New Trade Alert
Trade: XLF
Instrument Name: S&P Financial Spdr Fund
Position: Long 17.96 buy stop with 18.00 limit
Stop: 17.14
Target: Partial profit 18.75
Trade Description: As a leading sector, once clears the recent highs, should continue its up move to test an overhead monthly moving average at 19.75
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Analysis for Tuesday, 3/5/13
Note: An email was sent with old market analysis, please disregard - the corrected analysis for 3/5/13 is below.
Well look at that- S&P 500 cleared the nasty candle high from 2/28-in fact, one week ago today! However, the Russell 2000 could not nor NASDAQ. The Dow, on the other hand, which has a very different looking chart, looks solid although it too has to clear 141.31. The advanced/declines indicate the market is neutral to positive. That could mean lots more upside in store. The transportation sector led the way, as expected. If the market holds here, I would venture to say, if not already long, you have not missed the boat. And that is what you want to hear at current market levels!
S&P 500 (SPY) Cleared 152.86 and has to stay here, plus take out the last brick wall high at 153.28 soon too. Support to hold now today's low Subs: Pivots Positive in all indexes
Russell 2000 (IWM) 91.53 has to clear first; then 92.56 and today's low has to hold
Dow (DIA) Would like to see 141.31 clear
NASDAQ 100 (QQQ) The 2/28 high here is 67.81 then the recent highs 68.26 with support to hold today's low
GLD Subs: 152 support held for now with a low weekly RSI
XLF (Financials) 17.85 is resistance to clear then 17.94 before we start talking 19.95 again
IBB (Biotechnology) New highs today-very impressive
SMH (Semiconductors): Last Monday and Thursday highs have to clear. Subs: Over 35.40 area would take the swing risk to 34.30 area
XRT (Retail) Cleared the 2/28 and like financials and semiconductors, has to eventually clear recent highs
IYT (Transportation) New all-time highs
IYR (Real Estate) Has to clear and close above today's high then could see another leg up.
XLE (Energy) Subs: Now that there are 2 days of negative pivots, a move over R1 and today's high has a good risk to under today's lows
TBT (Ultrashort Lehman 20+ Year Treasuries) A trend up today which if continues should be good for market Subs: Bought the opening range reversal but now want to see this clear the 50 DMA and really 66.05
XHB (Homebuilders) Also has overhead but made a nice move today
Bye for Now!
