XRT: Final Piece of Long from 82.78 out of tail on stop 86.44
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Existing Position: Long THC: 42.77
Name of Instrument: Tenet Healthcare
Current Price: 43.07
Sell Stop: 41.19
First Target: 44.77 for 1/2
Reason For Trade: Had a Golden Cross early November. Then price corrected under the moving averages. Now, holding the 10 DMA. Good risk anticipating could return above averages for move to over 44.00 and beyond, especially given the Health Care Act.
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Existing Position: FCG Long 19.61
Name of Instrument: First Trust ISE Reserve Natural Gas
Sell Stop: 18.67
Current Price: 19.60
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: 17.78
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: 19.99
**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: 30.97
Sell Stop: 30.57
FIRST TARGET 32.34-sell 1/2
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Existing Position: Long TEX: 35.00 ½ position
Current Price: 36.38
Name of Instrument: Terex Corp
No Loss Stop: 35.00
***REACHED! First Target: 37.09 Sold ½
Second Target: 38.04 for ½ of existing
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***OUT-Existing Position: Long XRT 82.78
First Target: 85.77 sold 1/2
Second Target: 87.49 sold another ½ of remaining balance
Out of Balance: 86.44
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Let’s begin with NASDAQ as I voted for that index as the one most likely to succeed if cleared Tuesday’s high. Not a random vote; rather, one based on its price placement on the daily chart coming into Wednesday’s session. I turned out ½ correct. QQQ did indeed close better than the other indices and even managed to close green. However, after a brief visit over Tuesday’s high 85.64) intraday, it closed just shy of that. The important aspect to this analysis is that QQQ’s are holding the fast moving average and nearly posted an accumulation day in volume. The small caps Russell 2000s closed more ominously-down on the day, beneath the fast moving average and with another distribution day in volume. Casino stocks roared which given today’s market seesaw action, who needs slot machines?
S&P 500 (SPY) The last correction in mid-November-the low made was 177.98. Today’s low 178.35. However, it still needs to clear the resistance pivot overhead to change course-180.67 Subscribers: Negative Pivots in all
Russell 2000 (IWM) Really-112.50 has to clear to get excited
Dow (DIA) After a 3-day correction, today’s high becomes an important area to clear.
Nasdaq (QQQ) 84.65 key support and still most likely to succeed, considering Icahn talking up his AAPL!
XLF (Financials) Good turnaround-has to do a bit more to stick
SMH (Semiconductors) 40.90 area now pivotal and really close to taking out 41.44 the 2013 highs
XRT (Retail) Over 87.75 back in business
IYT (Transportation) Wouldn’t be surprised to see some digestion around these levels
IBB (Biotechnology) Still correction but holding its runaway gap
IYR (Real Estate) Not quite a reversal candle, but close. Subscribers: Like over 63.19 the 10 DMA
XHB (Homebuilders) Touchdown on the 50 DMA. Has to hold here
GLD As horrid as this looked, today it got an interesting reversal pattern.
USO (US Oil Fund) Rallied to the moving average resistance. Today’s low important to hold
OIH (Oil Services) In the warning phase, 47.50 has to hold and today’s low 47.51
TBT (Ultrashort Lehman 20+ Year Treasuries) I haven’t traded the interest rate ETFs in quite some time since they have become crazy rumor sensitive-recent one-taper-then beige book comes out-no taper!
IFN (India Fund) Crossed back over the 200 DMA
EWG (Germany) Confirmed island top
FXI (China) I need a weekly close over 40.00 to get excited
FCG (First Trust ISE Reserve NatGas) Subscribers: Hung onto the 50 DMA. Over 19.80 looks very good
Bye for Now!
