New Trade Alert
This trade did not get triggered today. It is still an open order.
Trade: QQQ Buy Stop 69.02 Limit 69.07
Instrument Name: NASDAQ Power Shares QQQ Trust Series 1
Position: Long
Stop: 67.39
Target: 70.50 (2102 high 70.58) Take partial profit
Trade Description: After trending sideways since 2013 began, if the market remains firm, this has the best shot to play catch up to the other indexes. Would watch for 2012 high, but if clears could see a substantial rally
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Open Trade Update
Existing Position: XLF 17.96 Long
New Stop: Can use a no loss stop to avoid a loss at 17.96 or lower is to 17.84 under the March 5th low.
First Target: 18.75 (take off 1/3 or so)
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Market Analysis for 3/28/2013
It felt like an up day but it wasn't. Why? Some sectors rocked while others were lackluster yet others were negative. Doldrums began to set in midday with expectations for tomorrow, the day before a long holiday, are pretty much for a boring session. Homebuilders, oil, biotech did exceptionally well. Financials, particularly stocks within this group were negative, along with short bonds, which continues to be the most worrisome consideration all around for more upside (rush to safety with long bonds). Phases in the indexes are well intact with the recent highs so close. Sideways action prevails there. And so it goes.
S&P 500 (SPY) If clears 156.27 safe bet it will test the highs, just not sure if it will do it before the weekend. Subs: Pivots Negative to watch for-which means if cannot get going, wouldn't take it as a sign of failure, but would not rush into any longs
Russell 2000 (IWM) Impressive hold of 93.00, but again, how much muscle to prove itself ahead of the weekend Subs: Range now is 93 to 95. In the middle, aside
Dow (DIA) 145.35 is the recent high with high RSIs on the weekly chart
NASDAQ 100 (QQQ) Bullish engulfing pattern but still has to hold 67.50 (the 50 DMA) and clear 69.00. Subs: Slightly negative pivots
ETFs:
GLD 156.80 to 154.00 its established range for now
XLF (Financials) Like to see this move up or another reason the Venus Fly Trap theory still looms. Subs: Over 18.30 could be an add if long or a place for a new long
IBB (Biotechnology) As suspected, first to explode to upside-foreshadowing?
SMH (Semiconductors) 35.50 is really the place to clear
XRT (Retail) 70.81 is potential double top which is yet another reason I am seeing some real good and some real bad signs.
IYT (Transportation) Remains under the fast moving average and really, possibly acting a bit toppy.
IYR (Real Estate) A bright spot. 69.35 big point to clear now
USO (US Oil Fund) Confirmed bullish phase
OIH (Oil Services) Cleared the 50 DMA for an unconfirmed phase change to bullish
XLE (Energy) 79.50 now pivotal as this closed just above and looks strong
XOP (Oil and Gas Exploration) Like to see this close out the week over 61.00 for a new move up
XHB (Homebuilders) Better but still has a brick wall at higher levels which has to clear
UUP (Dollar Bull) Eked above the weekly moving average and if closes out week here, expect more upside.
Bye for Now!
