Look out for another possible trade on Wednesday through Email-the text messaging service is down temporarily
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Open Trade Update:
Existing Position: GE Long 23.86
Current Price: 23.62
Stop: Raising stop with earnings coming up: 22.94
Target: 27.00 (first target for ½ off) Lowered
Note: Earnings July 19th-will let you all know if we decide to exit before the earnings report
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Exiting Position: GLD Long 119.35
Name of Instrument: SPDR Gold Trust
Stop 116.57 (raised) Under the 80 monthly moving average and this week’s low
Current Price: 120.63
First Target: Sell ½ 123.89 (1 ½ ATRs since still in bear phase)
Reason for trade: Slingshot low made on June 28th. Also held the 80 monthly moving average. Risk to under that level with chance of move to 126-130
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Market Analysis for Trading on 7/10/2013
Repeat after me: “I will never again doubt that the small caps (Russell 2000) are the ultimate foreshadowers.” When on June 27th they were first to return to a bull phase, to July 8th when they made a first attempt to make new 2013 highs, to today, when they really did make new all-time highs, the message was clear. The other indexes are lagging for sure; but unless the small caps reverse from here, see no reason for concern whether you are a fan of buying an overbought market or not.
S&P 500 (SPY) 166 next hurdle. Support to hold 163.00
Russell 2000 (IWM) Only concern now is a potential reversal candle-or new highs, close on the lows with some better than average volume on that. Otherwise, welcome to uncharted territory!
Dow (DIA) Over 153.36 strong. 150.75 key support
NASDAQ 100 (QQQ) 72.50 key support and like to see 73.72 clear for more strength
ETFs:
XLF (Financials) 20.35 the 2013 high
SMH (Semiconductors) Inside day right under the 50 DMA. Subscribers: Pointed this out in today’s video-wedged between the 10 and 50 DMA-Like over todays’ high and R1
XRT (Retail) New all-time high again
IYT (Transportation) This opened over 112.50 and took off! Watch for a dip near 113.75-114
IBB (Biotechnology) Could not clear the resistance at 183.60. Friday’s low support to hold now
IYR (Real Estate) 67.40 the 200 DMA to clear now after a good comeback today.
XHB (Homebuilders) Good turnaround with the 50 DMA overhead
GLD 120 now key support
USO (US Oil Fund) Never doubt a confirmed phase change-now, a bit late to the party
OIH (Oil Services) Guess this is looking at 2013 highs
XLE (Energy) Resistance at 82.00 and a bit overbought
XOP (Oil and Gas Exploration) Overbought and at some resistance
TBT (Ultrashort Lehman 20+ Year Treasuries) Subscribers: 2 day correction pattern with R1 and today’s high lining up
UUP (Dollar Bull) Subscribers: Took off some at 7 ATRs! Now using a chandelier exit on balance
EWG (Germany) Subscribers: 24.54 the 200 DMA and risk. Over the 80 monthly 24.33 for a swing risk. Could see 27.00
Bye for Now!
