EGG Scan for May 27th

Friday made if four out of five days on the upside. This puts the short term trend in positive mode. Still not convinced of how high or how long this runs as their was not catalyst that was related to the move starting last week. Patience and let the market decide, not our bias.

Running the EGG Scans – First the daily winners… NASDAQ 100 index is the winner for the day and the week as the sector continues to lead the move higher. Hombuilders (ITB) added to the bounce off the lows for the second day and warrants watching. Treasury bonds (TMF) bounced following some selling and could be of interest. Russia (RSX) still moving higher as the conflict seems to be resolved? Technology (IYW) is taking on leadership in the current rally again as growth returns to favor. SVXY still trending higher and leading relative to the VIX index (no volatility to speak of).

EGG Model Watch List:

EGG setup going forward… 1) SOXL – Semiconductors. (SOXX, SMH)  entry $90.20. stop $87.80. 2) PJP – Pharma (breaking from consolidation and gaining momentum.) entry $58.75, stop $58. OR CURE – healthcare overall starting to show positive upside momentum. IBB biotech is moving as well.

QLD is still in play for those who took the trade. Played out well in the end despite the shaky start. Closed on the high Friday and still looks like it wants to move higher. Look for the move on Monday to take some profit as the target is hit. Take 1/2 off on the high intraday. I added 1 share to the table to track the trade out for those who entered the position, adjust your stop and manage the position out.