Sent in Email Alert Early Today:
Trade: SGG Buy 62.90 Limit or better (Filled)
Instrument Name: iPath DJ-AIG Sugar ETN
Position: Long 62.90
Stop: 61.38
Current Price: 63.39
First Target: 66.00 for partial profit
Trade Description: Sugar futures are what this follows and SGG is a very thin ETF. If can do futures, the corresponding price is 17.70 or better with stop 16.99. SGG could be bottoming along with the futures and is a low risk trade to test that. Not classic.
Open Trade Update
Existing Position: SMH Long 35.02
Current Price: 37.02
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. April 30th-our swing account took off 25% of the SMH at 36.97)
Existing Position: XLF Long 18.38
Current Price: 18.70
Stop: 17.59
Target: 19.49
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Market Analysis for Trading on 5/1/13
In the last minute of the trading session, S&P 500 traded at new 2013 highs and NASDAQ bounded above the 2012 high to make a new multi-year high! Russell 2000 and the Dow are still playing catch-up but it does seem inevitable that those indexes will catch up rather than the prior fear that they are harbingers of looming disaster. Bonds are the most fascinating watch right now as with tomorrow's FOMC release and given moderate growth in the economy, it is really possible and highly probable, the FED will relax on keeping rates low. Will the Bond Bubble come back with a vengeance? Perhaps, perhaps, perhaps.
S&P 500 (SPY) Pretty and with no signs yet of any type of blow off. If anything, the launch pad is on countdown to zero. Subscribers: Pivots positive in all indexes
Russell 2000 (IWM) The move over 94.00 a welcoming sign. 94.96 2012 high to clear and 92.50 critical underlying support
Dow (DIA) Finally cleared the 4/15 high. 146.50 support area to hold and 148.66 recent highs to clear
NASDAQ 100 (QQQ) Cleared massive resistance with now a projected next target of 74.00 should 70.00 hold
ETFs:
GLD If cannot clear 143.20, watch for chances of a decline, especially under today's low Subscribers: S1 and today's low line up
XLF (Financials) 18.76 recent highs and 18.50 key support. Subscribers: 18.78 will be 2 ATRs from long entry with the option of going to a no loss stop
IBB (Biotechnology) Long term this is a continuing growth area. Short term, it looks a bit tired
SMH (Semiconductors) Closed over 37.00. Subscribers: We locked in some at 3 ATRs but long term still very positive.
XRT (Retail) With consumer confidence in gear, the high 73.74 should clear provided it holds 72.80
IYT (Transportation) High daily RSI but good clearance of recent consolidation Subscribers: The entry at 106 was the one to stick with-now, a bit overbought on daily RSI
IYR (Real Estate) New multi-year closing high again and not overbought
USO (US Oil Fund) Changed to a more negative phase-which could mean lower prices in store unless it gets back over 33.60
OIH (Oil Services) Unconfirmed phase change to bullish Subscribers: Still making lower highs until it clears 43.40 and the 80 monthly moving average
XLE (Energy) Confirmed phase change Subscribers: Didn't hit the chandelier exit so holding tail
TBT (Ultrashort Lehman 20+ Year Treasuries) Still see the possible key reversal here but now, have to wait until the FOMC is released Subscribers: As tweeted, got out end of day and will pay up if have to after the minutes are released
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. But, see it more as short-term with the moving averages intact
SGG (Sugar ETF) Subscribers: Long looking for a possible bottom here against the recent lows for a longer term positions
FXI (China) Subscribers: Close to 1.5 ATRs-target for ½ position
RSX (Russia) Subscribers: Didn't add as there was no ORR. 26.86 is 1.5 ATRs to take off second piece of core position
Bye for Now!
