Existing Position: Long: FXI 37.31
Current Price: 38.03
Stop Loss: 36.14 (raised)
First Target: 38.97 take off 1/3 to 1/2
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Existing Position: Long EWG 28.02
Current Price: 27.99
Stop Loss: 27.39
First target 28.97
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Existing Position: X Long 20.68 ½-2/3 position
Current Price: 21.50
Stop Loss: 19.67
** First Target: REACHED with instructions sent to go to market order filled at 21.55 1/3-1/2 position
Next Target: 23.75
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Existing Position: Long TXN 39.18 ½-2/3 left
Current Price: 39.93
Stop: 39.18
First Target: REACHED!
Next Target: 42.91 for another ½ of the balance
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After all said and done, the S&P 500 closed higher for the week. So did NASDAQ and the Russell 2000s. In fact, NASDAQ wound up really close to the 2013 highs. The Dow, on the other hand, closed lower but with a notable inside day from last Thursday’s range on Friday. In fact, NASDAQand the Russell 2000 also had inside days. Therefore, at the risk of ambiguity, those inside daysare analogous to one’s holding one’s breath until the range of the inside day breaks one way or another to elucidate short-term direction. Then, exhale! The bigger picture has not changed very much at all. S&P 500 fluctuates between warning and bullish phases which means once it clears from the 50 DMA one way or another, the intermediate term trend will show itself.NASDAQ and Russell 2000s are firmly in bullish phases, which leads one to believe next week has more upside in store. As far as sectors and groups, the leaders continue to be Oil and Gas Exploration, Semiconductors, and Biotechnology. Real Estate continues to act jittery in the face of any tapering talk and the Financials are short term neutral to negative but longer term still very positive. I find myself fascinated by the number of stocks soaring to new highs regardless of the diverse macro picture! And all of this before we really get into earnings season, not to mention the current political situation. Now, that’s entertainment!
S&P 500 (SPY) Back to an unconfirmed bullish phase so a second day over the 50 DMA will help a lot. Notable, however, is the topping candle, which only a move over 170.60 will negateSubscribers: Positive pivots in all indices
Russell 2000 (IWM) Inside day with 106.90 pivotal, over 107.36 strong and under 105.60 very troublesome indeed
Dow (DIA) Inside day and unless there is a spectacular move from here-an indication that the 200 DMA will be a magnet. This is the very reason the soaring stocks seem safer as daytrades mainly-for now
Nasdaq (QQQ) Inside day and almost completely the opposite looking from the Dow! Look here alone and one sees higher levels in store
ETFs:
XLF (Financials) Also working off of topping candles from July and then the possible double top from mid-September. However, also has spent 2013 over a major monthly moving average. Therefore, not the first place I’d go for a long right now, but certainly not a short either unless it breaks last week’s lows
SMH (Semiconductors) I think Friday’s close was positive keeping this group a favorite for the conclusion of 2013
XRT (Retail) After looking double toppish coming into Friday, the inside day and firm session has this looking a lot better. It also means over the 2013 high, totally worth a follow
IYT (Transportation) Inside day over the 50 DMA Friday. Used to be my favorite; now more a second string choice.
IBB (Biotechnology) Inside day-again, don’t give up here
IYR (Real Estate) Look here and the world is quite different.
GLD Closed the week lower. Still looking at this to resume the move down.
USO (US Oil Fund) Subscribers: Inside day and still with positive pivots
XOP (Oil and Gas Exploration) This has been so strong, I’m looking for the secret pipeline that must be running through my property!
TBT (Ultrashort Lehman 20+ Year Treasuries) FOMC minutes released this week
VXX Subscribers: confirmed recovery phase with inside day.
UUP (Dollar Bull) Subscribers: Brick wall bottom if confirms Monday-Through 21.65 will consider a new long with risk to recent lows 21.47
EWG (Germany) Subscribers: 2 Inside days-that’ll be worth watching
FXI (China) Subscribers: Premium account got to a first profit target. Timing of entry allows us to see this one through against the 200 DMA
SGG (Sugar) 62.00 is the new risk if you are looking for an entry
Bye for Now!
