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Post by simonsays on May 6, 2014 10:52:52 GMT -5
Trade idea - Cameco deeply oversold and at weekly support from 2013 as well as Feb 2014 and at 200 day SMA. A reversal in this area would also be a double bottom from last week. Low risk, potentially high reward trade......however, need to see reversal with some volume and need to honour stops because this would be attempting to catch a falling knife. It would also be nice to see the price of uranium cooperate.
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Post by simonsays on May 6, 2014 11:03:57 GMT -5
CBQ.TO (BRIC) looks ok on the daily and is showing signs of life today despite troubles in China. Support is relatively close but overhead resistance is also plenitful. Above $$25, it's clear sailing.
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Post by simonsays on May 6, 2014 11:10:25 GMT -5
I'm looking closely at HOU.TO (double crude bull) for a trade if this reversal holds. Daily chart looks good and I think crude heads north into summer based on inflation (not fundamentals).
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Post by simonsays on May 6, 2014 11:25:14 GMT -5
Watching COS.TO on the weekly. Getting oversold and will benefit if oil takes off, as will other oilsand producers.
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Post by simonsays on May 6, 2014 11:28:50 GMT -5
Still hanging onto a Nasdaq short from Friday (HQD) and pretty much at breakeven. Nasdaq logically should head south here based on the daily chart but could also head north based on the weekly chart. i expect a longer term topping pattern soon but must follow the charts.
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Post by simonsays on May 6, 2014 11:40:08 GMT -5
Instead of playing individual oil and gas producers, an option is HEU. TO, which is a double bull ETF. Hard to find an entry and given the trend, random entry may be best. With all stocks and ETFs, a logical stop loss must be used and should be based on the time frame a person is trading.
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Post by simonsays on May 6, 2014 13:51:09 GMT -5
Not a huge fan of gold miners at this juncture due to the indecisiveness but BAR looks great. FNV also having an up day.
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Post by simonsays on May 6, 2014 14:01:47 GMT -5
LRE and LSI are two energy stocks that look poised to move higher if my theory of higher oil prices proves correct.
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