Baidu.com, Inc. (ADR), SPDR Gold Trust (ETF), and UR-Energy Inc. are run through the technical trading wringer.
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Just to be crystal clear, I DO think the SPDR Gold Trust (ETF) (NYSE:GLD) is going to bounce at least a little after today's nail in the coffin; too many gold-hysterics are still out there just chomping at the bit to buy "buy high, sell higher". That's only apt to be a short-term phenomenon for GLD though, as the bigger tide has turned for the worst, and even the sympathy bounce won't snap the new downtrend.
If this chart looks familiar, it may be because it's the same one I drew a several days ago when I first pointed out the SPDR Gold Trust was no longer making higher highs, and in fact was starting to make lower lows. Yeah, well, GLD went from bad to worse today when even the falling trading range (orange) was broken, on stronger volume to boot.
Before it's all said and done, I'm looking for a revisit to the long-term support line (purple) around $124, or the 200-day line (green) just above that level.
It's not all bad news though... Baidu.com, Inc. (ADR) (NASDAQ:BIDU) is looking quite close to renewing its bullishness.
I'll be the first to admit after the wild runup late last year, I was assuming BIDU was due for a string profit-taking-driven dip. As it turns out, that 100-day moving average line (gray) is still a floor, as it has been for a while now. If Baidu.com shares can just hurdle the short-term falling resistance line (blue) at $109.00, that should be enough to kindle the next leg of this amazing rally.
And finally, just to for the record, I'm a fan of safe and intelligent nuclear energy, and therefore I'm a fan of uranium miners. But, as is the case with most new (to investors) and novel ideas, the uranium-hysteria that drove UR-Energy Inc. (AMEX:URG) so high over the last three months took it too excessive levels. You can either tough out a pullback, or play it. I'll warn you though, the brewing dip for URG may be bigger than you might assume.
The telltale signs here are the slide under both of the potential support lines (orange) as well as under the 20-day moving average line (blue); either constitutes a major paradigm shift for UR-Energy Inc. Given that URG is still priced at 138 times 2011's expected earnings (and that's a generous estimate), there's still quite a bit of excess that needs to be burned off here. We could see the $1.70-ish area before a bottom is made. That's where you'll find a key Fib line as well as the 100-day moving average.
If this chart looks familiar, it may be because it's the same one I drew a several days ago when I first pointed out the SPDR Gold Trust was no longer making higher highs, and in fact was starting to make lower lows. Yeah, well, GLD went from bad to worse today when even the falling trading range (orange) was broken, on stronger volume to boot.
Before it's all said and done, I'm looking for a revisit to the long-term support line (purple) around $124, or the 200-day line (green) just above that level.
It's not all bad news though... Baidu.com, Inc. (ADR) (NASDAQ:BIDU) is looking quite close to renewing its bullishness.
I'll be the first to admit after the wild runup late last year, I was assuming BIDU was due for a string profit-taking-driven dip. As it turns out, that 100-day moving average line (gray) is still a floor, as it has been for a while now. If Baidu.com shares can just hurdle the short-term falling resistance line (blue) at $109.00, that should be enough to kindle the next leg of this amazing rally.
And finally, just to for the record, I'm a fan of safe and intelligent nuclear energy, and therefore I'm a fan of uranium miners. But, as is the case with most new (to investors) and novel ideas, the uranium-hysteria that drove UR-Energy Inc. (AMEX:URG) so high over the last three months took it too excessive levels. You can either tough out a pullback, or play it. I'll warn you though, the brewing dip for URG may be bigger than you might assume.
The telltale signs here are the slide under both of the potential support lines (orange) as well as under the 20-day moving average line (blue); either constitutes a major paradigm shift for UR-Energy Inc. Given that URG is still priced at 138 times 2011's expected earnings (and that's a generous estimate), there's still quite a bit of excess that needs to be burned off here. We could see the $1.70-ish area before a bottom is made. That's where you'll find a key Fib line as well as the 100-day moving average.
