Cancel UUP Buy Stop 22.32
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Open Trade Update:
Existing Position Long: IYR 69.47
Name of Instrument: iShares US R/E ETF
Stop Loss 67.49
Current Price: 68.00
First Target: Sell ½ 72.95
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Existing Position: Long EWG 24.70 (1/4 position)
Current Price: 26.52
Stop: 25.77 (raised)
Next target: With ¼ of the position left, will use a trailing stop
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Existing Position: GLD Long 119.35 (1/4 position)
Stop: 124.94
Current Price: 128.61
Next Target: With ¼ of the position left, will use a trailing stop
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Market Analysis for Trading on 7/26/2013
If you are an active trader and managed to stay awake during today’s session, you got to seeretail, oil and gas, biotechnology and gold make a comeback. You saw homebuilders continue to drop, the dollar get crushed while semiconductors crossed back to an unconfirmed bullish phase. You saw Facebook run, Google fall. I bet you asked yourself many times during the session-is the market going to correct more, rally, correct more, rally? And maybe, if you multi-task, got to do some chores long overdue. What we can look for tomorrow:
S&P 500 (SPY) Calling 169 pivotal, over 169.40 healthy and under Thursday’s low trouble.Subscribers: 3 days negative pivots so has to clear R1 which would be a good signal
Russell 2000 (IWM) Has to clear recent highs still, but the small caps held the fast moving average and closed over the 104 pivotal area Subscribers: Pivots Positive
Dow (DIA) 155.74 has to clear now, as 155.14 the May 22nd high marginally held. Subscribers:Pivots Negative
NASDAQ 100 (QQQ) 75.00 turning out to be a big area to cross with 74.20 the low to hold.Subscribers: Positive Pivots
ETFs:
XLF (Financials) Wrote Wednesday night-Confirmed the reversal pattern from the highs which does not always necessarily mean the it will go straight down. However, until it clears the highs remain defensive. Still looks that way
SMH (Semiconductors) Unconfirmed bullish phase. Really want to see a second day for confirmation
XRT (Retail) Came back into the 9-day channel and closed well, plus had an inside day!
IYT (Transportation) Tested and held the 50 DMA. Subscribers: R1 115.57
IBB (Biotechnology) 196.97 has to clear but best action besides retail
IYR (Real Estate) Landed on and held the 200 DMA again today putting in an inside day.
GLD Back to an unconfirmed recovery phase Subscribers: Looks better over 129.40
XLE (Energy) 84.00 big number
XOP (Oil and Gas Exploration) Inside day. Subscribers: As much as I do not like buying new highs, might have to take a shot over 63.30
TBT (Ultrashort Lehman 20+ Year Treasuries) Inside day Subscribers: Kept ½ position for swing
EWG (Germany) Very nice
SGG (Sugar) Back to watching 57.50 for clearance
Bye for Now!
