NEW YORK (TheStreet) -- A bit of a strange week for markets and many stocks as they looked strong and should have moved but they didn't do much in the end.
Maybe it had something to do with the quadruple witching Friday.
It certainly wasn't fun to be in front of the screens with little really happening, but the good news is that many fast-moving stocks are now ready to go, and I will be on them this week if they do.
As for gold, it had a spectacular move Thursday that saw it breach the very important $1,300 level on massive volume.
I'm really not too sure why the move came, but as I often say, a move comes before the news.
I'm still not so sure gold is done falling, but it is off to a great start.
Let's take a looks at the charts.
Gold ended the week up 3.0% after its ridiculous move Thursday.
The strength Thursday just kept coming and coming.
We were up some $20 and against moving-average resistance, and I thought that was it, but it kept running, ending up more than $40 for the day!
Incredible strength, no doubt, and something I like to see in any chart that is running.
I'm still not totally convinced, though.
Gold is in a bear market, and bear markets often see large, short-lived moves against the trend.
I don't know if this is a short-lived move yet, but if gold holds at more than $1,300 for three days, then it's chart will certainly look much better.
Gold didn't get the so-called "blood in the streets" moment of panic, which I am looking for to really cleanse the market of weak hands. Nevertheless, Thursday's move is a great start.
Many people are now calling the bottom in, and they may well be right.
If it's true, gold has a long way to run higher and will give us many setups in the weeks and months ahead, so I'm not so eager to jump in yet.
The $1,340 area looks like it will be a buy level after a small consolidation.
The mining shares led gold this week and they were the tip-off that gold was going to move, but who knew it would be such a strong move?
I have to admit I fell into the trap of being stuck in a conviction.
I talk all the time about not being biased and being able to change my point of view quickly, but this time I fell prey to this rookie mistake.
I saw the shares moving and told members to keep an eye on them and a few select stocks, and had I not been so pig-headed, we could have made a killing with the main ETF I had as a setup. It moved more than 20% on Thursday alone.
It won't be the last time I get stuck in a conviction. This trading game is always a learning and humbling experience.
Let's see what the week ahead brings as it will tell the tale of whether gold has changed trends or not.
Silver exploded higher as well and ended the week 6.1% higher. It was a super move with huge volume.
The $20 level was a key for silver, and it sliced right through it.
Let's see whether it holds. A move to more than $21.25 looks to be the next buy point after a little consolidation.
Such a huge fast move has to be digested with a few days of sideways action.
Platinum gained 1.5% on the week but isn't showing the strength we saw in gold and silver yet.
Platinum has been vacillating around the moving average cluster near $1,150 for months now.
A breakout to more than $1,480 could be bought with a starter position using tight stops, but we really need to break free of the shackles that $1,490 holds to really get moving, and on higher volume.
Palladium wasn't as strong and only gained 0.98% for the week.
It has a bear flag now and should soon break to less than $815, toward $790.
That said, if gold rips higher, palladium should follow.
A couple of weeks ago palladium looked ripe for a move to new all-time highs, but it reversed on heavy volume.
I prefer to see these four precious metals moving in tandem, but they are a bit mixed here for the moment and it is something to be aware of.
Thank you very much for reading. You can find out more about what I do for my subscribers by going to my Web site, wizzentrading.com.
At the time of publication, Bevan had no positions in stocks, ETFs or commodities mentioned.
This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.