New Trade Alert:
Buy UUP 22.51 buy stop
Instrument Name: PowerShares DB US Dollar Bull
Stop: 22.14
Reason for Trade: After the big move up, went into a warning phase and now if can go back to a bullish phase, the 200 DMA a great risk point. Target if this can clear 23.00 is around 24.50 for now
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Open Trade Update:
Existing Position: Long EWG 24.70 (1/4 position)
Current Price: 26.10
Stop: 25.24 (Raised)
Target: Took ¼ off 25.40
Took off ½ 26.00 (¼ position left)
Next target:
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Out of Position: GE Long 23.86
Current Price: 23.60
Sold ½ 23.88 Second ½ Exit ahead of earnings at: 23.65-72 depending upon where you got filled (23.70 average)
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Existing Position: GLD Long 119.35 (1/2 position)
Stop: 122.37 (Raised)
Current Price: 124.01
First Target: Sold ½ 123.89
Next Target: 130 Sell ¼ remaining position
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Market Analysis for Trading on 7/19/2013
Although the S&P 500 and the Dow (DIA) cleared the 2013 highs intraday to make new highs, they both ultimately closed beneath those numbers. DIA had had a high of 155.44. Thursday’s high was 155.74 with a closing price of 155.34. Now, are we nitpicking? Kinda; since the close is still an all-time high close. NASDAQ did not have as good a time in anticipation of GOOG earnings on the heels of INTC’s poor earnings. As we end the week with nothing more definitive from theFed other than we’ll keep QE for now but tapering is in the cards and an upgrade from Moody’son the US economy to stable (unless you live in Detroit). Let’s think stable and close the week on a high note.
S&P 500 (SPY) Other than some concern if the week concludes below Thursday’s low, some digestion on a summer Friday would be welcomed.
Russell 2000 (IWM) After a couple of close calls, this continues to rock and roll after what began with a runaway gap still in play
Dow (DIA) Same concern as SPY-but hard to argue now with a close on new all-time highs
NASDAQ 100 (QQQ) This week’s low is 75.17. 75.00 is a big number to hold as we end this week or really could be the first sign of a reversal.
ETFs:
XLF (Financials) Good move off of the old 2013 high into the new 2013 and multiyear high. Thanks Jamie Dimon!
SMH (Semiconductors) A reversal in play especially if it cannot hold around 38.60. Otherwise, a good buy opportunity for a longer term move up
XRT (Retail) Sideways as this looks more like a time rather than price correction
IYT (Transportation) See how beautiful those inside days work? After a bearish engulfing pattern and then an inside day, Thursday this took off to close on new highs
IBB (Biotechnology) In reality, still working off that reversal candle from Monday unless that high clears
IYR (Real Estate) Finally after floating for 5 days, closed back in an unconfirmed bullish phaseSubscribers: Look for another opportunity against the 50 DMA
XHB (Homebuilders) Winner of most vulnerable sector. Warning Phase.
GLD As long as 122.35 holds, an island bottom remains.
USO (US Oil Fund) The local gas station did not hesitate to ramp up gas prices by 30 cents a gallon-and that was Wednesday before it rocketed off to new 2013 highs.
OIH (Oil Services) Cleared 2013 highs by 2 ticks and closed slightly below.
XOP (Oil and Gas Exploration) Still has the 2013 highs ahead of it
TBT (Ultrashort Lehman 20+ Year Treasuries) Subscribers: Bought for a daytrade, got out of ¾ with a good profit-now watch to see if it holds the 10 DMA
UUP (Dollar Bull) Over 22.51 would take another shot long with risk to the 200 DMA
EWG (Germany) Subscribers: Filled the gap and now has to hold the 50 DMA or thereabouts
SGG (Sugar) Subscribers: If 56.47 holds good point to buy against with stop under the new low 55.56
Bye for Now!
