On Friday April 24th I was interviewed by Tom Bodrovics of Palisade Radio. We had a wide ranging discussion including the following:
- We went back over the breakout in gold in 2019, and how gold consolidated in late 2019 while stocks like TSLA led, and then gold broke out again during the coronavirus panic
- Discussed the relative strength in gold vs. the S&P 500 and how Stage Analysis helps you find the leading sectors and stocks in the market
- Mentioned how the large cap gold stocks typically lead the start of a Stage 2 uptrend in gold followed by the smaller caps and finally the junior gold mining stocks
- We talked about current leading sectors in the market including gold, technology, and biotech
- Discussed the key 195 level on QQQ and how QQQ is back above the 30-week moving average and leading the stock market
- Talked about the recent V-bounce in uranium and how many uranium stocks are back above their 30-week moving averages
Taking a look at CCJ below, notice the increase in volume as it has moved back above the 30-week moving average. CCJ was basing before the panic which was a good sign. If it can hold the top level of the base on a pullback there’s a stronger likelihood this breakout will hold. Many of the uranium miners have overhead resistance however which is less ideal, and in general V-bounces are more prone to failure than longer term Stage 1 bases.
U.TO which tracks the spot price of uranium has had a powerful move as well and has moved above much of its prior resistance. It has plenty of room to consolidate above the 30-week moving average at this point. Notice the outperformance against the S&P 500 as well.
Get more info on Stage Analysis or Stan Weinstein’s book
Check out my trading videos on Youtube
Check out my Stage Analysis Screening Tool at: http://screener.nextbigtrade.com
Twitter: @nextbigtrade
The original article and much more can be found at: https://www.nextbigtrade.com
The views and opinions expressed are for informational purposes only, and should not be considered as investment advice. Please see the disclaimer.