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)
GOLD MINERS ETF (GDX)
90-day closing high and back over all key moving averages.
THURSDAY’S “CHART OF THE DAY”
NEWMONT GOLDCORP CORP. (NEM)
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.
FRANCO-NEVADA CORP. (FNV)
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.
HECLA MINING (HL)
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.
I will monitor this group, among others, to see if Tuesday’s strength follows through.
Have a great day.