*****NOTE-DBA: stopped out 22.46 on balance-net net winner and played to the 50 DMA before exiting
NOTE-IYT: Sell 1/2 at 179.47 using Market if touched order.
***Cancel IYT: raise stop for today only to exit 147.44 hard stop
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New Position: QIHU: Long at 62.54 ATR 3.93 Reports August 24th
Name of Instrument: Qihoo 360 Tech Co. Ltd
Current Price: 62.79
Sell Stop: 59.87 with a 2 minute time confirm, less than a full ATR
Reason For Trade: Cleared all moving averages last week and is consolidating above them giving us a really tight (almost miniswing) risk if breaks the moving averages. In late May it had a good reversal bottom and then again on July 8th, it made a higher low and popped back strongly. On the weekly chart, a close over 64.22 should get it to 70.00. For a real long term play, over 73.60 should take it to 2013 levels. Bottom line, a good tech stock with the risk to 3 moving averages nominal given the possible rewards.
First Profit Target for ½ off: 67.74
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ExistingPosition: Long XRT 100.75 ATR 1.56
Name of Instrument: SPDR S&P Retail
Current Price: 100.32
***RAISED Sell Stop: 99.27 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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***OUT at 22.46 Existing Position: Long ½ DBA 22.71 ATR: .21
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Exisiting Position: Long IYT 146.35 ATR 2.33
Name of Instrument: iShares Transportation Average ETF
Current Price: 147.99
***RAISED Sell Stop: 146.35 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)
