Existing Position: FCG Long 19.61
Name of Instrument: First Trust ISE Reserve Natural Gas
Sell Stop: 18.67
Current Price: 19.03
First Target: 20.77 for 1/3 to ½
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Existing Position: Long IGT 17.96
Name of Instrument: International Game Technology
Current Price: 17.41
Sell Stop: 16.24
First Target: 19.24 for ½ off
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Existing Position: Long FITB 19.10
Name of Instrument: Fifth Third Bancorp
Current Price: 20.25
**Raised: Sell Stop: 19.10
First Target: 20.97
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Existing Position: Long TEX: 35.00 1/4 position
Current Price: 37.76
Name of Instrument: Terex Corp
Trailing Stop: 35.84
***REACHED! First Target: 37.09 Sold ½
***REACHED Second Target: 38.04 for ½ filled 38.20
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MMMP: Up 16.6% since Sept. 1st.
SPY: Up 10.5% since Sept 1st.
DIA: Up 8.1% since Sept 1st.
Now really, would you bother to try to pick bottoms or go short as we end 2013 with a great 4 month track record like this one? You may wonder how the early part of the year went-we started tracking every trade in June. August was a vacation month-therefore, best representation available to date.
Unless one sees TSLA as the size of Elon’s SpaceX rockets, that car and its stock got awfully crowded today. Oh, I guess you can also Facebook or tweet about it, pulling your phone out of your Michael Kors purse-otherwise, except for those and a few other stocks, not a lot to do while the market awaits next week’s Fed meeting.
Overall, another weak day all around with some bounce but not enough to think the worst is over. Note that the 50 DMA is a major focus for the indices and sectors/groups. Whether they hold or not going into 2014 is key.
S&P 500 (SPY) Held some daily chart support but the 50 DMA is looking attractive Subscribers:Negative Pivots in all
Russell 2000 (IWM) Inside day but confirmed the warning phase.
Dow (DIA) Last week’s low was 157.83-didn’t matter much. The 50 DMA a magnet here too
Nasdaq (QQQ) Honestly, since the runaway gap on October 18th, this has met every correction with buying. Therefore, unless 81.35 breaks, have to view this as a correction-one still in progress
XLF (Financials) Held 21.04 but not by much-the 50 DMA is far down but looking more likely
SMH (Semiconductors) The 50 DMA ever so close-
XRT (Retail) Gunning for the 50 DMA
IYT (Transportation) The 50 DMA important
IBB (Biotechnology) Inside day with 213 where the run started from-now support to hold
IYR (Real Estate) This group has not looked good since May-doesn’t mean that the other groups shouldn’t have been bought-but if 6 months ahead of the curve on better economic numbers means higher rates-this group knows it
XHB (Homebuilders) Landed on the 50 DMA-very interested to see what this group does-
GLD Rejected 122 but holding the reversal pattern from 12/03. 118.00 major area to hold for that reversal pattern otherwise, not pretty
USO (US Oil Fund) Inside day and maybe up move is over
OIH (Oil Services) Inside day
XLE (Energy) Inside day
XOP (Oil and Gas Exploration) Inside day
TBT (Ultrashort Lehman 20+ Year Treasuries) More firming of rates
Bye for Now!
