New Position: IGT Filled 17.96
Name of Instrument: International Game Technology
Current Price: 17.96
Reason For Trade: Just changed phases to warning from distribution after testing and holding the 65 and 200 weekly moving averages. A pick for trend continuation in 2014.
Stop loss once filled: 16.24
First Target: 19.24 for ½ off
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Existing Position: Long FITB 19.10
Name of Instrument: Fifth Third Bancorp
Current Price: 19.90
Sell Stop: 18.97
First Target: 20.97
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Existing Position: Long XHB 30.70
Name of Instrument: SPDR S&P Homebuilders
Current Price: 30.76
Sell Stop: 29.14
First Target: 32.49 Sell ¼-1/3
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Existing Position: Long TEX: 35.00
Current Price: 35.71
Name of Instrument: Terex Corp
Sell Stop: 33.14
First Target: 37.09 Sell ¼-1/3
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Existing Position: Long XRT 82.78
Current Price: 87.34
**Raised-Profitable Trailing Stop: 83.44
First Target: 85.77 for ½
***Second Target: 87.49 Market if touched for ½ remaining balance
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2 weeks ago, I wrote about 4 scenarios that would have to occur as rocket fuel for the market. One-The Real Estate Sector would have to wake up. Two-The Financial Sector would also have to stay alive. Three-The rates couldn’t firm too fast. Four-The small caps or Russell 2000 would have to negate the topping candles from October 30th. Check to the 4th power! We had a killer run from June to late October. We went cautiously to smaller position sizing, wider stops and fewer positions this first 2 weeks of November. And, today, many of my clever brethren of traders and I got long and happy! Today was the day folks. Beginning to look a lot like (insert holiday you celebrate!)
S&P 500 (SPY) Subscribers: Positive Pivots in all
Russell 2000 (IWM) The high from October 29th is 111.62. Needless to say that is a place to see clear
Dow (DIA) “Retreated from the channel which can also be a good thing since if it clears, can do so now with more muscle.” Affirmative
Nasdaq (QQQ) Cleared 82.70 and now on new highs since 2000
XLF (Financials) 20.91 nearest point to clear and 20.66 has to hold
SMH (Semiconductors) You haven’t missed the boat here. Subscribers: 40.79 risk point to look at for tomorrow
XRT (Retail) Whoa!
IYT (Transportation) 127.61 the recent high
IBB (Biotechnology) Finally cleared the 50 DMA for an unconfirmed return to a bullish phase
IYR (Real Estate) Almost made back a whole week of losses in one shot. Still needs to do more though
XHB (Homebuilders) Confirmed phase change to bullish.
GLD Hard to believe how boring this has become
OIH (Oil Services) Not as exciting but not so bad either
XLE (Energy) 85.00 key to hold
TBT (Ultrashort Lehman 20+ Year Treasuries) If TLTs gap above 104.11, we could be talking island bottom
FCG (First Trust ISE Reserve Natural Gas) Unconfirmed phase change to bullish. Subscribers: Like this over 19.40
EWG (Germany) Huge range today. 29.42 has to clear
FXI (China) Subscribers: Could be a slingshot low. Has to clear 36.64 R1
Bye for Now!
