New Position: VNO: Long 90.07
Current Price: 90.50
Name of Instrument: Vornado Realty Trust ATR 1.23
Reason For Trade: Confirmed phase change to bullish on daily chart. In good position on week/month charts.
Stop Loss: 88.19
First Target: If clears 91.91 can see 94.00. For now, not posting a profit target.
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Existing Position: CORN: Long 31.03
Current Price: 30.89
Name of Instrument: Teucrium Corn Fund
Reason For Trade: A move over 31.00 confirms a slingshot bottom with support on monthly chart at 30.00. First resistance 35.00
Stop Loss: 29.97
First Target: 34.49 for ½
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Existing Position: Long IGT 17.96
Name of Instrument: International Game Technology
Current Price: 17.74
Sell Stop: 16.77
First Target: 19.24 for ½ off
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Existing Position: Long FITB 19.10 ½ position
Name of Instrument: Fifth Third Bancorp
Current Price: 21.05
Trailing Stop: 19.89
REACHED**First Target: 20.94 Market if touched for ½
***Second Target: 23.49 for another ¼ position
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The market still has me somewhat concerned-not the end of days type of concern, but more of when will the big correction really get going type of concern. I write this because of how the first 3 trading days began (clearly pointing towards some downside) and that the Tuesday turnaround didn’t actually clear important overhead resistance. See the recap below.
Plus, we have unknowns ahead of us-FED minutes, earnings season, jobs report in particular. I thought that if the Real Estate ETF could change to a more positive phase, that could juice the market more. Alas, it did intraday, but closed back in its bear phase-where it’s been since August 2013.
Unless you are a super active daytrader, the trading plan for now is to take a stance based on solid risk/reward parameters, diversify your portfolio-and then hang out avoiding the temptation to overtrade.
Besides, earnings is not the only season upon us-awards season begins-so many good movies, so little time!
S&P 500 (SPY) 184 is the area to clear since the gap last week. 182 held up today so if it breaks, see 180 easily. Subscribers: Positive Pivots in all
Russell 2000 (IWM) Amazing when you see a pivotal point like114.10 the low of the day. We had an inside day though with this under the fast moving average. That seems the best reason to think the correction is not over
Dow (DIA) 165 would have been a great area to close above. However, it closed just shy. Therefore, tomorrow’s first 30 minutes should be really affirming if this wants more up or is going to break 164 and continue going south
Nasdaq (QQQ) “Expect to see the 50 DMA unless it clears 87.25.” Love these technical indices-that was today’s high. If it clears, great, if not, 85.00 next stop
XLF (Financials) Keeping hope alive unless it breaks 21.80
SMH (Semiconductors) Inside day and with a declining slope on the overhead fast moving average
XRT (Retail) Today’s low is the 50 Daily moving average and a really important area of support
IYT (Transportation) Inside day and similar scenario to retail ETF
IBB (Biotechnology) Best looking ETF today-let’s see if it can hold 225
IYR (Real Estate) Could be basing. Need more evidence
XHB (Homebuilders) Looking a bit heavy
GLD Gapped lower but wound up with an inside day
USO (US Oil Fund) Some short covering but hardly a reversal candle
OIH (Oil Services) Looking vulnerable to the 200 DMA
XLE (Energy) Sweet spot and more decisive action there today. Like over 88.00
TBT (Ultrashort Lehman 20+ Year Treasuries) Inside day
UUP (Dollar Bull) Over 21.76 really appears to be bottoming action
IFN (India Fund) Subscribers: A weekly close over 20.00 will be a signal to go in
CORN (Corn) Subscribers: Long small position as it cleared and confirmed the slingshot low. The 50 DMA next hurdle 31.60
BAL (Cotton) Subscribers: Over 52.76 looks good for possible move over the 200 DMA-53.44 is the 200 DMA
SGG (Sugar) Subscribers: Watching 54.75 to clear
Bye for Now!
