These are great setups for short term trades. Swing trades may be more risky at this point on these. Something is holding their prices down - perhaps the fear in the equity markets of another leg down. Take BVN for instance. On Jan 2, $GOLD closed at $1,550 and BVN at $15.06. Yesterday, $GOLD closed $190 more per ounce at $1,740 but BVN closed at only $7.00, a 54% discount to its price at the start of the year. The question is whether this represents energy building to propel the gold stocks to higher valuations or if the fear in the equity markets will keep a cap on gold stock prices. 

SLV Daily- Two gaps to fill. First one at 15.50 and the second at 16.45

60-minute SQQQbull flag forming?

From a peer reviewed medical journal - effectiveness of trapping particles 5x smaller than coronavirus. 

Steve, could you label the wave from Apr 30 2954 down to May 4 2797 as a wave A, then the move to May 12 2945 as a B? If so, where would symmetry indicate a C begin to bottom out?

Today is a "halving" event for Bitcoin miners. This might drive volatility near term.  

AUY 5-Minute

Cup & Handle pattern forming on the AUY 5-minute chart

SDS 60-minute

While it is better to chart the index than a 2x inverse ETF, the SDS 60 minute chartlooks like it is setting up to move higher. Positive divergence on RSI 5 and CCI 10, MA ribbons starting to pinch, OBV at overhead trendline resistance, 14 period stochastic has broken above 20 while 60 period is approaching its 20 line. Gap above price is resistance, but given the topping action in $SPX, I may initiate a small position. 

Thoughts?

Nice chart Arun, thanks. I'd love the wedge to break down and give a chance to enter at a low trigger to ride it back up.

I am curious though why you plot the NVDA:GLD ratio. It's an interesting comparison. What is the correlation between these two seemingly very different assets? A quick look doesn't seem to show any impact on NVDA price when the  ratio crosses its 20-day EMA. Somewhat related - why choose a 20 EMA? I typically use a 9 SMA when comparing assets (GLD:SLV, GLD:GDX, etc.). 

GE Daily 

The airline e bailout is not helping GE tbough.

I am long (but not overweight) GDX, SLV, and some individual mining stocks and have followed PM markets since 2001. I am also concerned about the incredible deficit spending and ballooning of the Fed's balance sheet. But, if you think about it, inflation never really materialized after the 2007 financial crisis and ensuing economic crisis. Back then, the PM cheerleaders (Sinclair, Schiff, et al) were screaming about "QE to Infinity" and how gold was about to blast off to $20,000/oz and beyond. But rampant inflation, or an incredible hike in the price of precious metals, never materialized since then.

The Fed's balance sheet was about $883,385,000,000 in  Oct  2007 and grew to $2,254,983,000,000 in December 2008, then actually whipsawed about  17% until it resumed growing in Feb 2010, about a year after the Us stock market bottomed. So, the Fed's balance sheet grew 155% due to TARP, TARP 2, and all the bailouts. Yet over the following 10 years, inflation was extremely low - in fact so low the Fed struggled to get it back to the level of their "dual mandate." Needless to say, the past 10 years have not been kind to buy & hold goldbugs.

It's early, but the Fed's balance sheet has not grown, on a percentage basis, in the current crisis as much as it did in the 2007 financial crisis. At the beginning of Feb 2020, the Fed's balance sheet was $4,166,707,000,000. The latest reading (April 6, 2020) was $6,083,141,000,000, or "just" a 46% increase (so far). Concerning? Yes. But the Fed's balance sheet would have to grow to $10,636,193,110,570 just to get to the same percentage growth as the last crisis. My crystal ball is no better than anyone else's, and who knows if it will grow to that crazy level. But at this point, I am not concerned about inflation returning given the history of the last financial crisis (and the economic crisis it spawned). Economic meltdowns, then and now, are incredibly deflationary and even the current level of growth of the Fed's balance sheet and the US money supply may not be enough to create rampant inflation all by itself. Which is a good thing despite how awesome my portfolio would look with gold at $20,000/oz.

SLV getting hammered. Only $3 to 2008 lows...

SLV Monthly 

The drop from the Oct 2018 high to the Jan 2019 low was 39%. Symmetry would indicate a drop down to the 200 level... 

He's worth $60B. At 10% annual return, that's $6B in annual earnings. So the $500M he spent is one month of earnings, a rounding error for a guy like him.

Thanks Matt. I also picked some up yesterday. I know everyone has their own risk tolerance and you guys constantly counsel to take profits or partial profits. That aside, which TA metrics are you looking for regarding setting a stop at this point? Is it too early for TA to provide guidance on this kind of gap? The measured move on the triangle in the daily chart measures to 10+. The weekly MACD is positive and looks to be about to cross up. What else are you looking at in this kind of situation?

Trade setup? TLRY Daily

http://schrts.co/SUHJAnCJ

Quick question Matt - Will the change you are considering to the PSAR setting impact just this one sub-system or are you going to apply it to all the other sub-systems too? If the latter, will you post how the profit factor, % winning trades, and max drawdown are effected for each sub-system?

TLRY also looks interesting. Here is my TLRY Daily Chart

Matt, I missed the first entry on SPY Strap, but entered equal dollar SPY and SSO positions at the 2nd entry. I closed both out yesterday and had a nice trade. Thanks! Just curious, have you guys ever run the profit numbers for making the first entry only if/when a second entry occurs? Sure, it would miss 1st entry only trades but would it make all those trades more profitable with lower drawdown? 

Steve, is there a target or measured move to complete your pattern?