NEW Position: Long XOP 76.25 ATR 1.38
Name of Instrument: SPDR S&P Oil & Gas Exploration
Sell Stop: 74.87
Current Price: 76.20
Reason for Trade: After basing for 10 days on its 200 DMA and a prior weekly breakout level, its beginning to turn up. If this move is good I expect that it will not drop back below 75.
First Target: 178.00 where we'll move stop to no loss.
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Existing Position: Long JBLU 11.07 ATR .39
Name of Instrument: Jet Blue Airways
Sell Stop: Trailing Stop 11.47
Current Price: 12.75
Reason for Trade: After testing the 50 DMA twice, it gapped up over the 10 DMA and gave a good tight risk to below the 50 DMA. Has cleared the 6 month calendar range as well. If can hold and clear recent highs 11.59 see 12.00 or higher
First Target: 12.24 ** Reached 8/18 and sold 1/2 **
