Gold’s Momentum and Underperforming Gold Miners – Is A Breakout Rally Imminent?

In the video, we discuss the recent momentum in gold prices and the underperformance of gold miners. Gold is trading near its highs, while gold miners are still down by around 30%. 

The mismatch in performance between gold and gold miners raises concerns and suggests caution, as it may indicate a temporary rise in gold prices. Gold miners may not catch up with gold prices until the stock market experiences a sustained rally. 

The current situation in the gold market remains convoluted and confusing, and the next major super cycle rally may not happen until later this year or next year….Watch Here.

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Refining Stocks with Dan Dicker

Expert trader Dan Dicker says to buy stocks of refining companies when they report earnings and then sell the stocks next spring.

Crude Oil Closes Lower After Whipsaw Day of Trading

Crude oil closed lower due to profit taking on Wednesday as it extended Tuesday's decline. The low range close sets the stage for a steady to lower opening on Thursday.

Despite today's setback stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. Closes above the reaction high crossing at 72.85 are needed to confirm that a short term low has been posted.

If August crude oil renews last week's decline, the 38% retracement level of this spring's rally crossing at 62.25 is the next downside target.

First resistance is Tuesday's high crossing at 73.38
Second resistance is this month's high crossing at 73.90

First support is last Tuesday's low crossing at 66.37
Second support is the 38% retracement level at 62.25

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Natural Gas Trading Below 20 Day Moving Average

Natural gas is trading slightly lower, under 4.00, as it consolidates below the 20 day moving average crossing at 4.10. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term.

If August extends last week's decline, the reaction low crossing at 3.710 is the next downside target. Closes above the 10 day moving average crossing at 4.135 would temper the near term bearish outlook in the market.

Monday's pivot point for natural gas is 4.06

First resistance is the 20 day moving average crossing at 4.10
Second resistance is the 10 day moving average crossing at 4.14

First support is last Wednesday's low crossing at 3.87
Second support is the reaction low crossing at 3.71

Finding The Big Trades

In today’s video, we will be using MarketClub’s “Trade Triangle” technology to discover stocks that are potentially getting ready for big moves on the upside.

We will show you a quick and easy way to replicate these moves using using MarketClub’s tools for the trader. With just a few clicks of the mouse, you too will be able to spot these trades.

You can use MarketClub’s “Trade Triangle” signals for Stocks, Futures, Precious Metals, forex, ETFs and Mutual Funds. To the best of my knowledge there is no easier, faster way to find winning trades.

The video is free to watch and there is no need to register. I would love to get your feedback about this video so please feel free to leave a comment.

"Finding the Big Trades" Click Here To Watch

Crude Oil Lower, Consolidates Some Of This Week's Rally

New Video Crude Oil, The New World Currency

Crude oil was lower overnight due to profit taking as it consolidates some of this week's rally. Stochastics and the RSI are diverging but are neutral to bullish signaling that additional gains are possible.

If July extends this spring's rally, the 38% retracement of the 2008-2009 decline crossing at 82.38 is the next upside target. Closes below the 20 day moving average crossing at 65.64 are needed to confirm that a short term top has been posted.

Crude oil's pivot point for Friday is 72.35

First resistance is Thursday's high crossing at 73.23
Second resistance is the 38% retracement level crossing at 82.38

First support is the 10 day moving average crossing at 69.41
Second support is the 20 day moving average crossing at 65.64

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Natural gas was lower overnight due to profit taking as it consolidates some of Thursday's rally. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term.

If July extends Thursday's rally, the reaction high crossing at 4.284 is the next upside target.

First resistance is Thursday's high crossing at 4.07
Second resistance is the reaction high crossing at 4.28

First support is last Thursday's low crossing at 3.56
Second support is the reaction low crossing at 3.50

Trading Video:The #1 Predictor of Inflation or Deflation.

The Dollar was higher overnight as it consolidates some of this week's decline. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term.

If June extends the rally off last week's low, the reaction high crossing at 83.33 is the next upside target. If June extends this week's decline, the reaction low crossing at 78.37 is the next downside target.

First resistance is Monday's high crossing at 81.53
Second resistance is the reaction high crossing at 83.33

First support is Thursday's low crossing at 79.20
Second support is last Tuesday's low crossing at 78.37

Crude Oil Closes Above $70, First Time Since November

"Crude Oil Rises for First Time in Three Days on Dollar Decline"
Crude oil rose for the first time in three days as the dollar fell against the euro, bolstering the appeal of energy and metals as an alternative investment. Oil advanced more than 3 percent as rising stock prices reduced the need for holding the U.S. currency as a refuge. The U.S. Energy Department will probably report tomorrow that refiners boosted operating rates to meet summer gasoline demand, according to a Bloomberg News survey.....Complete Story


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"Economy, Higher Oil Prices May Restart Shelved Projects"
A rebound in oil prices and signs of economic recovery are renewing interest in exploration and production, but producers are still wary of volatility and determined to cut construction and service costs, which surged last year after oil prices spiked to record levels. Crude oil prices have risen back above $60 a barrel, from a low of around $42 earlier this year, and are expected to rise further in the next few years as supply.....Complete Story

Trade Crude in 90 Seconds....Click Here

"U.S. Senate Panel Approves More Offshore Drilling"
A U.S. Senate panel approved expansion of offshore oil and natural gas drilling, opening more of the eastern Gulf of Mexico to energy development. The Senate Energy and Natural Resources Committee voted 13-10 today in favor of an amendment to expand drilling, as part of its debate over pending energy legislation. Former President George W. Bush removed a presidential moratorium on offshore drilling last year, and Congress let a ban expire after oil prices reached a record $147.27 a barrel. The amendment.....Complete Story

Today’s Stock Market Club Trading Triangles

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Crude Oil Bulls Take Charge On Better Than Expected Unemployment Numbers

July crude oil traded slightly lower Thursday due to profit taking as it consolidates some of Thursday's rally but remains above the 25% retracement of the 2008-2009 decline crossing at 68.49. Stochastics and the RSI are overbought and are turning bearish hinting that a short term low might be in or is near. Closes below the 20 day moving average crossing at 62.82 are needed to confirm that a short term top has been posted.

If July extends this spring's rally, the 38% retracement of the 2008-2009 decline crossing at 82.38 is the next upside target.

Crude oil's pivot point for Friday is 68.14

First resistance is Thursday's high crossing at 69.60
Second resistance is the 38% retracement level crossing at 82.38

First support is the 10 day moving average crossing at 65.95
Second support is the 20 day moving average crossing at 62.82

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The June Dollar was higher overnight due to short covering as it consolidates some of this spring's decline but remains below the 62% retracement level of the July-March rally crossing at 79.80. Stochastics and the RSI are oversold and are turning bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 80.84 would confirm that a short term low has been posted.

If June extends the decline off April's high, the 75% retracement level of the aforementioned rally crossing at 77.55 is the next downside target.

First resistance is the 10 day moving average crossing at 79.69
Second resistance is the 20 day moving average crossing at 80.84

First support is Tuesday's low crossing at 78.37
Second support is the 75% retracement level crossing at 77.55

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July Henry natural gas was slightly lower overnight as it consolidates some of Thursday's rally. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. Closes above Tuesday's high are needed to renew the rally off last week's low and would open the door for a possible test of May's high crossing at 4.690.

If July extends this week's decline, last week's low crossing at 3.500 is the next downside target.

The pivot point for natural gas for Friday is 3.75

First resistance is the 20 day moving average crossing at 4.053
Second resistance is Tuesday's high crossing at 4.284

First support is Thursday's low crossing at 3.550
Second support is last Tuesday's low crossing at 3.500

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The June S&P 500 index was higher overnight as it extends Thursday's rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

For day traders the first challenge for the bulls will be the 23% retracement at 954.25. Beyond that level the next target would be the swing highs at 960.25. If the market finds a way to put a bad spin on the 9.4% unemployment numbers our target to the down side is 932 would strong support at 929.75.

If June extends this spring's rally, the 38% retracement level of the 2008-2009 decline crossing at 1040.33 is the next upside target. Closes below the 20 day moving average crossing at 910.38 would confirm that a short term top has been posted.

The SP 500's pivot point for Friday is 937

First resistance is Tuesday's high crossing at 948.50
Second resistance is the 38% retracement level crossing at 1040.33

First support is the 10 day moving average crossing at 920.71
Second support is the 20 day moving average crossing at 910.40

The June S&P 500 Index was up 3.80 points. at 944.30 as of 6:03 AM CST. Overnight action sets the stage for a higher opening by the June S&P 500 index when the day session begins later this morning.

Today’s Stock Market Club Trading Triangles

Crude Oil Consolidates Profits Overnight

July crude oil was slightly lower overnight due to profit taking as it consolidates below the 25% retracement of the 2008-2009 decline crossing at 68.49. Stochastics and the RSI are overbought but are neutral to bullish signaling that sideways to higher prices are possible near term. Crude oil bulls are encouraged by the U.S. dollars weakness in over night trading.

If July extends this spring's rally, the 38% retracement of the 2008-2009 decline crossing at 82.38 is the next upside target. Closes below the 20 day moving average crossing at 61.19 are needed to confirm that a short term top has been posted.

Tuesday's pivot point is 67.66

First resistance is Monday's high crossing at 68.68
Second resistance is the 38% retracement level crossing at 82.38

First support is the 10 day moving average crossing at 63.88
Second support is the 20 day moving average crossing at 61.19

4:30 PM ET. May 29 API Oil Industry Report

Crude Stocks (Net Change) (previous -2.82M)

Gasoline Stocks (Net Change) (previous -758K)

Distillate Stocks (Net Change) (previous +142M)

Refinery Runs (previous 83.8%)

Today’s Stock Market Club Trading Triangles

The June Dollar was lower overnight as it extends last Friday's decline below the 62% retracement level of the July-March rally crossing at 79.80. Stochastics and the RSI are oversold but are neutral signaling that additional weakness is possible near term.

If June extends the decline off April's high, the 75% retracement level of the aforementioned rally crossing at 77.55 is the next downside target. Closes above the 20 day moving average crossing at 81.46 would confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 80.04
Second resistance is the 20 day moving average crossing at 81.46

First support is Monday's low crossing at 78.62
Second support is the 75% retracement level crossing at 77.55

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The June S&P 500 index was higher overnight and is trading above January's high crossing at 937.00 as it extends this spring's rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

Day traders are focusing on bullish set ups and if we trade above Monday evening high of 937 my first target will be 947.25 to take at least 50% of my profits. 952.25 would be my 2nd exit point.

If we break below the pivot point and we play the short side my target would be strong support at 929 to take profits.

If June extends this spring's rally, the 38% retracement level of the 2008-2009 decline crossing at 1040.33 is the next upside target. Closes below the 20 day moving average crossing at 905.89 would confirm that a short term top has been posted.

Tuesday's pivot point, our line in the sand is 935

First resistance is Monday's high crossing at 947.00
Second resistance is the 38% retracement level crossing at 1040.33

First support is the 20 day moving average crossing at 905.89
Second support is the reaction low crossing at 875.40

The June S&P 500 Index was up 2.50 points. at 941.60 as of 6:10 AM CST. Overnight action sets the stage for a higher opening by the June S&P 500 index when the day session begins later this morning.

Crude Oil Market Winners For This Week

~~~~Company~~~~~~~~~Friday's Close~~~~~%Gain Based on 2 Days
1. Hess Corporation.......65.65...................6.96..........
2. Marathon Oil............31.01...................6.05..........
3. Husky Energy...........33.89...................5.25..........
4. Petro-Canada...........48.49...................4.82..........
5. Suncor...................34.82...................4.75..........

Current Futures Prices Click Here

Sunday Morning Reading

"China to Raise Gasoline, Diesel Prices 6-7%" [Reuters]

"Crude Oil Caps Biggest Monthly Gain Since 1999 on Dollar Drop" [Bloomberg]

"Tullow, Heritage Face Tough Choices on Uganda Oil Development" [Rigzone]

"Oil Reserves Could Thaw U.S.- Cuba Tie" [Philly .Com]

"Iran Encourages Japanese Companies To Invest in Oil Sector" [Tehran Times]

"Zoellick Warns Stimulus ‘Sugar High’ Won’t Stem Unemployment" [Bloomberg]

"Lower Highs... Topping or bull flag?" [xtrends]

"Edison Sees Difficulties Boosting Renewable Energy" [Bloomberg]

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Crude Oil Closes Higher In The Face Of Higher Dollar

July crude oil closed higher on Wednesday as it extends this spring's rally. The high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near term.

If July extends the rally off April's low, the 25% retracement level of the 2008-2009 decline crossing at 68.49 is the next upside target. Closes below the 20 day moving average crossing at 58.54 would confirm that a short term top has been posted.

First resistance is today's high crossing at 63.82
Second resistance is the 25% retracement level crossing at 68.49

First support is the 10 day moving average crossing at 60.57
Second support is the 20 day moving average crossing at 58.54

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

The June S&P 500 index closed lower on Wednesday due to profit taking as it consolidated some of Tuesday's rally. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near term.

From a broad perspective, June needs to close above 929.00 or below 875.40 to clear up near term direction in the market.

First resistance is today's high crossing at 913.80
Second resistance is last Wednesday's high crossing at 923.20

First support is Tuesday's low crossing at 876.90
Second support is the reaction low crossing at 875.40

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

The June Dollar closed higher due to short covering on Wednesday as it consolidated some of this month's decline. The mid range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near term.

If June extends this month's decline, weekly support crossing at 78.77 is the next downside target. Multiple closes above the 20 day moving average crossing at 82.46 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 81.28
Second resistance is the 20 day moving average crossing at 82.46

First support is last Friday's low crossing at 79.90
Second support is weekly support crossing at 78.77

Crude Oil Struggles To Continue It's Rally

July crude oil was lower overnight due to profit taking as it consolidates some of this spring's rally. Stochastics and the RSI are overbought, diverging and are turning bearish signaling that a short term top is in or is near.

It seems that most day traders are looking for any excuse to buy the dips and continue going long this market. But with commercials increasing their short position's at a sharp pace the crude oil rally may not be sustainable.

We will continue to watch the SP 500 as it struggles to stay above key trading levels [876-880] and the U.S. Dollar as it appears to be responding to geo-political events. Both are the biggest threats to crude oil bulls at this point.

At this point it looks like natural gas will test it's lows of 3.25 and will continue to try to drag crude oil down with it.

Closes below the 20 day moving average crossing at 58.29 are needed to confirm that a short term top has been posted. If crude oil could extend this spring's rally, the 25% retracement of the 2008-2009 decline crossing at 68.49 is the next upside target.

Tuesday's pivot point, our line in the sand is 61.42

1st resistance is 61.95
2nd resistance is 62.70
3rd resistance is 63.23

1st support is 60.67
2nd support is 60.14
3rd support is 59.39

The weekly pivot is 60.23

==================================================================================

The June Dollar was higher overnight due to short covering as it consolidated above the 62% retracement level of the July-March rally crossing at 79.80. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near term.

If June extends the decline off April's high, the 62% retracement level of the aforementioned rally crossing at 79.80 is the next downside target. Closes above the 20 day moving average crossing at 82.70 would confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 81.56
Second resistance is the 20 day moving average crossing at 82.70

First support is last Friday's low crossing at 79.90
Second support is the 62% retracement level crossing at 79.80

==================================================================================

The SP 500 traded lower Monday evening and it appears most traders are looking for this market to go lower. Volume is generally low on these "1st day after the holiday" days, but we could creep right through the critical levels, 874-880. The U.S. Dollar looks to be in charge as it is reacting to news out of North Korea.

Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. Closes below the reaction low crossing at 875.40 would confirm that a short term top has been posted. If traders take this market through the 874 support level there is little resistance keeping us from trading the 820 area.

Tuesday's pivot point, our line in the sand is 888

1st resistance is 893.50
2nd resistance is 902

1st support is 880
2nd support is 874

The weekly pivot point is 894.25

1st weekly resistance is 912.25
1st weekly support is 865.50

The June S&P 500 Index was down 7.60 points. at 877.30 as of 5:57 AM CST. Overnight action sets the stage for a lower opening by the June S&P 500 index when the day session begins later this morning.

Weak U.S. Dollar Continues To Support Crude Oil Bulls

Thursday's sell off in crude yesterday seemed to be led by weakness in the equity markets in reaction to warnings that the UK could lose its AAA rating, increasing demand concerns about the global economy going forward. The decline was tempered by the energy sector getting a boost from a weak US dollar that set multi month lows against the Euro.

Stochastics and the RSI are overbought, diverging but are bullish signaling that sideways to higher prices are possible near term.

If July extends this spring's rally, the 25% retracement of the 2008-2009 decline crossing at 68.49 is the next upside target. Closes below the 20 day moving average crossing at 57.37 are needed to confirm that a short term top has been posted.

I expect day traders trading the long side to pour in around the 59.90 area "if" we have any pull back at all today. That's a big if as the dollar continues to weaken this morning.

Friday's pivot point, our line in the sand is 60.95

1st resistance is 61.97
2nd resistance is 62.90
3rd resistance is 63.92

1st support is 60.02
2nd support is 59.00
3rd support is 58.07



The June Dollar was lower overnight as it extends this year's decline and spiked below December's low crossing at 80.25. Stochastics and the RSI are oversold but are bearish signaling that additional weakness is possible near term.

If June extends the decline off April's high, last September's low crossing at 76.91 is the next downside target. Closes above the 20 day moving average crossing at 83.23 would confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 82.02
Second resistance is the 20 day moving average crossing at 83.23

First support is the overnight low crossing at 80.20
Second support is last September's low crossing at 76.91