Daily Trend Report 12/16/19

Editor’s Note: This is the Daily Report format used before the launch of our current site.

 

BLUE CHIP DAILY TREND REPORT
THURSDAY, DECEMBER 26, 2019

TUESDAY’S CLOSING PRICES:
S&P 500,  -.63, 3223.38
10-year US Treasury Yields, -.25, 1.91
Gold, +16.10, 1504.80
WTI Crude Oil, +.59, 61.11

NYSE New 52-week Highs:  200
Blue Chip Daily core names on the list (by volume): BAC, HL, BABA, VIPS, XBI, and CAT

Nasdaq New 52-week Highs: 100
Blue Chip Daily core names on the list(by volume): AMD, AAPL, ADBE

Top 5 Core ETFs (ranked by daily RSI):  XLV, QQQ, SPY, XBI, XLK

Top 5 ETF performers for the day, all markets that I track: GDXJ, GDX, SLV, MJ, PPLT

PRECIOUS METALS BREAKOUT 
Tuesday’s ETF Chart of the Day, GDX, closed +3.20% and broke out to a 90-day high, which is a bullish signal. There were 9 new highs in Gold/Silver miners, over $1B market,  cap for the day (listed by market cap):
NEM, FNV, SBGL, GFI, NG, SSRM, CDE, HL, SAND

The close in Gold over 1500 is also a bullish signal, and moves my Gold outlook from neutral/improving to technically bullish. Following are a few key charts in the group:

Gold reclaimed 1500 and is above all key moving averages for now. 1525 is the next key level that I would want to see a close above to confirm the breakout. 1450 is still key support on any pullback.

GOLD DAILY ($GOLD)
$1504.80

gold1225.png

GOLD MINERS ETF (GDX)
$28.66

90-day closing high and back over all key moving averages.
gdx1225.png
THURSDAY’S “CHART OF THE DAY”
NEWMONT GOLDCORP CORP. (NEM)
$42.18

The Blue Chip of the industry, with the largest market cap, currently at $34.54B. Closed at a new 3-year high, which is a bullish signal.  New highs are the most bullish price signal there is. Key support on any pullback is 40 and then 38.50. NEM also had a successful test of the rising 200-day moving average in November.
nem1225.png

FRANCO-NEVADA CORP. (FNV)
$101.36

One of only four large caps in the group, at a $19.11B market cap, broke out to a new all-time high, a very bullish signal. 95 and 90 are key support levels on any pullback.
fnv1225.png

HECLA MINING (HL)
$3.38

HL is a small cap at only $1.70B, and is a current long position that I have held since November. HL closed at a new
18-month high, and while some consolidation would be healthy, the primary trend is firmly higher.
hl1225.png

I will monitor this group, among others, to see if Tuesday’s strength follows through.

Have a great day.

 

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