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.
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.
This channel should break to the downside in most cases, but in this circumstance I don't think it will.
If gold continues higher, then silver should follow. But I really need to see silver break above $20.50 to make this a reality.
If silver breaks lower, under $19.75, then the tide may be changing and silver is establishing itself as the leader. Gold will likely follow it lower.
We're at a critical juncture here. I think we will move higher -- but it doesn't matter what I think.
Let's just see what happens as we wait for a good setup one way or the other.
It really doesn't matter to me if things go up or down, as long as they are moving.
We can make money in any environment, except when there is very limited movement and volatility.
We've got lots of volatility these days.
We've got a nice uptrend channel here that should take us to $1,490 within two weeks tops.
Once we hit $1,490, we will need to rest for a week before we begin the move back up to $1,550.
Great action from platinum that is playing out as it should so far. But no matter what, if gold begins to tank, then platinum will totally fall apart and head lower as well, regardless of how good its chart looks.
They say "the third time is the charm," and that is often true in trading. So this breakout should be the one to take us back up to all-time highs.
The $830 area should see some consolidation, since that's monthly closing highs. But once we base there, we are going to move to all-time highs at $862 before breaking in time toward the inevitable 1K large round number magnet.
Super action here.
Just look at the large volume increase on the breakout. Nothing is ever carved in stone, but these are the ingredients needed for a strong and sustained breakout.
Be careful in this market. But if you can be quick and nail a few spots, you can make some good, fast coin while we wait for nice bases to complete.
Our best trade this past week was about $50 in one stock in only a couple of days. I'm looking specifically at this stock for another pop shortly, along with other fast-moving stocks.
On that note, you can find out more about what I do for members at www.wizzentrading.com
Thank you for your time and reading.
Have a great week ahead.
At the time of publication, the author held no positions in any of the stocks mentioned.
This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.