Open Trade Update
Trade: XLF
Instrument Name: S&P Financial Spdr Fund
Existing Position: 17.96 Long
New Stop: 17.49
First Target: 18.75 (take off 1/3 or so)
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Analysis for Thursday, 3/7/13
Dow makes another new high but on pretty light volume and without the cooperation of NASDAQ. Is AAPL the culprit there or is the market once again, in for another major rotation of the industry groups? The Russell 2000 or small caps failed to take out 92.68 the high from 2/20 once again. That remains the main concern for now for a sustained move. However, today was more of a low volume albeit high priced digestion day all around. And, it seems we may be in for more of the same Thursday as the market waits for the jobs report before the open Friday.
S&P 500 (SPY) 2007 peak high 157.52 with 153.28 now good point to hold Subs: Positive Pivots
Russell 2000 (IWM) Big eyes remain here Subs: Pivots Positive
Dow (DIA) New highs and a bit overbought but dips look good unless breaks 140.25
NASDAQ 100 (QQQ) If breaks today's low perhaps reason to be concerned, but a bit of correction to 67.75 not too damaging Subs: Pivots remain positive
GLD So far, holding the low from 2/20 with a good bounce today
XLF (Financials) DOJI on new multi-year highs-overall, still looks like higher prices in store
IBB (Biotechnology) Wow
SMH (Semiconductors): Now it's all about 36.00 Subs: If took the swing trade, 35.00 good area to hold.
XRT (Retail) 68.96 the highs could not clear and then a close in the red. Here is where we begin to possibly see some rotation out of this group.
IYT (Transportation) Was looking for 110 got to 110.31.
IYR (Real Estate) Can't say today was a top, but we cannot ignore a bearish engulfing pattern either. And it was a distribution day in volume. Caution in this group too.
USO (US Oil Fund) Subs: If holds 32.16 could be time for a pop-good hybrid trade-mini to swing
OIH (Oil Services) Held the 50 DMA. Subs: Like to see it close the gap to 42.71 and continue up from there before getting excited
XLE (Energy) Subs: 78.72 is the point to clear then could go the way of the other groups that have rallied big
TBT (Ultrashort Lehman 20+ Year Treasuries) Unconfirmed phase change to bullish Subs: Will see this trade through with eyes on 68.00 next resistance
XOP (Oil and Gas Exploration) Subs: 59.00 resistance but good job today and like to see 58.00 hold
XHB (Homebuilders) Took out the 2013 highs intraday but closed beneath. And with good volume so eyes here for possible reversal.
UUP (Dollar Bull) Getting closer to a major weekly moving average
JJC (iPath DJ AIG Copper) Subs: Could be a new slingshot low today. Has to clear today's highs
EWI (MSCI Italy Cap Index) Subs: Still long and will manage the trade as a swing. 12.60 next level to clear
Bye for Now!
