NEW YORK (TheStreet) -- What an incredible week for so many stocks. If your stock wasn't up at least 10% a day or two last week, then you were in the wrong stocks.
Even 10% was on the light side, with several of ours moving over 20% in a day on at least one occasion this past week.
We did see leading stocks stall out later in the week and then Friday they began to fall off before the indexes and smaller stocks followed.
We may be in for a little retracement here for a week before we launch another run higher, by the looks of things.As for gold, it stalled out as well and needs a retracement here, which is great action. As I've said many times, I prefer to see gold take its time moving higher off these historic long-term lows; and that is what we are getting. Trading the metals isn't easy yet, but holding physical metal for the long-term is a no-brainer, in my view. Don't get me wrong, there will be some spectacular moves in gold and they will be fun to trade and very rewarding, but that isn't for a couple or few years yet. When we see the miners beginning to behave like the biotech stocks are now, I'll be trading them hard, but for now, miners are only a long-term type of trade. Let's check out the gold chart.
Gold rose only 0.20% on the week and is now looking as if it's going to put in a handle here shortly. Two weeks ago, I mentioned the large cup or saucer pattern and that a handle could be put in with a pullback to the 200-day moving average, or so. Last week, a little bull flag pointed to a breakout higher, but that breakout failed and now we are back to the handle scenario. A nice pullback to $1,300 or so would be ideal for another week or so before we see this move higher accelerate again. The next leg up should take us to $1,420 to $1,440. Silver fell 2.61% and so far is being supported by the 200-day moving average, but I think we need to test $20.50 again. A test of that level is an easy trade, if you're into that, since you can buy there with very tight stops just below, which would limit any potential losses. It is very similar to the trade I talked about at the low of end the flat base back at $19 a few weeks ago. There is nothing wrong with pullbacks and you can use them to increase positions. The metals are not setup for momentum traders yet, rather dip buyers will rule for a while to come. Platinum rose 1.2% this past week and looks good here. Platinum is still strong here as long as it remains above $1,440. Seeing platinum hold strong makes me confident gold is only undergoing a small pullback and not something more major. If $1,440 fails here, then we move back to $1,420, but if $1,440 holds, then $1,480 is next up. Palladium rose 0.55% for the week and is just now trying to break out of this bull flag area. I'm not so sure it can really breakout above its downtrend line here until gold makes its next solid break higher. All in all, we are seeing great slow action here in the metals, while there are some spectacular and easy gains to grab in other sectors. You can find out more about what I do for members at www.wizzentrading.com.