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Quick Trade Watch-list, Aug 19th

Sorry for the delay on this week's quick trade watch-list. I have been traveling around BC for the last week or so and my WiFi connection has not been great. Here is the updated list.

Last week we began an overdue correction in gold miners and many have dropped to a level where I am now waiting for a reversal. This process can be tricky because they reversed fairly hard this morning and some of the charts are looking great. I am being patient with this because gold is still overbought and could drop a little further but I did buy back a few companies this morning. in those cases, the stop would be below today's reversal low. Other's may want to wait for more confirmation that things are breaking upward again. Here are a few of the charts.

Here is the TSX gold miners index. Most gold miners look like a version of this.

NDM looks like it wants to break higher here. I will buy it if I see follow through.

Just waiting for a reversal here.

Same thing for GUY. It gave back a lot but I think it will eventually launch higher again.

EDV has been rock solid and is currently in a bull flag, which typically resolves higher. It could dip below the flag before taking off but doesn't have to.

I am also watching closely for a short opportunity in both the Canadian and US markets. Both have bounced after the sell-off last week and there is possibility that they will break down again. The charts for the inverse ETFs are below.

This ETF is a double inverse the S&P 500. one could also buy HQD (Nasdaq) on a breakout (i.e. breakdown of the general markets).

HXD is the double inverse TSX, which actually looks a little better than HSD above.

Happy Trading!



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