TEX reached target at 37.09 Sold ½ position-XHB did not reach target last Friday-see below
Existing Position: FCG Long 19.61
Name of Instrument: First Trust ISE Reserve Natural Gas
Sell Stop: 18.67
Current Price: 19.67
First Target: 20.77 for 1/3 to ½
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Existing Position: Long IGT 17.96
Name of Instrument: International Game Technology
Current Price: 17.33
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: 20.20
**Raised: Sell Stop: 19.10
First Target: 20.97
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Existing Position: Long XHB 30.70
Name of Instrument: SPDR S&P Homebuilders
Current Price: 31.33
**Lowered a little from Breakeven: Sell Stop: 30.57
**Due to a bad print- FIRST TARGET at 32.34-not reached Keep order to sell half of position there
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Existing Position: Long TEX: 35.00
Current Price: 36.92
Name of Instrument: Terex Corp
Sell Stop: 35.00 No loss stop
***REACHED! First Target: 37.09 Sold 1/2
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Existing Position: Long XRT 82.78 ¼ position remaining
Current Price: 87.87
**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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As the week began we had 2 technical patterns on our minds. First, the possible reversal candles in the indices from last Friday. Second, the volume as a main feature to show which way this market would go in the near-term. Looking at the small caps or Russell 2000s, both scenarios played out. The reversal candle from last Friday is in place with next support 111.00 or exactly where the recent ran up began from. Volume was not above average; however, did exceed significantly the volume from last week to post a distribution day (or when the volume exceeds the volume of the day prior and the close is negative.) Gold, which I have been very negative on as readers of this daily can attest to, sank below a major monthly moving average.Interest rates firmed which clearly had its impact. And, the other “tell” Real Estate, also closed on new 60-plus day lows. Maybe Santa is getting ready to trade his sled in for the new Mercedes SL in that hot red color, but if he is going high tech-he better hurry up!
S&P 500 (SPY)180.12 area now key support if this is to find its footing Subscribers: Negative Pivots in all except NASDAQ which has neutral pivots
Dow (DIA) Actually broke the fast moving average which means unless it can hold 159.50 and run back over 160-trouble
Nasdaq (QQQ) Joining the others in what could be its reversal candle-one trading day later
XLF (Financials) 21.26 the old 2013 high is the support to hold
SMH (Semiconductors) Couldn’t clear the 2013 highs from October and now has to revisit 40.80 to see if it can muster some strength
XRT (Retail) 87.70 some support if good
IYT (Transportation) Also a possible reversal candle
IBB (Biotechnology) Back in its own world and halfway into the projected move-expecting digestion though if the market is heavy
IYR (Real Estate) Unless this clears 63.50 could be seeing 60.00 around the corner
XHB (Homebuilders) The 50 DMA is key here now
GLD Gapped down and kept going south-looking at recent lows as next support
USO (US Oil Fund) Has an island bottom as long as 33.24 holds. Needs to clear the fast moving average
OIH (Oil Services) In the warning phase, 47.50 has to hold
XLE (Energy) Inside day.85.60 the 50 DMA
FCG (First Trust ISE Reserve NatGas) Subscribers: 20.00 pivotal
Bye for Now!
