Existing Position: Long TEX: 35.00 1/4 position
Current Price: 39.32
Name of Instrument: Terex Corp
***RAISED AGAIN Trailing Stop: 37.19
REACHED! First Target: 37.09 Sold ½
REACHED Second Target: 38.04 for ½ filled 38.20
++++++++++++++++++++++++++++++++++++++
Existing Position: Long IGT 17.96
Name of Instrument: International Game Technology
Current Price: 17.01
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: 20.18
**Raised: Sell Stop: 19.10
First Target: 20.97
+++++++++++++++++++++++++++++
Identical Twins Marjorie Gilbert and Winifred Witt from South Wales, both celebrate their 100thbirthday today. They have been inseparable all their lives even while they were married and still to this day, live together.
Who else celebrates its 100th birthday? The Federal Reserve. Created in the wake of the financial panics of the early 20th century, President Woodrow Wilson signed the Federal Reserve Act creating the US Central bank. Tomorrow is Ben Bernanke’s last Fed announcement before he retires. My guess is he’s probably not joining Marjorie and Winifred in their nursing home anytime soon.
What else happened today? A homeowner in South Hampton, NY-an exclusive beach and resort area, offered to take Bitcoin for his house priced at $799,000.
What’s the connection? I could draw parallels between the threat of an alternative currencytaking hold with the now super-power the Fed has become. Or the irony of loyalty between twins who clearly have each other to keep them going versus us who hope the Fed remains our loyal friend. But really, take these headlines more as a sign that the market has frozen in time til tomorrow and I had lots of time on my hands.
S&P 500 (SPY) Retreated from the 10 DMA. Looking heavy but anything can happenSubscribers: Negative Pivots in all although more flat in DIA and IWM
Russell 2000 (IWM) Inside day above the fast moving average. Still watching 111.55
Dow (DIA) Inside day and right on the fast moving average
Nasdaq (QQQ) Above today’s high has a fighting chance. Otherwise, like everything-vulnerable in the FED aftermath
XLF (Financials) 21.04 or bust
SMH (Semiconductors) Tried for 41.50 but closed shy of it
XRT (Retail) Doesn’t look that good-the 50 DMA is right there for the taking
IYR (Real Estate) Closed green but not enough to say “bottom”
GLD Range 122-118
USO (US Oil Fund) 34.50 important support with 35.25 resistance to clear
OIH (Oil Services) One day wonder
XLE (Energy) Warning and still in warning
XOP (Oil and Gas Exploration) Perhaps over 66.20 gets interesting
Bye for Now!
