While market volatility was the story of the day yesterday, with the market rallying from being down over 1% and then having another sell-off near the close, notable moves were made in oil and gold which closed near highs for the day. While both commodity assets rallied, I would choose to focus more on gold, given that it has an inherently stronger chart (trading above MA's and with little resistance). I wouldn't be too heavily positioned with regards to the general market right now unless we see a dip closer to support levels.







Today we're adding a couple of gold issues to our focus list, namely NovaGold (NG) and Ivanhoe Mines (IVN). NG looks particularly interesting today, given that it is showing a classic cup and handle chart pattern. NG has the largest proven resource base of any junior miner (no production yet) with 21.3 million ounces of gold, 62 million ounces of silver and 4.5 billion pounds of copper, all located within Alaska and British Columbia. It has Teck Cominco and Barrick Gold (ABX) as its partners. Also take a look at a video on NG below.


Meanwhile, a bunch of my recommendations yesterday had "downticks" (dark candlesticks) but support levels still managed to hold. This is a good setup for any breakout as this takes out additional supply, but proved there is enough demand to hold the support intact. The stocks are NUE, VMC, AMAT and TIE. Posted below is the chart of NUE. I have already bought initial (50%) positions in these stocks, and would buy more upon break of the downtick highs. Take a look at my model portfolio positions here.

Other interesting stocks for today include SHI and MRVL.