Note: Market continues to try to find its footing and with recent volatility, we remain mainly in cash until we see a long term trend emerge.
Open Trade Update
Existing Position: GE Long 23.86
Current Price: 22.90
Stop: 22.29
Target: 27.00 (first target for ½ off) Lowered
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Market Analysis for Trading on 7/3/2013
The market began to retreat from the top of the predicted range pre-holiday. But, it did not get anywhere near the low end of the anticipated range. In S&P 500, we saw the resistance near the 50 daily moving average. And, we see the support down around 157-158. But, with a half day on Wednesday we expect a really slow day unless the Egypt protests percolate to more violence. On all levels, I hope it doesn’t. Oil certainly reflects some concerns right now with the 1.73% gain in the US Oil Fund. The dollar continues to firm while rates were basically flat.
(SPY)Under 160 that lower end of the range should be a fair target. Over the 50 DMA, would go with that as well Subscribers: Pivots negative in all indexes
Russell 2000 (IWM) Still in bullish phase but lost some ground today although better shape than the other indexes. 96.75 key support now
Dow (DIA) Could also be more range bound between 146.50 and 150, but not counting anything out.
NASDAQ 100 (QQQ)72.25 key resistance to clear and under 71.00 could see move to 69.00-70.00 next
ETFs:
XLF (Financials)19.20 is a key point here. 19.50 pivotal and 20.00 a great breakout
SMH (Semiconductors) Not only has to clear the 50 DMA, but fill the gap from June 19th. Meanwhile, 37.50 pivotal
XRT (Retail) Filled but could not hold above the gap from 6/19 at 77.85. 76.00 key support. Remains in bullish phase
IYT (Transportation) 108.20-108.65 an area to hold. And, the 50 DMA is the area to clear
IBB (Biotechnology) Inside day above the 50 DMA-holding the bullish pahse
IYR (Real Estate)Good comeback today. Now, has to clear the 200 DMA
XHB (Homebuilders) We shorted LEN on Monday. This ETF could still see the 200 DMA
GLDInside day and holding 119.
USO (US Oil Fund)2013 high 35.50
OIH (Oil Services)Back to unconfirmed bullish phase
XLE (Energy) 80 is number to clear or could see the 200 DMA
TBT (Ultrashort Lehman 20+ Year Treasuries) Holding the gap low from 71.55. 5 days under the pivots which now need to clear then R1.
UUP (Dollar Bull) 22.42 is place to hold.
Bye for Now!
