Evening Watch List for March 19th

Mish Schneider | March 18, 2014

Michelle Schneider will be on vacation until 3/21. In her absence, Matthew Mullins ( Assitant Director of Trading Education and Research, and leader of the Day Trading chat room) will prepare the abbreviated Evening Watch.

S&P 500 (SPY) 187.99 is the next hurdle. The upward sloping 10 DMA should be support. Subscribers: Positive pivots in all indexes

Russell 2000 (IWM) 120.58 is the all time high. The 10 DMA, at 118.74, should be support.

Dow (DIA) Closed over the 50 DMA for the second day in a row to put DIA back into a confirmed bull phase.

Nasdaq (QQQ) Back over the 10 DMA. Watch for 90.19 to hold.

XLF (Financials) The 1/15 swing high and the 10 DMA line up and can be resistance. They are both 22.16.

SMH (Semiconductors) Nearing multi year highs at 44.84.

IYT (Transportation) Nearing resistance at 136.94.

IBB (Biotechnology) Nice bounce off of the 50 DMA and appears to be picking up momentum.

XRT (Retail) Watch to see if the 10 DMA can hold at 86.46.

IYR (Real Estate) Support at the 68.50 area. Looks better over 68.69.

XHB (Homebuilders) Broke out of the range of the 3/13 candle but closed back in it.

GLD 130.15 fills the gap.

USO (US Oil Fund) Back in an unconfirmed Recovery phase.

XOP (Oil and Gas Exploration) Over the 10 DMA. 69.32 should hold.

EEM (Emerging Markets) Subscribers: Moved into an unconfirmed recovery phase.

KRE (Regional Banks) Subscribers: Looks great over 41.47.

CORN (Corn) Subscribers: Forming a pennant formation under the 200 DMA ( 34.20)

BAL (Cotton) Subscribers: Looks great over 58.23

FCG (First Trust ISE Reserve NatGas) Subscribers: Moved into an unconfirmed bull phase.

SGG (Sugar) Subscribers: Inside day

****NOTE: I left 6 positions on in the model portfolio with GTC orders and targets. Geoff will be adjusting these every day. Watch for a text, but more reliably, figure that after 30 minutes, he will update everything on the model.
Have a lot of picks because they can be referred to each day while I’m on vacation with Matt watching for entries.

Note: Anything that is on this list is a candidate for a swing trade-(of course market condition is a factor) -use the max risk mentioned along with an opening range stop using fudge factor and time confirms. I suggest you decide on 1 or 2 that have a risk you like and then position size accordingly

Category 1: (Aloha) N/A

Category 2: (Pipeline) N/A

Category 3: (Double Up) Positive Phase, Condition 1 through 4, Positive Pivots which means can either buy a opening range breakout or candidate for Opening Range Reversal, with Risk S1 or previous day low, whichever is lower unless noted differently, Target- Day to at least 3 ATRs from entry: (Opening range reversals are good on anything above S1)

FNSR Inside day. 24.96 needs to clear and 24.13 needs to hold.

FDX Patiently waiting for this to break 139.29. Today’s low is max risk.

JNJ Watch for a breakout over today’s high or a reversal against the 10 DMA.

GNW Watch for a breakout over 17.18. 16.80 is max risk.

WFC Watch for a breakout or ORR over 48.48.

GOOG Watch for a breakout or reversal against the 10 DMA. Today’s low is max risk.

DANG Holding the gap. Watch for a breakout or ORR over the 10 DMA

Category 4: (Rip Tide) N/A

Phase Change:

EL Watch for a breakout or reversal against the converging moving averages, The 10 DMA must hold.
AMZN Confirmed the bull phase today. Watch for a breakout or ORR over the 50 DMA and today’s high.
HSP Today’s low needs to hold. Looks great over today’s high. Watch for a breakout or reversal against the 50 DMA.

Shorts:

Category 5: Titanic-Bear Phase, Negative pivots, not oversold, Risk R1 or previous day high. Target: Day to swing

AGCO Watch for a breakdown or ORR under S1

Bye For Now!