VXmain.US$ $CBOE Volatility S&P 500 Index(.VIX.US$ $ProShares Ultra VIX Short-Term Futures ETF(UVXY.US$
I can see VIX pulling back to the 27.5 area with pauses/stop at 28.5, if it breaks below 27.5 then 25 is possible and a sustained bull rally is happening (more than a week)
I can see VIX pulling back to the 27.5 area with pauses/stop at 28.5, if it breaks below 27.5 then 25 is possible and a sustained bull rally is happening (more than a week)
Uranium - Just a preview for the real future of GREEN energy. I don't actively track uranium because - I cannot say it enough, this is a multi year play and if you ask why it dipped my response will be I DON'T CARE ABOUT THE MARKET PRICE!!!
As I sell SQQQ IAM buying, DNN, UUUU, UEC look how far these have fallen, these are easy double the price by EOY buy low here and wait
As I sell SQQQ IAM buying, DNN, UUUU, UEC look how far these have fallen, these are easy double the price by EOY buy low here and wait
$Denison Mines(DNN.US$ $Energy Fuels(UUUU.US$ $Uranium Energy(UEC.US$ A nearly perfect 50% sell down - right back to previous support, a sign for another strong run. The uranium charts are near identical.
Fertilizer $Intrepid Potash(IPI.US$ $The Mosaic(MOS.US$ IPI sold down EVEN with MOS! IPI ran nearly double IPI, now someone may have been Bill Hwang'ing into IPI but IAM going to ride it again anyways.
this is Bill Hwang - If you don't know who he his, he was a leverage king using 9X leverage to run DISC VIAC and BAIDU to new highs and 10 billion in firm value, before collapsing in 2021, he was just indicted on federal insiders trading and securities fraud. The lesson is - do not lose the banks money- they will use the govt to come after you.
I always say the 50 and 20MA never get too far away for too long - well they are back together *just so they can separate again.
Moving Averages are like old friends they separate for a time, but always come back together.
I always say the 50 and 20MA never get too far away for too long - well they are back together *just so they can separate again.
Moving Averages are like old friends they separate for a time, but always come back together.
Going through my ETFs again. I you don't know by now an ETF is a basket of stocks in a given sector managed by a manager who buys and sells the stocks within the fund so you don't have to worry about peaks and valleys as much. $SPDR S&P Metals & Mining ETF(XME.US$ Metals (Steel, Iron) and Mining (iron ore, gold, silver, platinum group)
When I first posted on XME their largest holding was NEM (Newmont a miner now #8) but now 8 of the top 10 holdings are STEEL producers! $Cleveland-Cliffs(CLF.US$ $Steel Dynamics(STLD.US$ The steel producers reported massive earnings during this sell down and still sold off, looks like now were back!
When I first posted on XME their largest holding was NEM (Newmont a miner now #8) but now 8 of the top 10 holdings are STEEL producers! $Cleveland-Cliffs(CLF.US$ $Steel Dynamics(STLD.US$ The steel producers reported massive earnings during this sell down and still sold off, looks like now were back!
$Energy Select Sector SPDR Fund(XLE.US$ Energy or Gasoline/Diesel producers/refiners sellers (These are the big companies you know) The basket is 45% $Exxon Mobil(XOM.US$ $Chevron(CVX.US$ but if your looking at individual stocks from the basket, I prefer $Occidental Petroleum(OXY.US$ and $ConocoPhillips(COP.US$
$SPDR S&P Oil & Gas Exploration & Production ETF(XOP.US$ Explorers/Producers these are the old guard oil or newer energy companies $HF Sinclair(DINO.US$ $Southwestern Energy(SWN.US$ $Devon Energy(DVN.US$ $Marathon Oil(MRO.US$
AND NOW MY FAVORITES 🐲🗣🗣🗣🐲
Oil - 🗣🗣🗣🛢🛢⛽ A little bonus clip of the Amazing Russell Brand! Haha I was taking screenshots of charts and wasn't going to stop listening to his show.
I believe oil is running again, I have a myriad of reasons that, if you follow me, you know why IAM bullish on oil and will be until I have a reason not to be - This "big" dip was a BIG buying opportunity - At my previous job I was friends with an oil purchaser (yes, this is the guy actually buying refined oil in the open market anywhere he can get it) we had similar savings plans (ETFs were the only market traded equities we could own) and he would chant to me "400!" everytime I saw him. If his job is to buy the cheapest oil on the market and he's telling me OIH is going to 400, I'm going to listen to that guy.
I believe oil is running again, I have a myriad of reasons that, if you follow me, you know why IAM bullish on oil and will be until I have a reason not to be - This "big" dip was a BIG buying opportunity - At my previous job I was friends with an oil purchaser (yes, this is the guy actually buying refined oil in the open market anywhere he can get it) we had similar savings plans (ETFs were the only market traded equities we could own) and he would chant to me "400!" everytime I saw him. If his job is to buy the cheapest oil on the market and he's telling me OIH is going to 400, I'm going to listen to that guy.
$VanEck Oil Services ETF(OIH.US$ The big boys - the GIANTS - the suppliers!!!
$Schlumberger(SLB.US$ $Halliburton(HAL.US$ and my new favorite![]()
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$Baker Hughes(BKR.US$ or if you would like a cheaper stock in the basket $NOV Inc(NOV.US$
If you need supplied in the oil fields - they do it
If you need land to drill on - they own it
If you need company infrastructure - They provide it
If you need to transport it - they do it
If you take a loss - they don't, because they operate on percentages of goods and services provided (they already got paid, in case you, as an oil company fail)
There are always possibilities, and it is possible, although I don't believe so, I dont see it or feel it, but if it did breakdown it would test the lower trendline.
$Schlumberger(SLB.US$ $Halliburton(HAL.US$ and my new favorite
If you need supplied in the oil fields - they do it
If you need land to drill on - they own it
If you need company infrastructure - They provide it
If you need to transport it - they do it
If you take a loss - they don't, because they operate on percentages of goods and services provided (they already got paid, in case you, as an oil company fail)
There are always possibilities, and it is possible, although I don't believe so, I dont see it or feel it, but if it did breakdown it would test the lower trendline.
Gold $E-micro Gold Futures(JUN4)(MGCmain.US$ $SPDR Gold ETF(GLD.US$ Daily showing a nice oversold zig zag down, now we rally! That doesnt mean it won't come back and retest the low, but we should be bullish now (IAM calling this a little early as indicators have not shown buy yet, but indicators are lagging)
The 20 and 50MA never get too far away for too long, and that's a bit far for a bull market, this should correct.
Weekly! I don't know how to tell lo you how bullish this candle pattern is. Breakout - long consolidation - mini breakout - and now retest of the consolidation support, now we build back up to run after 2000
Silver $Micro Silver Futures(JUL4)(SILmain.US$ $iShares Silver Trust(SLV.US$ $Sprott Physical Silver Trust(PSLV.US$ Oversold for too long. 50 and 20MA are separated too far, it should start closing that gap.
This is a long consolidation, forming a long triangle.
Monthly to show the LONG consolidation and the LONG forming triangle. This is a monthly chart, and why my prediction for a massive breakout is near September.
Futures. They have been open for over an hour.
Looking oversold and ready for a little rally, probably to open where it sells off again.
Looking oversold and ready for a little rally, probably to open where it sells off again.
Nasdaq running a little overbought so it should be ready for a cool down m.j This still looks to be bullish at open because of the daily.
I will update sometime before open.
As always Good Luck![]()
As always Good Luck
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Shuseido : Thanks for the insights as always.
SpyderCall : i like those candle stick predictions on qqq. if this week is our relief then i see it going just like that a beautiful green week until a bloody friday. You got the right range for each candle too. If QQQ doesn't happen like that then i can see a nasty week. very nasty. That gold prediction is on point. its on top of some important support levels. i dont see why it should drop below it just yet. Not until there is some good news. any good news seems hard to find lately
ahleepapa : BUY THE DIP LA. Dun bear
iamiamOP ahleepapa: good strategy to go broke
iamiamOP : down the mountain good luck all
BruceLin8 iamiamOP: You changed your mind? Bearish now?
iamiamOP : Futures are neutral to bearish at open, but they didn't break support, so I still expect a green day. We will see. I'm holding SQQQ until this proves it will bounce. With all the indicators at oversold and heavily bearish, if this doesn't bounce it's going to get wrecked
iamiamOP BruceLin8: I'm bearish other than a relief rally.
when I say down the mountain I go that means I'm off to work so wont be responding much or watching charts.