New Trade Alert
Trade: SPLK Long 38.86 buy stop with 39.00 limit
Instrument Name: Splunk Incorporated
Position: Long
Stop: 36.76
Target: If can clear 40, first target to take partial is 42.50
Trade Description: A relatively new issue, if can clear 40.00 will be in uncharted territory. Look for renewed stops and targets as trade plays out.
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Open Trade Update
Existing Position: XLF 17.96 Long
New Stop: Can use a no loss stop to avoid a loss at 17.96 or lower is to 17.84, which is under S2 with some fudge-FED meeting announcement tomorrow
First Target: 18.75 (take off 1/3 or so)
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Market Analysis for 3/21/2013
Market got through Cyprus, Bernanke, yet still has the looming island top candle in the S&P 500. Unless that gap gets filled (156.22), the buzz around here is caution. After all, I am now beginning to see images of a fly heading into a Venus Fly trap!
S&P 500 (SPY) It's all about that gap to the island top, which if this can hold today's gap higher, might be less elusive. But if not, I would take that as a sign that a spring correction (Happy Spring Equinox) is upon us. Subs: Pivots positive
Russell 2000 (IWM) Small caps are still key to whether or not the bull move of 2013 remains or goes away. Subs: R1 and today's high line up.
Dow (DIA) Same. Has to hold the low of the gap higher today and with a doji, show some muscle
NASDAQ 100 (QQQ) 67.50 is key to hold and 69.00 the area to break above Subs: Pivots positive and has to clear R1
ETFs:
GLD 155 the key to hold Subs: White cap trade if breaks S1 using today's high as a risk for short
XLF (Financials) Narrow range, inside day. Not surprising really. Financials are in a holding pattern
IBB (Biotechnology) Better, but overbought with a brick wall high to clear.
SMH (Semiconductors) Better confirmation of the 50 DMA support. Back through 35.50 even better Subs: Took a small position to test the waters. But really, 35.26 is the first spot that has to clear before I add
XRT (Retail) Strong action here, a good sign.
IYT (Transportation) Broke with FedEx. But, holding the fast moving average with an inside day Subs: Might reenter over R1 since no reason to get negative
IYR (Real Estate) Interesting doji, hammer, inside day.
USO (US Oil Fund) Inside day and hugging the 200 DMA
OIH (Oil Services) Confirmed phase change to weak warning with an inside day. Subs: Would consider buying over R1 if willing to risk to under S2 41.39
XLE (Energy) Held the 50 DMA with an inside day. Subs: Over 79.10 returns over the 10 DMA
TBT (Ultrashort Lehman 20+ Year Treasuries) Back to unconfirmed bullish phase. Subs: Took home ½ long position from the OR reversal
XOP (Oil and Gas Exploration) Inside day
XHB (Homebuilders) Did what it had to do
UUP (Dollar Bull) 22.64 key
Bye for Now!
Trade: SPLK Long 38.86 buy stop with 39.00 limit
Instrument Name: Splunk Incorporated
Position: Long
Stop: 36.76
Target: If can clear 40, first target to take partial is 42.50
Trade Description: A relatively new issue, if can clear 40.00 will be in uncharted territory. Look for renewed stops and targets as trade plays out.
Existing Position: XLF 17.96 Long
New Stop: Can use a no loss stop to avoid a loss at 17.96 or lower is to 17.84, which is under S2 with some fudge-FED meeting announcement tomorrow
First Target: 18.75 (take off 1/3 or so)
Market got through Cyprus, Bernanke, yet still has the looming island top candle in the S&P 500. Unless that gap gets filled (156.22), the buzz around here is caution. After all, I am now beginning to see images of a fly heading into a Venus Fly trap!
S&P 500 (SPY) It’s all about that gap to the island top, which if this can hold today’s gap higher, might be less elusive. But if not, I would take that as a sign that a spring correction (Happy Spring Equinox) is upon us. Subs: Pivots positive
Russell 2000 (IWM) Small caps are still key to whether or not the bull move of 2013 remains or goes away. Subs: R1 and today’s high line up.
Dow (DIA) Same. Has to hold the low of the gap higher today and with a doji, show some muscle
NASDAQ 100 (QQQ) 67.50 is key to hold and 69.00 the area to break above Subs: Pivots positive and has to clear R1
ETFs:
GLD 155 the key to hold Subs: White cap trade if breaks S1 using today’s high as a risk for short
XLF (Financials) Narrow range, inside day. Not surprising really. Financials are in a holding pattern
IBB (Biotechnology) Better, but overbought with a brick wall high to clear.
SMH (Semiconductors) Better confirmation of the 50 DMA support. Back through 35.50 even better Subs: Took a small position to test the waters. But really, 35.26 is the first spot that has to clear before I add
XRT (Retail) Strong action here, a good sign.
IYT (Transportation) Broke with FedEx. But, holding the fast moving average with an inside day Subs: Might reenter over R1 since no reason to get negative
IYR (Real Estate) Interesting doji, hammer, inside day.
USO (US Oil Fund) Inside day and hugging the 200 DMA
OIH (Oil Services) Confirmed phase change to weak warning with an inside day. Subs: Would consider buying over R1 if willing to risk to under S2 41.39
XLE (Energy) Held the 50 DMA with an inside day. Subs: Over 79.10 returns over the 10 DMA
TBT (Ultrashort Lehman 20+ Year Treasuries) Back to unconfirmed bullish phase. Subs: Took home ½ long position from the OR reversal
XOP (Oil and Gas Exploration) Inside day
XHB (Homebuilders) Did what it had to do
UUP (Dollar Bull) 22.64 key
