Slow trading week and one that left plenty of investors scratching their collective heads. The focus is to see if the news in Europe holds the gains on Friday and more importantly sparks some upside trading momentum for the week.
Result for the Daily EGG Scan:
BIB – momentum picks up in the biotech sector. Leader last week break above the $146.25 entry point.
GASL – natural gas made solid move on the week, but stalled. Can it resume the upside? Watching the $4.75 breakout mark.
SVXY – big move as volatility comes out of the markets. $61.40 next level to entertain an entry if not already in play.
CURE – broke through resistance and momentum on the week. $141 entry Friday. Watch the upside continuation.
TMV – short bonds has consolidated at resistance and could continue higher this week. $30.60 entry.
SOXL – in position to break to new high and resume leadership was Friday post… did just that at $146. Watch for follow through.
DXJ – Japan ETF continued moving higher.
Current EGG Position:
We own IWM on the break higher, but not showing the momentum based on the setup. Friday added to a nice intraday reversal. I like what we are seeing to start the week. We will be patient, but if this doesn’t gain upside momentum we will look at other options for the EGG going forward.
Since we only have half a position in the current EGG we will look to add BIB or CURE this week if we get a good entry point.