FCX might just have given a green light today. I bought FCX and will swing it over the weekend. It is slowly stair stepping higher. It also closed above the 4/8 emas on higher volume which is what I like to see.

UUP closed at $26.03, which is below the bulk of the prints and would normally be bearish. It also closed below the 4/8 emas on much higher volume. I am bearish the dollar. I have still have longs on GDXJ, although lightened up on my positions. I will add if GDXJ can break above 23.45, otherwise, I will continue to look for the retrace back to the 21-sma day.

QQQ looks like it could have another last shot to the upside to $124.

I am going to take this weekend to rest. I have been under the weather this whole week – caught something from my daughter.

Ciao! Happy trading.

I thought I was going to have my head handed to me this morning as my account went down -4% from over trading and indecision in the gold market to clawing my way back to positive territory at the high today in gold. I was long the miners, then short, stopped out, then short again, stopped, then said, heck with it go long.

I am still long. I did not take profits today at the top today. I might regret it, as we still might get that wave 2/c I was looking for earlier today before Prez Trump gave his speech. The wave b  just went up a little higher. But if the indices top out as QQQ looks like it might be about to top out soon, then the money is going to go rushing back into gold.

In the meantime, GDX looks as though it still needs to retrace back to about 21.60-22 by Monday/Tuesday.

11:33 am PST. Another UUP block trade at 26.04 for 850,000. I do not normally see these block trades for UUP, which makes them unique.

11:24 am PST. Two major block trades: 1) GLD 115.07 – 461,200 traded, and 2) UUP at 26.05, 850,000 traded.

ABX almost 1 million block traded from 17.12-17.18.

The tech sector continues to climb on declining volume and negative divergence, while bumping up against the top of the channel line.

The QQQ looks like five completed waves up since January 2.

9:16 am. Scratch this. As soon as Trump started to speak miners perked up.

8:18 am PST. I am bearish on GDX until about 21.61 by Monday. I think we are doing wave 2/c.

5:48 am. Yesterday might have been the final leg down to complete the correction, especially because I just about gave up on trying to go long on the Russell and financials. That happens a lot and it is good to be aware of – just when I give up is when it bottoms.

5:10 am PST. I am watching to see whether /es and the /dx are going to rally today and whether /gc will do a further retrace. I am also watching FCX. Today I am going to keep it simple and focus on just a few instruments.

/ES is in between pivots and it could do a shake out first. /DX stands squarely above the pivot, which makes it bullish.

The mining stocks are showing a little bit of weakness. I was right to be skeptical about holding overnight on those, but I might jump in and buy this morning, depending. AAPL and SPY are slightly higher this morning too.

1:31 pm PST. SPY finding buyers in the after market, so I am not sure if the prints I saw were late prints from yesterday. I might buy some SPY and AAPL stocks to counter my puts.

I also saw about 1.2 million shares of GLD at 114.80 and 114.82 after market, which might be selling, so I completely exited all of my mining stocks and FCX. I think to be safe, I will go flat overnight. I can always get in tomorrow.

I think I got a little too carried away with backing up the truck and exited all of JNUG and some ABX into the close. ABX closed at 16.92, which is not what I wanted to see for a bullish tomorrow. I wanted to see a close above 16.93, so hmmm, mixed, and I lightened up on my positions.

That said here are the block trades I saw for the precious metals/mining sector:

1. IAU – Approximately 1.1 million shares traded from 11.52-11.57. We closed above all those prints at 11.59.
2. GLD – Approximately 600,000 shares traded from 114.29-114.30. We closed above those prints at 114.77.
3. GDX – 1.03 million shares traded at 22.67. We closed above.
4. AUY – 410,000 shares traded at 3.12-3.14. We closed above.

This all would normally be bullish, but both GDX and ABX closed under the 4 ema, so I lightened up a little on my positions.

For the indices, here are the block trades I saw:

1. SPY – Approximately 11 million shares of SPY traded at 226.78. We closed below.
2. IWM – Approximately 3.5 million traded at 134.94. We closed below.
3. QQQ – Approximately 300,000 shares traded at 123.00. We closed below.
4. AAPL – Approximately 500,000 shares traded at 120.00, and 600,000 traded at 119.81. We closed below both.

As a result I remain bearish on SPY and AAPL and somewhat bullish on the miners.

I stopped out the remainder of UGAZ for about +1.00. I bought some FCX into the close.

And load me up!