New Trade:
Buy GLD 119.35 or better (Filled 119.35)
Name of Instrument: SPDR Gold Trust
Stop 114.49
Current Price: 119.49
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 130
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Open Trade Update
Existing Position: GE Long 23.86
Current Price: 23.32
Stop: 22.29
Target: 27.00 (first target for ½ off) Lowered
Note: Earnings July 18th-will let you all know if we decide to exit before the earnings report
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Market Analysis for Trading on 7/9/2013
The energy sector joined the other groups in the bull phase: Financials, Retail, Biotechnology, Oil, Oil and Gas Exploration and Oil Service Holders. But, Real Estate remains in the weakest phase, with Homebuilders right behind. Transportation couldn’t make it to a better phase as well. And Semiconductors fell hard going back to an unconfirmed warning phase. Although all theindexes held the 50 DMA confirming the bull phase, the 2- day relative strength indicators are approaching overbought and the May 22nd swing high continues to taunt. Rates eased a little along with the US dollar. Mixed signals all around-and a bit confusing to boot. Haven’t heard a good slogan for July yet-maybe I missed it on twitter-July Fry? July high? July Die, July Oh My?
S&P 500 (SPY) Confirmed bullish phase. Held the 6/19 gap and closed above. All good unless it fails the 50 DMA from here.
Russell 2000 (IWM) Good thing the gun to the head theory worked-this did indeed gap higher, made new all-time highs intraday then closed below. That makes today’s low important now to hold as this continues to lead for now
Dow (DIA) ) Confirmed bullish phase. Again today’s low is important along with 150.50 is the 50 DMA. Over 153.36 would be strong
NASDAQ 100 (QQQ) Confirmed bullish phase. Like to see the 50 DMA hold which lines up with today’s low, especially with some other weakens that exists in some of the sectors. Not all pistons firing is of concern.
ETFs:
XLF (Financials) Tried to take out 20.00 but could not on a closing basis. Lots of bank earnings this week. Overall, this group still looks like a bright future ahead
SMH (Semiconductors) Disappointing reversal back under the 50 DMA and back into an unconfirmed warning phase. But not counting this out unless it gaps lower from here
XRT (Retail) New all-time high-consumers are happy
IYT (Transportation) Closed just shy of the 50 DMA remaining in a warning phase. Tuesday should be more decisive for this group-up or down from that moving average
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 or a break of today’s low more trouble
XHB (Homebuilders) Looking a bit heavy-
GLD 120 key area as either resistance to clear or if cannot. reason to believe this has more downside
XLE (Energy) Cleared the 50 DMA but now overbought near term
TBT (Ultrashort Lehman 20+ Year Treasuries) 76.00 now pivotal
UUP (Dollar Bull) Subscribers: 22.94 next hurdle with stop now under 22.74
Bye for Now!
