***NOTE: Took ½ off DBA at 23.31 leaving ½ with new sell stop 22.57.
***NOTE: Since we have 2 ATRs in DBC raise stop to no loss and raise first profit target to 18.24 to take off ½.
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Existing Position: Long DBA 22.71 ATR: .21
Name of Instrument: PwrShsDB Ag Fd
Current Price: 23.35
***Raised Sell Stop: 22.57 with a two minute time confirm
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.
****Reached: First Profit Target for ½: 23.31
***Second Profit Target for another ½ off: 23.71
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New Position: Long DBC: 17.63 ATR .21
Name of Instrument: DB Commodity Index Tracking Fund
Current Price: 18.00
***RAISED No Loss Stop: 17.63 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.
***RAISED First Profit target for ½ off: 18.24
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New Position: CDE: Long 5.65 ATR .25
Name of Instrument: Coeur Mining Inc.
Current Price: 5.71
Sell Stop: 5.24 with a 2 minute time confirm
Reason For Trade: If you recall, I had given you a buy stop a couple of weeks ago which we canceled. Since then, this is the retracement back to the 50 DMA with a good stop just under the 200 DMA. With less than 2 ATRs of risk, if this can hold up and clear over 6.00 again, high probability we see close to 8.00 or higher. Similar to our DBC trade, this made a double bottom this year from the last time it traded at these lows back in 2008.
First Profit Target: 6.37 P1 for ½ off
