Buy FCG on a Buy Stop 19.61 Limit 19.66
Name of Instrument: First Trust ISE Reserve Natural Gas
Once Filled Sell Stop: 18.67
Reason For Trade: Clearing the 50 DMA for phase change. Over the 200 weekly and 23 monthly moving averages. Possible move near 24.00 makes risk/reward good
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Existing Position: Long IGT 17.96
Name of Instrument: International Game Technology
Current Price: 16.43
***NOTE: So we do not potentially get blipped out on a bad opening tick, cancel the stop loss order and expect an email/text from me after the opening range is established with a new stop loss. Thanks!
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: 19.92
Raised: Sell Stop: 18.99
First Target: 20.97
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Existing Position: Long XHB 30.70
Name of Instrument: SPDR S&P Homebuilders
Current Price: 30.95
Once Filled Sell Stop: 29.47
First Target: 32.49 Sell ¼-1/3
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Existing Position: Long TEX: 35.00
Current Price: 34.05
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 ¼ position remaining
Current Price: 86.93
Profitable Trailing Stop: 85.47
First Target: 85.77 for ½
REACHED **Second Target: 87.49 sold another ½ of remaining balance
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Hump day and well, no comment on how the Federal Reserve and the release of the FOMCminutes fit into that euphemism.
The Dow retreated back to the fast DMA and the channel it broke out from (close enough anyway). The Russell 2000s weakened but remain above the 50 DMA, although also note that the last 3 trading sessions have all been distribution days in volume (when the volume exceeds the volume from the day prior and the price drops-strong warning). NASDAQ closed right on a pivotal area but stepping back, as long as the runaway gap holds, corrections will look like buy opportunities. Finally, the S&P 500 tested and held the fast moving average. Biotechnology held up well while the Semiconductors confirmed a warning phase. Even booze and cigarettes struggled (Jim Beam-BEAM Philip Morris-PM). Seems today the world turned to drugs (VertexPharmaceuticals) and coffee (GMCR up 3.6% post market at time of writing.)
S&P 500 (SPY) 178 the 10 DMA to defend. Subscribers: Negative Pivots in all.
Russell 2000 (IWM) Watching the 50 DMA and today’s high to feel good again
Dow (DIA) 157.80 good support to hold
Nasdaq (QQQ) 82.70 was my number last week. Closed right there-above or below it will give a good clue as next direction
XLF (Financials) Held on all day until the you-know-who-FED!
SMH (Semiconductors) 40.00 or bust
XRT (Retail) 86.45 the support at the 10 DMA
IYT (Transportation) Landed on the 10 DMA
IBB (Biotechnology) A move over 2013 highs good for $25-30. Still has to hold the 50 DMA
IYR (Real Estate) Looks heavy-not great sign for things to come if this sector cannot hold
XHB (Homebuilders) Still digesting recent move
GLD Inside day. That monthly moving average will not hold next time. Now, 121.85 area is resistance
TBT (Ultrashort Lehman 20+ Year Treasuries) Mentioned that TLTs under 104.11 spelled trouble. TBTs blasted off.
FCG (First Trust ISE Reserve NatGas) Confirmed the bull phase.
Bye for Now!
