Position Summary & Market Analysis for Trading on 1/7/2014

Mish Schneider | January 6, 2014

TEX: Stopped out of Tail 39.97-all out-nice run!


VNO: Place Buy Stop to go long 90.11 Limit 90.17

Name of Instrument: Vornado Realty Trust

Reason For Trade: Confirmed phase change to bullish on daily chart. In good position on week/month charts.

Stop Loss When Filled: 88.19


New Position: CORN: Filled 31.03

Current Price: 31.14

Name of Instrument: Teucrium Corn Fund

Reason For Trade: A move over 31.00 confirms a slingshot bottom with support on monthly chart at 30.00. First resistance 35.00

Stop Loss: 29.97

First Target: 34.49 for ½


OUT***39.97 Existing Position: Long TEX: 35.00 1/4 position

Current Price: 39.77

Name of Instrument: Terex Corp

***RAISED Trailing Stop: 39.97

REACHED! First Target: 37.09 Sold ½

REACHED Second Target: 38.04 for ½ filled 38.20


Existing Position: Long IGT 17.96

Name of Instrument: International Game Technology

Current Price: 17.58

Sell Stop: 16.77

First Target: 19.24 for ½ off


Existing Position: Long FITB 19.10 ½ position

Name of Instrument: Fifth Third Bancorp

Current Price: 20.95

Trailing Stop: 19.89

REACHED**First Target: 20.94 Market if touched for ½

***Second Target: 23.49 for another ¼ position


Coming into today: “Considering we began with a correction from the highs in all indices and 2 days of a negative short term bias, if Monday continues in that direction, follow-through is the most likely scenario…. Then, we can look for a possible U-turn if the jobs report is a major surprise (well over or under 7.0%).”

The Russell 2000s were the weak link and with all indices in correction mode, we turn our attention to the 50 DMA as next area of support. I continue to note the divergence among sectors and groups.

Several country ETFs are taking it on the nose. In light of a deep freeze across much of the US, oiland energy prices remain weak. However, the bright spot, financials, keep hope alive. It does seem the market is looking for some bad economic data ahead given the rebound in the Real Estate ETF and the 20-year long bond rallying well. (FED minutes due out Wednesday).

Pandora reigned supreme as it does in our house every time I play my shuffle list for hours on end. Did you know P’s getting “smarter” (ok-maybe even bordering on invasive), assuming your political affiliation and buying habits-all from what you like to hum to?

Overall, we remain cautious ahead of the upcoming calendar range date.

S&P 500 (SPY) Distribution in volume. 182 interim support if the market is to have a turnaround Tuesday. Subscribers: Negative Pivots in all

Russell 2000 (IWM) 114.10 remains pivotal otherwise, see the 50 DMA next point

Dow (DIA) If breaks under 163.58 will expect more downward movement. Otherwise, best shot to hold and lead

Nasdaq (QQQ) Expect to see the 50 DMA unless it clears 87.25

XLF (Financials) New highs, close on the lows puts this in reversal possibility-but as the best in show, that has to prove itself out

SMH (Semiconductors) The 50 DMA here looking attractive

XRT (Retail) 86.45 the 50 DMA and a key to hold for confidence

IYT (Transportation) 128.00 remains a good support level to see if there’s anything left

IBB (Biotechnology) Couldn’t hold 225 which means back to looking at 218

IYR (Real Estate) A better chart but in its bear phase, vulnerable until it takes out the 50 DMA

XHB (Homebuilders) Big fall from grace with 32.24 the spot to hold

GLD 121.50 resistance

USO (US Oil Fund) Definitely near-term oversold now

OIH (Oil Services) Looking vulnerable to the 200 DMA

XLE (Energy) Monday turned out not as decisive as I would have expected given its remains holding the 50 DMA

IFN (India Fund) Subscribers: A weekly close over 20.00 will be a signal to go in

CORN (Corn) Subscribers: Long small position as it cleared and confirmed the slingshot low. The 50 DMA next hurdle 31.60

BAL (Cotton) Subscribers: Over 52.76 looks good for possible move over the 200 DMA

Bye for Now!