Gold Stocks Rise From The Ashes

Charts courtesy stockcharts.com

Gold stocks appear to finally be moving off of a major bottom across the entire sector.  Price momentum divergence, money flow and volume are all looking very positive.  With the whole sector down > 50% from top to bottom, this could be a major rebound.

Apple Price Chart Showing Positive Developments

Something's going on with Apple.  On recent days when the market has been down or flat, Apple has undergone accumulation.  It is about to complete a well formed multi-month base similar to the one formed in 2009.  Apple's weekly chart is exhibiting bullish positive price/momentum divergence in addition to early outperformance when compared to the S&P 500.  The P&F chart is also showing a positive trend change.  It will likely find resistance at its 200-day moving average (~$462).  If it can break out from here, that would be extremely bullish.

I can't speak for new products in Apple's pipeline or how it may "change the world" again.  However, I can say that there have been recent notable bullish developments in its chart.

(Weekly price chart and P&F chart courtesy of stockcharts.com.  Visit stockcharts.com for more great charts.)

Barrick Gold Major Multi Year Support Holding

Barrick Gold has been one of the hardest hit large cap gold producers.  It has filled the headlines with huge write downs and corporate mismanagement.  It has found support that reaches all the way back to 1992.  I think these levels will hold.  A fast move back to $30 would not be surprising.

Gold & Metals Sector Showing Significant Positive Momentum Divergence

The gold miners and metals stocks are finally looking like they're going to move off of their multiyear bottom.  The GDX is showing huge positive momentum divergence and the money flow indicator is becoming less negative.  We could see a multi month reverse head and shoulders pattern form on the weekly chart.  ABX, Canada's largest gold producer, has been among the most destroyed by this sell off.  I think it will move above $20 shortly.