Silicon Image (SIMG) is another Semiconductor company (HD & Mobile HD connectivity) that has been working its way up from a basing pattern. It is another you may have noticed among my holdings (Roth IRA) as I bought it based on the look of the basing pattern, not the breakout above resistance, which just happened yesterday. NFTRH+ focuses on real events, not hope-for events.
Mellanox is an Israel based (US Headquarters in Sunnyvale, CA) Semiconductor company that you may have seen sitting in the brokerage account. I bought it because it was making what looked like its second bull flag at around 41. It has tested my patience, but has been firming lately.
Well after getting on the Russia theme this morning, I took a look at Russia’s Google wannabe Yandex and liked the chart. Considering its relative value (though certainly not a value, being an internet stock) has been hammered down due to the recent geopolitical headlines. There is a technical setup here.
Since we routinely cover the emerging markets and also their ratio to the US stock market, I thought I would update some notable changes.
This one is cut and dry technically. Europe has been bouncing as expected and is apparently overjoyed about some Ukraine-Russia talks. Backing out the hype what we have here is a hard down in an ETF that lost its uptrend and the 50/200 day moving averages. It is now bouncing right back to them.
Folks, being a long standing gold bull on the big picture it is a little weird for me to do this. But NFTRH+ is a service that focuses on technical trading and GLD/Gold are in a bearish setup. Hence, it is noted for those interested.
‘+’ updates have thus far been on non-precious metals items because of the extended grind of would-be bottom patterns in play for the last year, and because other items have had more definable and actionable setups. This morning I want to look ahead at the juniors and explorers since the patterns are maturing.
With Copper rising above the converged 50 and 200 day SMA’s (around 3.18/lb) and with commodities in general at do-or-die support, I wanted to put up a chart of COPX for future reference for you copper/base metals aficionados.
BBRY is a turnaround play, pure and simple. John Chen is at the helm and has a tough job ahead of him in re-branding this company from device maker to ‘internet of things’ software developer.
The market bounce is providing a potential opportunity for those who care to, to re-short. As you may know I covered a short on SPY on the recent decline and have been looking to re-enter it. The S&P 500 bounce target has been 1950 to 1960, but let’s refine the situation for the SPY.
In light of the breakout in base metals (which I am still looking at as only a trade via DBB), and bottoming situations in other areas like Uranium (hat tip to subscriber ‘Hammer’) and the REE’s, it is time for a brief update on mineral commodities.
A few weeks ago we noted that base metals were in a potentially bullish pattern and recently updated that status as near a break out. GYX is now breaking out of the pattern. Here is a weekly chart of the DBB base metals ETF.
Another old name from the go-go (bubble) days of tech. Previously we have highlighted BRCM (a successful trade) and more recently INTC. Here is another survivor from 2000.
NFTRH 296 noted “Platinum could get interesting if it breaks resistance”, which was shown by a weekly chart. I also noted that I was “jumping the gun” in buying PPLT before a would-be breakout in Platinum.