New Trade Alert
Trade: Buy SMH 35.80 up to 36.00 buy stop
Instrument Name: SMH Market Vectors Semiconductor ETF
Position: Long
Stop: 35.19
Trade Description: If this can clear a channel that goes back since 2001, possible that we can see a long term reversal of the downtrend.
*******************************
Open Trade Update
Trade: XLF
Instrument Name: S&P Financial Spdr Fund
Existing Position: 17.96 Long
New Stop: 17.84
First Target: 18.75 (take off 1/3 or so) Note: Some of you might have taken some profit at 18.37 or 1.5 ATRs from our original entry.
*******************************
Analysis for Tuesday, 3/12/13
Be it for me of all people (having had more faith in this bull run than most) to give you a giant head's up; but, the small caps-which led the charge right out of the gat January 2nd, closed red with an inside day. Could mean absolutely nothing more than small caps take a holiday. It could also mean an early warning sign if they continue to break Tuesday. Otherwise, if you are in the right group (been a major key to money management for quite some time now-group/sector rotation) today was a wonderful extension of the bull market 2013!
S&P 500 (SPY) 2007 peak high 157.52 with 153.35-65 the major underlying support and very high RSIs Subs: Positive Pivots in all indexes
Russell 2000 (IWM) Inside day. Subs: 93.75 the high Friday and today. But under Friday's low might look at TWMs as a hedge
Dow (DIA) Not sure it can go up much more from here without a correction. Then again, something overbought can get more overbought
NASDAQ 100 (QQQ) AAPL jumped helping this index. Now, last week's high good point to clear if for real
GLD Inside day Subs: Possible double bottom, dormant intraday-watch this for a move over 153.50 under 152.
XLF (Financials) Weekly chart shows more upside is very possible. The daily chart shows that this is a strong uptrend but a bit overbought. Subs: Took 1.5 ATR on 1/3 the position from 17.96 and will play it out from here
SMH (Semiconductors): Now it's all about 36.00 Subs: Got my low risk entry today on the opening range reversal. Long from 35.38 and will stick if the 10 DMA continues to hold
XRT (Retail) Almost an inside day after its nice pop last week. Still looks good
IYT (Transportation) Through 110, who can argue?
IYR (Real Estate) Had an inside day stalling the correction from last week. Eyes here for either more weakness or resumption and catch up move higher Subs: Held the 10 DMA and still big eyes here for a rollover if the market corrects
USO (US Oil Fund) Looking like a near-term bottom has formed. Subs: In candle language, an outside day. 33.00 is pivotal and a place to look to buy against
OIH (Oil Services) Closed red but above the fast moving average-now the place to hold Subs: We are back to watching the 80 monthly moving average
XLE (Energy) Has to clear the top in place form early February.
TBT (Ultrashort Lehman 20+ Year Treasuries) Inside day and well-deserved after last week's action
XHB (Homebuilders) After a 2 day correction, ends last week with a doji day and begins this week with an inside day.
UUP (Dollar Bull) Falling back from 200 weekly moving average.
EWI (MSCI Italy Cap Index) Subs: Inside day so still sitting long
Bye for Now!
