Until we see which way the Federal Reserve is going to go with rates, I prefer to keep the status quo for now.
Existing Position: Long IGT 17.96
Name of Instrument: International Game Technology
Current Price: 17.14
Sell Stop: 16.24
First Target: 19.24 for ½ off
+++++++++++++++++++++++++++++++++++++
Existing Position: Long FITB 19.10
Name of Instrument: Fifth Third Bancorp
Current Price: 20.40
**Raised: Sell Stop: 19.10
First Target: 20.97
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Existing Position: Long TEX: 35.00 1/4 position
Current Price: 39.02
Name of Instrument: Terex Corp
RAISED***Trailing Stop: 36.94
***REACHED! First Target: 37.09 Sold ½
***REACHED Second Target: 38.04 for ½ filled 38.20
+++++++++++++++++++++++++++++++++++++++++
Let’s just say that when the closing bell rang, it seemed more like the patient going flat line after being in a coma for most of the day. A good coma, true and somewhat unexpected after last week’s action. However, until we get through the 2-day Fed meeting starting Tuesday, expect more of the same.
Interesting that rates rose along with pretty much every sector and group. Real Estate underperformed for a change as did Oil and Gas Exploration and Biotechnology. The big winner Oil Services with US Oil Fund and Energy second place. Like to see the other groups join in like Semiconductors, and Retail-especially retail as a great barometer of consumer sentiment.
Tesla closed unchanged while Twitter got downgraded. Facebook tested 2013 highs but did not clear. Today was EBAY’s turn to shine-that closed right below a major moving average.
S&P 500 (SPY) Did not clear the 10 DMA which means that how “real” today’s rally is or how long it can sustain remains in question Subscribers: Positive Pivots in all
Russell 2000 (IWM) Did clear the fast moving average but not the 111.55 area of resistance. But one could say at least it tried.
Dow (DIA) A gap up helped but again, marginal on whether today is the real thing
Nasdaq (QQQ) Don’t really like the way this candle looks closing inside the range from Friday. Definitely needs to prove itself
XLF (Financials) From an accumulation day came some follow through with another decent day of volume. Needs another push over 21.30
SMH (Semiconductors) 41.50 has to clear to give confidence
XRT (Retail) 86.50 has to clear here or still vulnerable
IYT (Transportation) 128 pivotal and it closed just shy of that number
IBB (Biotechnology) Holding 213 where the run started from-now support to hold
IYR (Real Estate) Inside day and on critical support.
XHB (Homebuilders) If this holds 31.00 worth watching
GLD Range 122-118
USO (US Oil Fund) 34.50 important support with 35.25 resistance to clear
OIH (Oil Services) The winner on percentage gain-now let’s see 47.80 clear before we look at this as a one day wonder
XOP (Oil and Gas Exploration) Subscribers: Would not exactly say today confirmed the slingshot-but, over todays high could be interesting
EWW (Mexico) Unconfirmed phase change to accumulation. Like this country ETF
EWG (Germany) Couldn’t make it to where it needed to go to negate the island top
Bye for Now!
