Still running in place as investors continue to decide just how much they like the current market environment. Yellen attempted to explain the meaning of the word patient to those who only hear what they want to hear. No harm, no foul and forward we move. The news is settling into a steady flow of “that’s not too bad” versus growth and that is showing in the VIX index as investors show complacency or contentment. We will focus on one day at a time.
Result for the Daily EGG Scan:
CURE – broke through resistance and momentum on the week. $141 entry Friday. Watch the upside continuation.
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.
TMF – buyers returned following the Fed testimony? This is worth watching the next couple of days.
SOXL – Broke to new high and resumed leadership… did that at $146. Tested Monday and showed solid strength on Tuesday.
SVXY – worries are gone relative to confidence looking forward and the short trade continues to work well for investors.
RUSL – buyers show up again after several days of selling and testing the move higher. Still a very risky trade until there is greater clarity.
Current EGG Position:
We own IWM on the break higher, but not showing the momentum based on the setup. We could say that about all the major indexes at this point… we will be patient and see hwo it unfolds again today.
Still looking for opportunities in this stalled state for the broad indexes… today could provide more clues on those positions.