This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Base Building in Precious Metals

NEW YORK (TheStreet) -- A wild, wild week for major U.S. markets and many leading stocks.  After a hard fall, we saw a bottom late on April 7, and we were lucky enough to buy several leading fast movers late on that day. We saw them rise sharply into Thursday; we didn't nail the top and gave back some profits. But, all in all, we had a great week.

If all goes well this week, we may see another low come in late Monday. We might get a couple of days or a few days of sharp higher moves once more.

This remains a cash market, except for some short-term trades.

My focus is to find the fastest-moving stocks that have fallen hard recently, since they will have the largest and quickest bounces.

There is large money to be made here, but you've got to be quick and not overstay your welcome.

Had we held our trades past an hour or so into Thursday, we'd have given back all our gains and then some.

You really can't ever argue with the market, and doubly so when it's as volatile as it is these days.

The precious metals didn't do much on the week, with the exception of palladium.  Let's take a look at the charts and see what needs to take place to get gold and silver moving higher.

Gold (GLD) rose 1.24% for the week and is at small resistance now at $1,320, as I said would happen.

It's a tad early to say this, but we could be about halfway through setting up a cup-and-handle pattern.

If we move up to the $1,360 area and then build a handle, we will have an excellent trade setup.

Until then, I'm not going to touch gold.

Half of this game is waiting for the right time to enter trades.

Patience pays.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
GLD $122.21 -0.61%
SLV $16.49 -0.48%
AAPL $94.19 -1.04%
FB $118.06 0.54%
GOOG $695.81 0.50%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs