The Summer's Top Trends...
The price action this August was choppy and range bound. This kept me mostly on the sidelines when it came to swing trading and establishing new positions.
However, this all changed Thursday when price gapped above and closed outside of the month long trading range. Now the question is whether price can follow through to the upside and take out this year's highs.
Investor sentiment is still bearish and this could be the fuel needed to get stocks moving again.
If you were following the day to day financial headlines/news the last couple weeks, you probably wouldn't believe we are only a couple percent from all time highs. Despite all the negative news and sentiment a market that trades near all time highs is NOT bearish.
I won't be fighting the tape and will be looking for long only opportunities.
"You know, it's a bull market." - Mr. Partridge (Old Turkey) from Reminiscences Of A Stock Operator.
The Summer's Top Trends
The best performing stocks on my watch lists from the beginning of June have been names in gold, silver and semiconductors.
After an exceptional July and August It shouldn't come as a surprise that gold and silver stocks sold off to end last week.
The up trend is still intact and the recent correction could provide swing trading opportunities for those that like to keep the odds in their favor by trading strength.
Four of the stronger names in Gold/Silver that and are now pulling back to areas of support include: NG, AEM, PAAS and SVM.
In the semiconductor space the trends are not as clear as prices are still below July's highs. However, some names that are acting well include: NVDA, LRCX, TER and TXN.
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