Well that sure cleared things up, NOT! What do you do with this type of diversion lately with earnings season gearing up (Intel dropped post earnings giving Semiconductors (SMH) indigestion). And, what about those poor folks long Best Buy down 28.59%? Ouch!
Some good news-the S&P 500 held 184, an important level, the Russell 2000s made new highs, NASDAQ traded inside the trading range from Wednesday, Rates remain low, and nothing seems to buzz kill Biotechnology!
Elon Musk is king of the world for sure with the big moves in Solar City and Tesla. Perception fuels momentum. Yes, alternative energy and electric cars are the future; however, how many houses do you know using solar and how many people do you know drive an electric car?
We are well heeled in our portfolio, but I can’t help asking myself every day, what if pharmas, solar and TSLA stop rallying? What’s holding the market up?
S&P 500 (SPY) 183.45 area is the fast moving average to hold while a break over the current highs will have to be respected. Subscribers: Negative pivots here in DIA and positive in QQQ and IWM
Russell 2000 (IWM) If one looks just here-looks higher
Dow (DIA) 165 has to clear at the least and today’s low has to hold at most
Nasdaq (QQQ) Inside day
XLF (Financials) Ball and chain or rest stop?
SMH (Semiconductors) Same question
IYT (Transportation) Also more troublesome than the indices
IBB (Biotechnology) The hunt for the next drug company to go ballistic
XRT (Retail) Remains trouble with one note-landed on support for October 2013
IYR (Real Estate) Liking the rate drop here but now running into resistance
XHB (Homebuilders) Housing starts tomorrow-could be decisive action here as it is holding the 50 DMA
GLD Confirmed phase change to bearish-but not so convinced it will go much lower at this time
USO (US Oil Fund) Inside day after the short covering
XOP (Oil and Gas Exploration) Better looking after the record low natural gas inventories but still has overhead to clear
TBT (Ultrashort Lehman 20+ Year Treasuries) TLTs Hard to believe except for the fact that the economy is not as robust as the FED would like
UUP (Dollar Bull) Confirmed phase change to recovery. Subscribers: Over 21.80 will most likely get back in with risk to under 21.62
KRE (Regional Banks) Subscribers: Over 40.10 then 40.50 puts this back in play
IFN (India Fund) Subscribers: A weekly close over 20.00 will be a signal to go in in spite of the island top
EWG (Germany) No more island top-and an inside day
CORN (Corn) Subscribers: Still watching carefully
BAL (Cotton) Subscribers: Unconfirmed phase change to accumulation
JO (Coffee) Subscribers: Over 23.65 compelling entry for swing
FCG (First Trust ISE Reserve NatGas) Unconfirmed phase change to bullish. Subscribers: If holds 19.30 then possible re entry
SGG (Sugar) Subscribers: Big alert here with possible island bottom! If confirms I will try another long here for a swing Risk would be to about 51.18 above the top of the island
Bye for Now!
