Open Trade Update
Existing Position: OIH stopped out
Current Price: 42.35
Stop: Out at 42.34
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Open Trade Update
Existing Position: GE Long 23.86
Current Price: 23.50
Stop: 22.49 (Also might be adjusted depending upon market condition)
Target: 29.25
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Existing Position: SMH Long 35.02 (1/4 position left)
Current Price: 37.24
Stop: 35.79 (raised)
Target: Holding ¼ position longer term-no specified target yet
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Existing Position: XLF 1/4 position left from 18.38 entry
Current Price: 19.41
Stop: 18.77
First Target: Met and now have 8 ATRs
Second Target: Met at 20.00 -have ¼ position left
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Interesting how attractive a major moving average can be as far as drawing an instrument to drop or rally to it. Such is the case with the S&P 500. After the Real Estate Exchange Traded Fund illustrated how an instrument can attract to lower levels where major moving averages sit, the SPY followed in kind stopping just short of the 50 Day Simple Moving Average. Similarly, so did the Dow and NASDAQ. Only the small caps (Russell 2000) held well above. Also interesting is that this week we have not broken through last week’s lows and the 50 DMA remains in an upward slope. Therefore, at this time, the status of the market remains one of “correction”. However, if the market follows the Real Estate ETF, that could be short-lived and we could be looking at a phase change to warning.
S&P 500 (SPY) 2nd Distribution day in volume. 161.18 is the 50 DMA and last week’s low 160.25. One sneeze from the FED, watch for a reversal over 163.50 Subscribers: Negative Pivots in all
Russell 2000 (IWM) Nasty bearish engulfing candle, but still far from last week’s low 95.73 and the 50 DMA 95.23. A move over 98.00 would ease the pain
Dow (DIA) Last week’s low 148.31 and the 50 DMA 149.47
NASDAQ 100 (QQQ) Last week’s low 71.47 and the 50 DMA 71.44-double confirmation of just how important that area is now
ETFs:
GLD 135 resistance with 130 a very substantial area of support-with sentiment still bearish unless it gets back over the 50 DMA
XLF (Financials) Holding the 80 monthly moving average for now
IBB (Biotechnology) Amazing how it tried 180 then turned and dropped to the 50 DMA or close 174.13
SMH (Semiconductors) 37.00 support
XRT (Retail) Failed the fast moving average with daily chart support still intact
IYT (Transportation) The 50 DMA and 111 are really close together making that a key level to hold or fold
IYR (Real Estate) Pretty oversold now, but at time of writing, not seeing a any substantial signs of a bottom. Watch the 2013 low made the first trading day of the year
USO (US Oil Fund) Has to clear 34.24 to continue the move up
OIH (Oil Services) Confirmed warning phase now-going the way of IYR it seems
XLE (Energy) Trip to the not so bountiful 50 DMA
TBT (Ultrashort Lehman 20+ Year Treasuries) After the Reversal candle today it had an inside day. TLT through 114 confirm a reversal if gets there
XOP (Oil and Gas Exploration) Critical support levels here
XHB (Homebuilders) Inside day near last week’s low in the now warning phase.
UUP (Dollar Bull) Oversold Subscribers: On sights for a reversal over the 200 DMA possibly-aside though now