Slow start to the new trading week and continues what we experienced last week. We have Europe still on the table with Greece submitting their plan today. But, Yellen takes center stage with her testimony to Congress… will she take a positive tone on the economy and signal the start of rate hikes from the Fed? Plenty of investors want to know.
Result for the Daily EGG Scan:
CURE – broke through resistance and momentum on the week. $141 entry Friday. Watch the upside continuation.
BIB – momentum picks up in the biotech sector. Leader last week break above the $146.25 entry point.
DTO – consolidation range, but the selling in oil is getting interesting enough to make the list for the scan. $99.50 level to watch on the upside for the ETF.
DRN – REITs bounce as interest rates stall. Yellen talking today could impact this advance, but worthy of note as we start the day.
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… did that at $146. Tested Monday and looking to see how it responds today.
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.
Still looking for opportunities in this stalled state for the broad indexes… today could provide more clues on those positions.