The Nasdaq and associated Ultra long ETFs, QLD and MVV, cratered yesterday. Trade below the 20 day moving average, on respective charts ,accelerated to the downside. I was overthinking the situation, and tried to trade a bounce off those 20 dma’s. Wrong move. Futures are up this morning. I’m going to focus good setups and hit and run trading here. Calling a trend is tough. Note that the market is in bear mode with yesterday’s sell signal, but it’s going to continue to be choppy in thin pre-holiday trading.

The XAU - Gold and Silver Index is following the lead of the market. Today’s reversal bar comes seven days after a bottom-tail candle marked a desperate bottom. 200 and 20 day moving average resistance stopped the index and gold stocks dead. A lower low will confirm the short signal.

NEM - Newmont Mining Corp. handed a short signal out on the fourth 5-minute candlestick. The first signal provided the major pay day. Even waiting for the trigger bar to form, allowed an entry with R = .20 or less.

Two more gold stock charts are shaping up for online stock trading to the down side. AEM- Agnico-Eagle Mines Ltd. has a habit of shaking out the trader, as my buddy pointed out to me today. We’ll see. The reversal bar is bearish, but it closed on 20 dma support. The gap was filled, but moving averages are flat. A trip to the 50dma seems reasonable, with a stop above the pivot high.

If today was a fakeout move, the stock should trade lower tomorrow, and then quickly take out it’s opening 5-minute high intraday.

FCX - Freeport-McMoRan Copper and Gold, stalls at the 50dma with a nr7 candlestick. These all have that weak V bottom look to them.