**SLV: Stopped out 20.93 sell stop-all out
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New Position: XHB 30.70 Filled
Name of Instrument: SPDR S&P Homebuilders
Current Price: 30.71
Once Filled Sell Stop: 29.47
First Target: 32.59 Sell ¼-1/3
Reason for Trade: Tested and Held the 50 and 200 DMAs. Has potential to take out the existing 2013 highs
+++++++++++++++++++++++++++
Existing Position: Long TEX: 35.00
Current Price: 36.56
Name of Instrument: Terex Corp
**Raised Sell Stop: 33.14
First Target: 37.09 Sell ¼-1/3
Reason for Trade: Good earnings report and crossing the 80 monthly moving average second time this year, which hasn’t happened since 2008.
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Existing Position: Long XRT 82.78
Current Price: 85.27
Stop Loss: 82.78
First Target: 85.77 for 1/2
++++++++++++++++++++++++++++++++++++
Existing Position: Long EEM 42.85
Current Price: 42.75
Stop loss: 42.09
First Target: 44.25 for 1/2
+++++++++++++++++++++++++++++++++++++
Existing Position: Long: FXI 37.31
Current Price: 37.88
Stop Loss: 36.77
First Target: 38.97 take off 1/3 to 1/2
+++++++++++++++++++++++++++++++++++++++
I watched for 4 scenarios to develop as the week began. First, that the Russell 2000s would recover, clearing resistance. That did happen although it still needs to clear the fast moving average. Secondly, that the Real Estate and Homebuilder groups would firm. That also occurred with resistance at its fast moving averages. Real Estate remains in a recovery phase yet it too hasn’t cleared the fast moving average. Third, that the Financial group would take out overhead resistance at 20.80. That hasn’t happened, but it did hold at unchanged from last Friday’s close. Finally, that the interest rates would not firm. Basically, they too closed around unchanged from Friday’s close. When one analyzes the four scenarios and their results, then adds the Retail, Transportation, and Energy groups to the mix, it appears the market wants higher, although, correspondingly relaying that there are significant pockets of weakness around.
S&P 500 (SPY) Other than rich relative strength indicators on the weekly chart, looks good Subscribers: Pivots Positive in all
Russell 2000 (IWM) Gave us the relief we needed. Now needs to clear 110.18 and hold 109.00
Dow (DIA) 155 important point to hold with the peak high in September looming overhead
Nasdaq (QQQ) Inside day, which means the range break here will be telling overall
XLF (Financials) Has to clear 20.78 to look better
SMH (Semiconductors) 40.73 is where you want to see this hold with Monday’s low 40.75
XRT (Retail) New highs
IYT (Transportation) New highs
IBB (Biotechnology) 2010-2013 will go down in history for this group. Now, not the place to look for razzle dazzle.
IYR (Real Estate) Subscribers: Like this over 67.05
XHB (Homebuilders) 30.00 now the support area to hold.
GLD Back in a bear phase
USO (US Oil Fund) Oversold-best I can say for it
OIH (Oil Services) Back to looking good
XLE (Energy) 87.62 highs to clear
TBT (Ultrashort Lehman 20+ Year Treasuries) Inside day in the TLTs
UUP (Dollar Bull) Unconfirmed phase change back to bearish
IFN (India Fund) 21.16 is a good high to clear
EWG (Germany) Negated the possibility of an island top-good news
FXI (China) Inside day
Bye for Now!
