"MARKET CORRECTION"

I'm not calling one, however there have been two articles:


http://www.grandich.com/2010/11/bear-raid-145pm-est/

Kitco... http://www.caseyresearch.com/gsd/     posted that reflect what I saw in my Stockhouse Public List

This week was brutal in that the holiday (on top of US elections) may have had some influence, so I'm holding any opinions until next week.

If the Markets do turn suddenly, then it breaks one of the main major rules (in my opinion) in assessing charts in the area of continuations and/or bullish points of entry using technical analysis. The odds will not be in favor. The market gets short with selling tops prevalent.

I know for a fact that a lot of the really fast movers have institutional traders manipulating the price... It is not all savy retail investors. I also feel the professional traders will act en mass, and a market can turn when they move to sell... a powerful force to defy.

Gold and Silver may get stagnated, but it should provide opportunities for charting really excellent positions for longer holds; this is assuming the markets take a down turn, and we get an opportunity to dip/bottom pick..

It would be prudent to take stock of a portfolio and consider some kind of exit strategy just in case a person may want to swing at the very least on a break even in some issues that may be a bit more speculative.

EVG.V  SQI.V and LI.V are likely candidates that shouldn't get hit hard, simply because of the fact that they have already been in a heavy consolidation, or are in the very early stages of a reversal, or up trend. This goes for any other issues that may fit the profile. They are not immune though.

If a stock has been on a tear... then a huge overhang may be hovering, and if the market turns,  issues in any persuasion will likely sympathise as in the baby out with the bathwater. Heavily promoted and followed stocks can lose value as investors take profits to balance losses in other highly speculative issues where they are taking a hit. This is a small cap thing. Trading buy signals can be very dangerous as in false starts... continuing down to further new lows.

All of this is moot though, the markets have not turned as of this post.... just wobbled a bit.

GLTA Lostoutwest

Kenuck SmallCap Trader

Stockhouse

Ticker Trax

Bullion Bulls Canada

Lex corp

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National Post

Grandich

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CBCnews

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If you see the hand... click on screen shots to enlarge them.

LI.V UPDATE

According to Grandich we can expect a lot of news this next few months which if  positive should bode well for the price.... Technical analysis is solid as far as speculation goes... TA suggests the price has been reacting to NR's positively... Level II action suggests LI.V is setting up for a breakout of the top bollinger where resistance has been pushing back....

Level II asks are spotty weak looking... either a breakout on this up swing or one more bounce off the lower bollinger (  a lower bollinger entry looking not too likely as of today). Buy the back fill if you get the chance, for a low risk entry.

Lithium One


GLTA Lostoutwest

Kenuck SmallCap Trader

Stockhouse

Ticker Trax

Bullion Bulls Canada

Lex corp

Track My Trade - this is a link to an off site I follow, and have no affiliation with.

National Post

Grandich

StockCharts Public Chart List

CBCnews

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If you see the hand... click on screen shots to enlarge them.

URC.V

is testing resistance... where there was a lot of buyers that got hit with a massive dump by Cannacord
at .32 cents back a bit... they beat it down to .10 cents and then let if go.

In spite of that manipulation potential... technically it looks strong enough to make it to .45 cents plus if this .32 cent level is broken... I'm in position at .30 cents... Level II is supportive.. even with the dumping we saw Tuesday and Wednesday, indicators for upside support didn't respond to the bearish candles... the candle still hovers just under the Upper bollinger which is a characteristic of rising price... the previous two days were piercing which was a signal of significant back fill, however today saw relief and potential for the indicators that are supporting a continuation, are right.

I saw Can Alaska make it to .80 cents plus on the same type of charting... minus the uranium.

It helps to have 44 M lbs in one spot uranium open pit potential, and be priced under .30 cents.

It takes 40 million pounds by some speculators standards to have mine potential for longer term I have heard.

GLTA Lostoutwest

Kenuck SmallCap Trader

Stockhouse

Ticker Trax

Lex corp

Track My Trade - this is a link to an off site I follow, and have no affiliation with.

National Post

Grandich

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CBCnews

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If you see the hand... click on screen shots to enlarge them.

EVG.V

If you see the hand... click on screen shots to enlarge them.


EVG.V
 

The above copy and paste is a real time clip from Level II TD Waterhouse... the bollinger was narrowed...
The price got a bit carried away and went outside the bollinger,,, corrected, and is now demonstrating continued strength... this a supplement to the view in the StockCharts Public Chart List which is not as enlightening.  The black line is a 20 day average, and as such the closing above the average remains bullish in nature as the lack of supply diminishes in a trading swath of resistance... this resistance is not made up of a large overhang, but rather a swath of traders who are taking their pennies worth, this swath will get thinner, but the upper layer of this swath will also rise as the traders buy and sell; when the action is slow... it will lose the interest of traders playing, and thin out the ask as they move on. (Hopefully)

If things bubble as they have, the price should flush out the traders who end up having to chase, the swath will thin... the bulls will get brave... and we should see some better action, albeit back fills as the price moves up on higher lows, in a good world.

SQI.V

SQI.V has much the same motion, but is much earlier in the bottoming pattern, and is just working it's way through the pattern just above the 20 day average still under some light pressure.

As an entry point I feel the risk is very much at the lowest point per this time in both entries, such that they both have less to fall in the event of a broad market correction... and the overhang is negligent with both issues... leaving a potential break out to have the best safest, maybe not violent pop appreciation in relation to others that have already move large distances.

This type of positioning is not chasing and confuses many noobs that do chase.

Each to thier own.

GLTA Lostoutwest

Kenuck SmallCap Trader

Stockhouse

Ticker Trax

Lex corp

Track My Trade - this is a link to an off site I follow, and have no affiliation with.

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Interesting Stat

Banks and such are closed, the TSX and Venture are running full tilt... except for no cash transfers, at least for TD Waterhouse.


GLTA Lostoutwest

Kenuck SmallCap Trader

Stockhouse

Ticker Trax

Lex corp

Track My Trade - this is a link to an off site I follow, and have no affiliation with.

National Post

Grandich

StockCharts Public Chart List

CBCnews

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If you see the hand... click on screen shots to enlarge them.

Updates

Each of these issues has a solid speculation angle and as such from a technical point of view:

EVG.V - the chart holds a comparison position to DML.TO when it was @ 1.65... Lot's of room to move, unless Bin Laden comes out his cave, and naked shorts it... we can expect the bottoming pattern to mature with a solid breakout above the 200 day average over time.

AME - V is churning, but holding a breakout pattern.

DML.TO is looking to find new highs, and with exuberance I would bet we will see $4.00 + sometime before April 2011. Uranium up the ying yang.

LI.V - charts continue suggest lower bottom touches are low risk entries.

URC.V is choppy, but charting suggest an NI 43-101... 44 M lbs Insitu will take the price higher... most uraniums will continue higher over time post consolidations.

TME.V - undecided.

SQI.V - Is in a strong position with huge support against a thin spotty ask.. It is battling some technical resistance  at .76 as expected, but longer term indications are in a trending north condition, a bit more ranging to the right should creep up as these weak hand traders get flushed, and end up chasing.

GLTA Lostoutwest

Kenuck SmallCap Trader

Stockhouse

Ticker Trax

Lex corp

Track My Trade - this is a link to an off site I follow, and have no affiliation with.

National Post

Grandich

StockCharts Public Chart List

CBCnews

Please read our Complete Disclosure

If you see the hand... click on screen shots to enlarge them.

Holidays and Weekend

While there have been some monetary releases from Germany and China that have expressed dissatisfaction with the American dollar... and the American elections of late... I think in the real short term the swirling we saw yesterday continuing into this morning was more likely due to the Thursday holiday throwing a wrench into the flow. Nothing has changed in the big picture except fuel added to the fire for bullish argument on gold and silver and certain commodities.

Grandich called it a bear raid at the close; he wasn't speaking about the Canadian markets, but I think the wave spread a bit. I know I saw the same thing here.

http://www.grandich.com/2010/11/bear-raid-145pm-est/

 Kitco... http://www.caseyresearch.com/gsd/

GLTA Lostoutwest

Kenuck SmallCap Trader

Stockhouse

Ticker Trax

Lex corp

Track My Trade - this is a link to an off site I follow, and have no affiliation with.

National Post

Grandich

StockCharts Public Chart List

CBCnews

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If you see the hand... click on screen shots to enlarge them.

Beautifull to watch EVG.TO

Back fill in motion...

GLTA Lostoutwest

Kenuck SmallCap Trader

Stockhouse

Track My Trade - this is a link to an off site I follow, and have no affiliation with.

National Post

Grandich

StockCharts Public Chart List

CBCnews

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If you see the hand... click on screen shots to enlarge them.

Buy - URC.V .28 to .31 cents

URC is breaking out it appears with some solid buying from the sides assaulting the ask.

Looking at the chart in the StockCharts Public Chart List the chart is showing potential to make a new high on a continuation in the Uranium sector. I picked up 20,000 shares in the range listed above.



GLTA Lostoutwest

Kenuck SmallCap Trader

Stockhouse

Track My Trade - this is a link to an off site I follow, and have no affiliation with.

National Post

Grandich

StockCharts Public Chart List

CBCnews

Please read our Complete Disclosure

If you see the hand... click on screen shots to enlarge them.