NFTRH Update; Stock Market and Gold Sector

After noting 1947 as the key short-term resistance for SPX we find it right back there testing that level.  This after a drop yesterday and hold above the EMA 20, which we noted it needed to do to remain in bounce mode.

spx daily chart

I mentioned that the short on MKSI was covered (also took a minuscule profit on the AMAT short, closing out my Semi equipment positions) and replaced with an unleveraged short on SPY.  Also as noted, all things being equal I plan to add to that short if it gets to the 2000 +/- (allowing up to 2030 or so, at the SMA 200) target zone.

Against this, I have added long positions on a few individual stocks.  Trying to stay balanced as usual until a turning point looks likely.

Speaking of balance, that is me with the gold sector as well.  Take a profit here, buy a pullback there and basically just putzing around remaining positioned, but not nearly to the degree I would like to be when a clear buying opportunity comes along.  At that time we’ll update some favored miners for pullback support levels.

But for right now, here is HUI at the top line of its downtrend channel.  The key continues to be the break above 140, not the proximity of channel top, which could be a natural resistance area.

hui linear chart

Of course, those using log scale charts are already in breakout mode.  Yay!

hui log scale chartThe daily chart shows that some of the over bought has been worked off, which could fuel another bump higher.  Resistance is around 188 if HUI linear pops the channel.

hui daily chart

Also, let’s not forget that PDAC is next week.  It may mean nothing or it may do as it often does, and time a market a reaction or reversal point (of at least minor degree) either during or after the show.

pdacI cannot tell others what is right for their situation, but what is right for me is to continue trading here and there, taking profits on the surges and buying the pullbacks while holding two favored miners (PG.TO and KLDX) plus the more speculative SBB.TO.