(*Next trade alert will come in form of an email*)
Open Trade Update
Existing Position: SMH Long 35.02
Current Price: 36.68
Stop: 35.02 (note-in our swing trading system, once you have 2 ATRs in profit, you can raise to a no loss stop)
Target: 40.00 (NOTE: 3 ATRs from our entry measures to 36.97-you do have an option to take off 20-25% of the position at that level)
Existing Position: XLF Long 18.38
Current Price: 18.65
Stop: 17.59
Target: 19.49
***********************************************
Market Analysis for Trading on 4/30/13
Possible double top in S&P 500 or a launch pad to blast off from? That is the type of hesitancy this bull market has created since the end of February. And, for good reasons. First off is theNASDAQ which has yet to take out the 2012 high even with a new 2013 high today. Second is the Russell 2000 which has made lower highs on every rally since the peak in February. Then, there are the bonds, which have had analysts screaming about deflation. Finally, there have been mixed signals in recent economic indicators, with many more expected this week, not to mention, a FOMC Meeting Announcement on Wednesday.
S&P 500 (SPY) 159.71 is the 2013 high with today's high 159.65. Although I wrote about a possible double top, that is very premature as basically, the fast moving average is now beginning to accelerate up Subscribers: Pivots positive in all indexes
Russell 2000 (IWM) This is the one index that has many traders holding onto their handkerchiefs. Friday low super important to defend with a move over 94.00 a welcoming sign if occurs.Subscribers: Signs of weakness and heading back for a look see at TWM
Dow (DIA) Accumulation day in volume and with the help of IBM, a nice move close to the highs and taking yet still not closing above the 4/15 high 147.93
NASDAQ 100 (QQQ) New high 2013 close, but still finding the 2012 high elusive. Subscribers:Cleared then closed beneath the channel I've been showing you in the videos.
ETFs:
GLD Inside day, which could be a great follow the way the range breaks as it is sitting in an interesting spot on the charts Subscribers: S1 and today's low line up
XLF (Financials) DOJI (pause) day
IBB (Biotechnology) Long term this is a continuing growth area. Short term, it looks a bit tired
SMH (Semiconductors) Figuring around 37.00 will bring some profit takers in.
XRT (Retail) In spite of a selloff in AMZN, this did pretty well
IYT (Transportation) 108.85 now support to hold Subscribers: Closed above the trendline but underperformed so giving this one more day
IYR (Real Estate) New multi-year closing high
USO (US Oil Fund) After the inside day to end last week, this popped up between the 50 and 200 DMAs-a most interesting spot.
OIH (Oil Services) Tested but did not close above the 50 DMA-still a bit vulnerable Subscribers:More negative than positive here
XLE (Energy) Cleared the 50 DMA Subscribers: Didn't hit the chandelier exit so holding tail
TBT (Ultrashort Lehman 20+ Year Treasuries) Tweeted all day long about the possible key reversal move today. Subscribers: Even with the FED meeting this week, we got long ticks from the lows and will hold for now
XOP (Oil and Gas Exploration) Unless it clears the 50 DMA, a bit vulnerable here Subscribers:Aside now
XHB (Homebuilders) Possible short-term high in place if has a bad day Tuesday Subscribers: A slingshot high possibility has to be confirmed
SGG (Sugar ETF) Subscribers: I had a limit order today to buy against the brick wall lows in the futures. Never got filled-now, close highs here for a possible bottoming formation
FXI (China) Subscribers: Very nice confirm after Friday's Opening Range Reversal trade
RSX (Russia) Subscribers: Holding the balance of the position. If can get above 26.50, it will be an add
Bye for Now!
