New Trade:
Long: EWG 24.70 (market order)
Name of Instrument: (ARCX) iShares MSCI Germany ETF
Current Price: 24.90
Stop: 23.94
Target: First target 26.00
Reason For Trade: Phase change to warning with a corresponding move over the 80 monthly moving average
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Open Trade Update:
Existing Position: GE Long 23.86
Current Price: 23.54
Stop: 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
Current Price: 120.92
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 7/11/2013
Whether the FED indecision is the culprit or not, the session on Wednesday seemed like a game of Jacks-also known as Knucklebones. The winner (profitable trader) is the first player to successfully complete a prescribed series of throws (trades), which, while of the same character, differ widely in detail. Such is the mix of the market right now. Crude Oil rose after waning inventories.Biotechnology is back to the darling sector; Semiconductors managed a close back over the 50 DMA. Rates, gold rose as the US dollar dropped. Transportation fell and Real Estate closed flat.
S&P 500 (SPY) 166 next hurdle. Support to hold 163.00.
Russell 2000 (IWM) I kept close eyes here as the threat of this making a new all-time high then failing seemed highly probable until the end of day push back to the highs. Small-caps remain supreme for now
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-only note the overbought near-term relative strength indicators
ETFs:
XLF (Financials) 20.35 the 2013 high and the 50 DMA key to hold
SMH (Semiconductors) Unconfirmed phase change to bullish therefore needs a second day above the 50 DMA to confirm Subscribers: Own about 2/3 normal position and will happily add over 38.29
XRT (Retail) New all-time high yet again and overbought
IYT (Transportation) Inside day making 112.73 key support
IBB (Biotechnology) Cleared a key level of resistance with 186.98 the 2013 high in its midst
IYR (Real Estate) Inside day with 67.40 the 200 DMA to clear
XHB (Homebuilders) the 50 DMA overhead
GLD 120 now key support
OIH (Oil Services) 44.80 support and still has the 2013 high above to clear
XLE (Energy) Resistance at 82.00
TBT (Ultrashort Lehman 20+ Year Treasuries) Sure looks like the sentiment is towards tapering with 76.00 support
UUP (Dollar Bull) Subscribers: Still in ½ position as long as the 10 DMA holds
EWG (Germany) Subscribers: Long at 24.70 and like to see the 200 DMA hold
