Open Trade Update
Existing Position: IYT Long 107.36
Stop: Raising stop 106.89
Took Partial Profit: 110.00 (1/4-1/2 position size)
Next Target: 112.00 Another Partial Profit
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Market Analysis for Trading on 4/12/2013
As one who always had a penchant for the strong, silent type, today's market filled that bill! Low volume run to another new high in the S&P 500 and Dow (better volume there). NASDAQ still has yet to challenge 2012 high, but got another close on new 2013 highs. The Russell 2000 or small caps, the relative straggler, inched closer to the 2013 highs and crossed and closed over recent resistance. Diversion in the sectors prevailed with Retail, Real Estate the big winners and Transportation, Semiconductors not quite the losers, but clearly the ones that have yet to show similar pizzazz. An amazing week, now close to its conclusion-could see some digestion, uninspiring volume, but don't get too complacent. The market continues to make history.
S&P 500 (SPY) Would be hard to chase now, but sure would not sell any weakness any time soon.
Russell 2000 (IWM) 94.96 the 2013 high on high alert
Dow (DIA) All-time highs yet again and again and again (and again.)
NASDAQ 100 (QQQ) 70.58 in its midst, especially after an inside day.
ETFs:
GLD Inside day at a very interesting chart point. 150 critical support. Subscribers: The Opening Range High Failure today was a good short entry. Now, watch to see if it breaks 150
XLF (Financials) Another new 2013 highs. 19.50 should be next stop
IBB (Biotechnology) New highs yet again
SMH (Semiconductors) If 35.00 now holds, the day this gets over 36.17-look out above!
XRT (Retail) Crazy strong day. Let's go shopping!
IYT (Transportation) Although lagging on this move, still see this as a longer term trend up. Subscribers: 107.50 the 50 DMA to hold
IYR (Real Estate) New highs the last 6 trading days. Awesome.
USO (US Oil Fund) Broke the 200 DMA but still well in the range of the last week-could really go in either direction from here Subscribers: Could be an interesting day here tomorrow
OIH (Oil Services) Confirmed bullish phase Subscribers: We are back looking at the 80 monthly moving average-43.76.
XLE (Energy) Doji day and trying to get up to the 2013 highs-80.14
TBT (Ultrashort Lehman 20+ Year Treasuries) Island bottom confirmed. The 200 DMA needs to clear next
XOP (Oil and Gas Exploration) 59.00 is where the moving averages converge. Subscribers: My stop on the longs will be under the 50 DMA on a closing basis
UUP (Dollar Bull) Waiting for this to cross the 200 weekly moving average
SGG (Sugar ETF) Subscribers: In futures, its 18.10-18.22 the 200 weekly moving average I am waiting to clear
FXI (China) Subscribers: Have a no loss stop now and will add over the 200 DMA if clears
Bye for Now!
