****NOTE: Raised Sell stop IYT 145.67 with time confirm
***CANCEL IYT: Go to a hard stop at 146.66 for 7/15 only
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New Position: Long XRT 100.75 ATR 1.56
Name of Instrument: SPDR S&P Retail
Current Price: 100.50
Sell Stop: 98.27 with 2 minute time confirm (Like IYT expect adjustments)
Reason For Trade: After returning to a bullish phase, the week of 7/13/15, it ran up and had a gentle 3 day correction. We bought on the opening range reversal against the major moving averages with lots of room to adjust the stop up reducing risk. On a weekly basis like to see this defend 100.00. The longer term charts look good. If the market maintains the recent highs, this has huge potential.
First Profit Target: 1/3 off 102.47 recent highs
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Existing Position: Long DBA 22.71 ATR: .21
Name of Instrument: PwrShsDB Ag Fd
Current Price: 23.10
****Raised Sell Stop: 22.71 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 IYT 146.35 ATR 2.33
Name of Instrument: iShares Transportation Average ETF
Current Price: 147.27
****RAISED Sell Stop: 145.67 with time confirm
Reason For Trade: Volume patterns suggested a bottom was forming and then Friday, July 10th, it confirmed a reversal pattern (new low followed by an inside day, then a move over the outside day high-145.73.) Once we have that pattern, the proper stop is under the lows. Notable is the weekly close that maintained a hold over 144.93. Although we plan to watch this carefully and most likely adjust stops, for now, we see potential if the market stays firm for this to rally up to 150-151 area of higher.
First Profit Target: Take off 1/3 at 149.74 Market if Touched Order (touches there and order becomes a market order to sell)
