There were two groups of stocks that I was considering adding as setups yesterday and still might (or might not) officially add them as trade ideas but as both sectors are catching a nice bid today, I figured that I might as well post some charts for anyone looking for some long-side trade ideas.  As I’ve been somewhat disengaged from trading this week as the market has been moving against most of my positions, I prefer to keep things light for now or at least until I see if my alternative scenario (market turns down soon) starts to play out or not.

GDX 60 minHere’s the first of the two sectors that I’m watching (gold stock and shipping stocks).  This GDX 60 minute chart shows prices moved up nicely today earlier today and appear to be pausing at the top of a bullish falling wedge pattern, complete with positive divergences in place on both the MACD & RSI.  If I make this an official trade idea, I will add the target levels but for now, those interested could just replicate the chart as those levels are clearly marked at the top of the those two large recent gaps.  There are also quite a few individual gold & silver stocks that I’m watching although I’m just not sure whether or not the miners are due one last shake-out move to a marginal new low or not.  Currently, I’m leaning that way, hence my hesitation on officially adding these as Active Trades if they were to break out soon although I will assign this post to the trade ideas category for now (with an official entry TBD).