ONE EGG Scan April 27th

The NASDAQ extends the new highs as earnings from AMZN, SBUX, GOOG, and MSFT beat expectations. The disappointment came from the rest of the market indexes not following the upside move. That is a red flag short term and something we will have to watch for now. The posts last week did well and continue to look promising short term. Approach the week with caution, but take what it gives.

Result for the Daily EGG Scan: 

Leadership outlook…

The results of¬†scan list produce… BRZU (cup and handle break higher¬†and follow through. Stop $7.75) URA (double bottom breakout? stop $11.50) TECL (break from consolidation pattern and solid follow through. stop $153) ZSL (silver moved lower and short breakout. stop $107) SVXY (short VIX trade working and break above $79.15 entry. stop $80) SOCL (reversal on selling… entry $12) DZZ (gold breaks support, entry $7.35 on test) Take the best and discard the rest as this unfolds.

Dollar weaker and testing support at $25.50 (UUP).

YINN РChina is still a leader on the scans, still volatile and watching how today unfolds. Willing to add positions back on short term trades. Showing some fatigue at the highs. Tight stops if you own it and see how it unfolds.

RUSL – Russia recovered from the big sell off April 17th. Upside is still in play, but the volatility is back on the worries. Trade upside if bounce holds as it tests the $27.87 support. Entry $32.10 and look for move back to the previous highs $36.80.

EDC РEmerging markets have benefited from the positive global money rotation. The negatives tested $28.25 support and held. Remains above the 200 DMA. Raise stops to $29.50 and watch. Solid move higher to end the week on positive note.

ERX РEnergy is trying to push higher, but the volatility in crude oil is keeping the progress slow and steady. Trend off the March low still in play in play with some testing currently. $66 the target hit on the trade (booked some profit). $62.50 stop in place. Clears $65.40 willing to add some to position. Watching for rally off the test and consolidation at high.

Possible EGG Position:

FDN has gap open on earnings news… passed on the trade. Still watching the upside.

ERX didn’t follow through, but watching the flag pattern setup now for break higher. Entry $66.

SOXS selling in semi’s accelerated on Friday. $11.90 entry if this continues is attractive for a trade on the sentiment drop and sellers taking control.

EURL made break high with Europe move. Watching to see how it unfolds on Monday. Entry $35.75 test on move higher.