New Position: VNO: Long 90.07
Current Price: 89.89
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: 30.21
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
***LOWERED Stop Loss: 29.87
First Target: 34.49 for ½
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Existing Position: Long IGT 17.96
Name of Instrument: International Game Technology
Current Price: 17.77
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: 21.13
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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Concerns in the market are not unwarranted, yet there are such bright spots. Therefore, more important than ever to note the sector and group rotations and make sure you are diversified.
With the FED clearly on taper mode, the dollar seems like it wants higher this year. So ask yourself, what will do well and what will suffer if the dollar continues to firm?
And also ask yourself, at what point do we go from deflation in the US economy to reflation (we are a long way off from inflation). If you can answer these questions and come up with a plan, then you are good to go. If not, then I advise you to consult with someone who does have a plan with the macro picture in mind. Otherwise, this year will become costly. This is not 2013!
5 days in and the tone set for indices is correction in a bull phase. The forgiving market of 2013 on the backs of lots of FED action is over. This is not to scare you-well, maybe a little. Scared straight that is!
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. The doji day (when the opening and closing price are the same of really close) shows how tentative things are Subscribers: Slightly Positive Pivots here and in IWM QQQ. Negative in DIA
Russell 2000 (IWM) 115.26 will up the game just as under 114 will bring more selling
Dow (DIA) 164 key support with 165 the point to clear
Nasdaq (QQQ) 87.58 next point to clear, 87.25 pivotal then, 86.00 the big support to hold
XLF (Financials) Inside day and keeping hope alive unless it breaks 21.80
SMH (Semiconductors) Cleared the moving average. 42.30 and over will most likely mean safe to go back in the semi water
IYT (Transportation) Inside day and similar scenario to retail ETF
IBB (Biotechnology) New highs-one very big reason to not be that negative
XRT (Retail) Tested the 50 DMA support and held-needs to do that again or vulnerable
IYR (Real Estate) Could be basing. Need more evidence
GLD Could very well hold today’s low and then move back up-the reversal candle is still intact
USO (US Oil Fund) Testing the low from 11/27-and oversold
OIH (Oil Services) Looking vulnerable to the 200 DMA
XLE (Energy) Like over 88.00
UUP (Dollar Bull) 21.80 now the next point to clear
IFN (India Fund) Subscribers: A weekly close over 20.00 will be a signal to go in
FXI (China) Subscribers: Looks like a brick wall bottom with the 200 DMA at 36.57 to clear.
CORN (Corn) Subscribers: The longer term account still holding against 30.00 the shorter term acct sold out on the new lows
Bye for Now!
