Objective Trader

Bottom ?

As discussed on 17th of May, OT was of the opinion to start buying longs and add when we reach the 50% retracement levels.  The SPX has indeed reached the 50% retracement level ( Nov 11 low - April 12 high ) at 1291 and we rallied strong since.

Below Daily Charts suggest that we have found an intermediate bottom and P5 is upon us leading us to new highs within 2012 / early 2013

As for the Dow Jones below, the 12250 area was mention in an earlier article as "obvious support"

The SPX reached the discussed 1321 and went even to 50% retracement level mentioned on 17th May

The NDX performed well to reaching the discussed area 

Russell 2000 being the leader in last down turn should be also the leader in upcoming intermediate rally ahead.

 

Summary:

The charts look very promising for prudent traders with an intermediate view.  OT ETFs SSO , QLD, UWM etc engaged since 17th May and added at 50% retracement remain in intermediate portfolio with  view to gain in weeks ahead.

Needless to say that miners rallied strong so far and we shall see even more stronger rally days ahead in coming months

 

OT Remains Excited for HUI & MINERS

As discussed over many sessions in Chin Wag Room, couple of miners has been accummulated.

SLW, NEM, ABX and lately PAAS and HL. AEM has a bit of more allocation as the monthly chart looks to attractive. New will be GDXJ early next week and first position of FCX has been taken yesterday.

 

The HUI Weekly Chart is pointing towards a reversal and a bottom process. With the break of 13/34 EMA the HUI gave a sell signal near 550. Considering that the long term buy signal was below 300, the 13/34 EMA rules work profitable.

HUI Monthly is obviously oversold and has reached 50% retracement. Once the weekly moves up, the monthly RSI should move back above 50 and Stochastic above 20 to confirm the bullish scenario

AEM Monthly is showing bottom formation and a move over 20 in Stochastic will add more bullishness. MACD bars getting shorter as well. I am very bullish for this stock and we should see by autumn this year $52

GDX Weekly is pointing towards a weekly reversal and high volume sell bar shows panic. GDX Sell signal was at 55

There AIN"T NO BULLS LEFT  !!! and this is further positive news to keep accumulating miners at current prices.