TG Watkins – Technical Outlook On US Equities, Cryptos, Lithium, Uranium, Copper, And Regional Banks
TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website, joins us to review his technical outlook on a number of sectors including broad US market indexes, the cryptocurrencies, crypto mining stocks, the commodities sector, lithium stocks, uranium stocks, copper stocks, and regional banking stocks.
We start with TG’s assessment of the general US equity markets and chart levels, based on moving averages, where he expects support to come in for the next bounce. Then we reviewed the latest bullish speculation on tap in many sector of the stock market, commodities, and even a resurgence in the meme stocks and cryptoverse. While TG has doubts about any longevity in the meme stocks like Gamestop (GME) or AMC Entertainment (AMC), he remains constructive on the crypto leadership in Bitcoin and Ethereum. We also discuss how the crypto mining stocks are a mixed bag with Cleanspark (CLSK), Iris Energy (IREN), Marathon Digital Holdings (MARA) and potentially Cypherpunk Holdings (HODL.CN) (CYFRF) setting up well, while concurrently Riot Platforms (RIOT), Hut 8 (HUT), and Hive (HIVE) are still struggling.
Shifting over to the commodities, and noting the big moves higher in gold and silver and copper, TG points to the lithium stocks and the related Global X Lithium Battery ETF (LIT) as a beat down area of the resource complex that may have bottomed and started to move higher. With regards to the uranium miners he highlights the picture perfect setup on the chart of the Global X Uranium ETF (URA), with respect to the 50-day moving average and the cup & handle pattern within a cup & handle pattern, being very constructive. We also review the strength we’ve seen in the copper stocks, and in particular how he is reading the very big move we’ve seen in the copper seniors via the ETF (COPX) and how the pullback we are seeing today may just be a much needed rest.
Wrapping up we talk about other beat down stocks and sectors that may be setting up for their next moves higher, referencing both Blink Charging (BLNK) and the SPDR S&P Regional Banking ETF (KRE).
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Click here to visit the Profit Pilot website to keep up to date with what TG is trading.
I only have a little bit of nat gas exposure, but would imagine that people heavily exposed to the gassers felt like this today….
https://cdn-media.threadless.com/submissions_wm/901704-b9b0b50063f285b4c99226413ed91287.jpg
BDC – if you see this — curious if we are getting overly saturated on your proprietary tables for nat gas?
Yes, Excelsior, and the Rhino has attempted to gore me a few times, but I wait in the bushes with my guide. When the turn does take place (soon?) the pull back to Golden C could enable the commodity trade of the year. Note also the PM turn here: https://tinyurl.com/bddmb9wj.
Gas Day Flare !!!
Thanks for that table of your work BDC and yes the PM turn was noted and already experienced in my portfolio. I had trimmed back a few positions near that turn feeling they were getting a little overbought, but likely should have trimmed a few more to buy back a lower prices. Much appreciated.
Ex, I’m glad you find it useful!
The table is updated as time permits during the day (not being automated) but it should be complete not too long after New York market hours. Determination of Grey (possible turn) or Black (confirmed turn) is subjective. The numbers which represent Saturation are automatic; however, they are not connected as such to Google Sheets.
As mentioned, the Grey category means that a sector may be near a turn. It can take a week or less than a day to determine the Black (confirmed) status, e.g. PMs were Greyed early yesterday and Blacked in the afternoon. Grey can be a ‘wakeup’ call.
In addition, I have never seen the MaxSat(7) condition across the board as in PMs currently. This does not mean a deeper move South, where other methods should be used, but simply increases turn certainty, and that Grey should be considered much more important. BDC
P.S. Two things: the term “certainty” above should be “immediacy”; and, there is a timing aspect to my work which portends that a PM bottom is likely no sooner than Monday or Tuesday.
I was just looking at the Nat Gas chart again this evening, and was intrigued to see it blast up through $3.
https://schrts.co/yRttuJEf