Markets are pulling back sharply on the excuse of Netflix´s earnings, but man things are being dragged down alongside NFLX, including my miners. I took the opportunity to add to my SILJ etf, and will show some charts below. Regarding my shorter term intraday signals, I didn´t take any signals today because the miners are my priority and they were presenting a buy area for me, so they had my focus. However, I got buy signals on both the URNM (Uranium etf) and XBI (Biotechnology etf), and both have worked nicely higher from the paper entry price, so I look forward to using this short term trading system again, while staying invested heavily in precious metals miners.
Below, I will post the URNM daily chart, XBI long term monthly setup, and the SILJ chart I used to add to my positions today.
URNM daily chart, this etf flashed an intraday buy signal on the 30 min bar chart, and has bounced nicely since then.The XBI Biotechnology etf also flashed a buy on intraday charts, but I am more interested in the longer term signal the MONTHLY chart is getting close to flashing. It’s not quite there yet, but encouraging to see this etf bounce when the selling pressure in markets subsides during the day, could mean this one is close to being washed out. Still, we will wait patiently for the signal to occur before taking a long term position expected to be held 6-10 months.SILJ´s daily chart shows it pulling back to near its 50 day MA on the second day decline in a row after a huge run earlier in the week. That big move up and the volume that flooded into the sector I think will prove to be a defining moment, as big money starts to move into the miners and metals as we near the FOMC rate hiking parade. Today I added in the form of long term LEAP options that don’t expire until Jan 2024, exactly 724 days from today, as my trading platform likes to remind me. I added to my position in UNG (natural gas etf) yesterday, after seeing the stochastics on the daily chart reach oversold. I am not yet up to a full position on this trade, so I’m still looking to add into pullbacks. This is a longer term setup, weekly overbought at a minimum before I consider selling any portion, which would only be half, if I am able to be in a full-sized position before it takes off. Like SILJ, the UNG etf took off sharply higher right after I started to buy it, only now a week or so later has it pulled back enough that I feel comfortable adding.
