NOTE: Cancel existing buy stop in HES and wait for a new email alert if sets up tomorrow
Trade:
Instrument Name:
Position:
Stop:
Current Price:
First Target:
Trade Description:
Open Trade Update
Existing Position: SMH Long 35.02 (½-2/3 position remaining)
Current Price: 38.38
Stop: 35.47
Target: 40.00
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Existing Position: XLF Long 18.38
Current Price: 19.30
Stop: 18.38
Target: 19.38 (That is 5 ATRs so make sure you lock in and can keep ¼ to ½ position to ride it out with trailing stops posted)
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Existing Position SGG Long 62.90
Current Price: 62.45
Stop: 61.38
First Target: 65.90
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Semiconductors (my absolute favorite sector for 2013 and one I have made no secret about) rocked out today, confirming a breakout over a channel that goes back over 11 years! Will the trend continue? All signs point to yes; but, nothing goes straight up which means, new buy opportunities on corrections should emerge. And the rest of the market? Textbook runaway gap-what more can I say? Of course the relative strength is gaining as are the overbought conditions. However, it does seem as though the move has been almost too orderly as if a melt up needs to occur before we can even begin to think about a top in place. Of course, a nasty gap down can change that. For now, keep following the sectors that have room and mainly, watch for any sign of flights to safety (like in long bonds).
S&P 500 (SPY) 161.00 good point to hold with 164 target Subscribers: Pivots positive in all indexes
Russell 2000 (IWM) 97-98.00 reasonable target it holds 95.00
Dow (DIA) 152-53 resistance
NASDAQ 100 (QQQ) One day rest Tuesday and back in business today. 74.00 remains a target. Subscribers: 71.91 gap low from Friday
ETFs:
GLD 141.50 is now a good place to watch for a hold. With today’s gap higher, it seems GLD is attracted to the overhead 50 DMA
XLF (Financials) 19.38 overhead resistance Subscribers: Got pretty close to target of 5 ATRs at 19.38
IBB (Biotechnology) Held the support with a meager bounce.
SMH (Semiconductors) You’re Unbelievable!
XRT (Retail) Still going.
IYT (Transportation) 116 target
IYR (Real Estate) Where do these all stop? No matter. Let’s just wait for the signs and have fun!
USO (US Oil Fund) The inside day led to a rally. 34.86 next resistance
OIH (Oil Services) 45.12 is the 2013 high Subscribers: Say hello to the 80 monthly moving average if it stays firm
XLE (Energy) After a new 2013 high, inside day.
TBT (Ultrashort Lehman 20+ Year Treasuries) Took a rest but does not look done. Subscribers: Like over 62.20
XOP (Oil and Gas Exploration) 60.00 resistance Subscribers: Since I was long OIH, UNG and this, exited under 60.00 but still looks good
UUP (Dollar Bull) Watching that 200 weekly moving average like a hawk
UNG (United States Natural Gas Fund) Subscribers: Inside day with 21.66 the 50 DMA to clear
SGG (Sugar ETF) Subscribers: Still resting if holds 61.76
FXI (China) Subscribers: 3 ATRs in this one
