Existing Position: FCG Long 19.61
Name of Instrument: First Trust ISE Reserve Natural Gas
Sell Stop: 18.67
Current Price: 19.65
First Target: 20.77 for 1/3 to ½
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: 17.49
Sell Stop: 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: 20.32
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: 31.94
Sell Stop: 30.70
***REACHED FIRST TARGET at 32.43! Sell half of position and raise stop to no loss.
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Existing Position: Long TEX: 35.00
Current Price: 36.32
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: 88.55
**Raised-Profitable Trailing Stop: 86.44
First Target: 85.77 for ½
REACHED **Second Target: 87.49 sold another ½ of remaining balance
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After the low volume Thanksgiving Holiday week, I’m expecting the week to kick off with an exciting surge in volume coming into the market. Black Friday and Cyber Monday will certainly stimulate the retail sector (XRT) and should create several fresh set ups for us to trade. This will be a welcome boost for a much extended market. We are expecting that this surge in volume may create a temporary peak high. This prediction is based on behavior patterns, but –as always- we will wait and see what the market presents to us. Monday can be a pivotal day. The S&P 500 (SPY), the Dow Jones Industrial (DIA) and the Russell 2000’s (IWM) have possible slingshot patterns that may or may not confirm on Monday. Hopefully, with the expected high volume this week, the market will surge past the highs set in place Friday. We will be on our toes and ready for opportunities on Monday. However, we will also keep the possible slingshot highs in mind and not get too exposed as we watch to see what happens on Cyber Monday.
-Today’s Evening Watch was prepared by Matt Mullins. Mish will be back on Monday.
S&P 500 (SPY) Possible slingshot high in place. 180.65 should be support. Subscribers: Positive Pivots in all.
Russell 2000 (IWM) Possible slingshot high in place.
Dow (DIA) 160.40 area should be support. Possible slingshot high in place.
Nasdaq (QQQ) AAPL is performing very well and giving QQQ a boost. Gapped higher. 85.24 fills the gap.
XLF (Financials) Possible slingshot high. Watch Friday’s low as support.
SMH (Semiconductors) 41.44 is possible resistance. 41.20 should be support.
XRT (Retail) New highs on Friday and getting extended. Black Friday and Cyber Monday sales can be a boost.
IYT (Transportation) New highs, yet again!
IBB (Biotechnology) New highs and 11.00 into the projected 25-30 range move off of 213.00. Potential slingshot high.
IYR (Real Estate) 63.02 should be support.
XHB (Homebuilders) 32.50 some channel resistance. Tested the top of the channel on Friday and closed near the low of the day.
GLD Pushing against the 10 DMA. Watch Friday’s low as support.
USO (US Oil Fund) Confirmed a slingshot low. 33.72 is the 10 DMA.
OIH (Oil Services) 48.95 is the 50 DMA.
XLE (Energy) Inside day.
XOP (Oil and Gas Exploration) Confirmed the warning phase.
UUP (Dollar Bull) 21.64 should be support at the 50 DMA
IFN (India Fund) Subscribers: Looks poised! Now in an unconfirmed Accumulation Phase and has three converging moving averages as support.
EWG (Germany) Subscribers: Gapped higher and now has an unconfirmed slingshot high. Beware of an island top if gaps lower.
FCG (First Trust ISE Reserve NatGas) Subscribers: 20.00 pivotal
VXX Subscribers: Confirmed the slingshot low but with overhead resistance at the 10 DMA
Bye for Now!
