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Open Trade Update
Existing Position: IYT Long 107.36
Stop: Raising stop 106.89
First Target: 110 Take Partial Profit (Got so close-109.95 high today)
Next Target: 112.00 For Partial
Market Analysis for Trading on 4/11/2013
Whoomp! (There it Is). New highs in the Dow, S&P 500, neither with any blow-off volume although all had accumulation days (higher volume than the preceding day with a close in the green.) NASDAQ got to 70.00 but still has the 2012 70.58 to contend with. The Russell 2000 has room to get to the 2013 high at 94.96. The Bonds and Gold collapsed, both are optimistic signs of an improving US economy. Most logical advice for now is to go with the trend, but keep an eye for any inherent signs of weakness if NASDAQ or the Small Caps roll over.
How have we been doing? Here are some great quotes form premium subscribers from today:
@lzheart Incidentally have 9 long positions on, one of my most profitable trading weeks ever. Your picks are incredible!!!
@CastleStreetCap I think you just have to look at a stock and it makes it want to move! 🙂 Thanks for another great day. Love trading and love learning from such a great teacher. Lots of profit off very controlled risk! 🙂 Like you've taught - wind at your back is when you press it - days like today make for a great P&L.
@tati_ho. All I can say is that you are simply amazing!
S&P 500 (SPY) Best news is that this is not close to overbought. Subscribers: Positive pivots in all indexes
Russell 2000 (IWM) 93.00 is now the support to hold. If it does hold, 2013 highs should be historical as in cleared and now support.
Dow (DIA) All-time highs yet again and again and again.
NASDAQ 100 (QQQ) 69.00 area the major support and 70.58 in its midst.
ETFs:
GLD Got right up to resistance yesterday near 154 before showing what happens in a bear phase today. 150 weekly support which if breaks, not good for the stubborn longs
XLF (Financials) New 2013 highs. 19.50 should be next stop
IBB (Biotechnology) New highs.
SMH (Semiconductors) If 35.00 now holds, the day this gets over 36.17-look out above!
XRT (Retail) Here is why we look for confirmation-the slingshot possibility turned out as a pause before new highs.
IYT (Transportation) Although lagging on this move, still see this as a longer term trend up.
IYR (Real Estate) New highs the last 5 trading days. How did the bears miss this sign 5 days ago?
USO (US Oil Fund) Back over the 200 DMA but under the 50 DMA. The average this breaks should be telling for next decent move.
OIH (Oil Services) Subscribers: We are back looking at the 80 monthly moving average-43.76.
XLE (Energy) Confirmed phase change back to bullish. The oil and energy sectors have been moving but with hardly the same fervor-could mean they will play catch up, or provide the best places to look for shorts if market rolls over
TBT (Ultrashort Lehman 20+ Year Treasuries) Island bottom possible now-or-the third scenario I wrote about as we started this week.
XOP (Oil and Gas Exploration) 60.00 now support with a interesting doji day
XHB (Homebuilders) Totally lagged which again means either catch up or good short under the 50 DMA
UUP (Dollar Bull) Inside day and perhaps the next time, a blast through the 200 weekly moving average.
SGG (Sugar ETF) Subscribers: In futures, its 18.15-18.22 the 200 weekly moving average I am waiting to clear
FXI (China) Subscribers: First time try for the 200 DMA and retreated. Have a no loss stop now and will add over the 200 DMA if clears
Bye for Now!
