***CANCEL til further notice: EWP: Buy on a buy stop 36.06
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Existing Position: Long XHB 36.67 ATR .43
Name of Instrument: SPDR S&P Homebuilders
Current Price: 37.23
***RAISED Sell Stop 36.44 with a two minute time confirm
Reason For Trade: A close over 26.67 (our entry) is the first close over that level since mid-April meaning it breaks over a 2 month trading range. The risk to under the 50 DMA is in line with the potential for a much larger move up. The risk also lines up with the January Calendar Range high. If this closes over 36.98 on a weekly basis, will be the highest weekly close since mid-2007.
First Profit Target: 37.94 for 1/2
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Existing Position: TAN: Long 41.68 ATR: 1.10
Name of Instrument: Guggenheim Solar Energy
Current Price: 42.18
Raised***Sell Stop: 41.68 for full position with 2 minute time confirm
Reason For Trade: We bought this on an opening range reversal against the 200 DMA after a month and half long correction from the peak high. Our stop is under the 200 DMA for room. Longer term this is a growth industry-of course, if the market fails, this will too so our stop is a good risk/reward point should the market hold and turn back up.
First Profit Target for ½ off: 44.94
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Existing Position: Long DBA 22.71 ATR: .21
Name of Instrument: PwrShsDB Ag Fd
Current Price: 22.41
Sell Stop: 21.49 Long term trade
Reason For Trade: After a long downward trend in commodities, many are basing out. DBA is a way to trade the basket of soft commodities. It is in a Recovery Phase. Risk is to the 2008 low so lots of room. Traded as high as 25.21 earlier this year. If commodities are bottoming, the upward potential is hard to predict.
First Profit Target for ½: 23.97
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New Position: Long DBC: 17.63 ATR .21
Name of Instrument: DB Commodity Index Tracking Fund
Current Price: 17.64
Sell Stop: 17.24 with 2 minute time confirm
Reason For Trade: Besides an overall long term friendly bias to the notion of commodities basing out as we get into the second half of 2015, DBC had a reversal pattern on June 5th and is holding that level giving us a very good risk. Although not a phase change, I like the 2 ATR risk to probe that a bottom is indeed in place and that if this clears 17.90-18.00, we are well situated.
First Profit target for ½ off: 18.20
