ONE EGG Scan for April 24th

New highs for the NASDAQ and the S&P 400 Midcap indexes. The S&P 500 index attempted to move higher but failed in the last hour to hold the move. That would normally raise questions, but with the earnings reports after hours from AMZN, SBUX, GOOG, and MSFT there were some concerns. All four beat expectations and were up nicely after-hours. The futures are trading higher this morning. The caution of the day… can the positive open last through the close? It sets up for as scenario for profit taking, watch use caution and mange your stops.

Result for the Daily EGG Scan: 

Leadership outlook…

Back on the top of the scan list… BRZU (cup and handle break higher¬†and follow through.) URA (double bottom breakout?) TMV (breakout from base in short bond trade – followed iwith inside day? watching) BIB (made move above $176 resistance.) TECL (break from consolidation pattern and solid follow through.) ZSL (silver moved lower and short breakout. inside day Thursday. watch) SVXY (short VIX trade working and break above $79.15 entry.) SOXL (semiconductors in position to move higher again.) CURE (break above $156 is the key currently.) Each made moves of interest and worth tracking for trades.

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 РRussia fell hard last Friday. Upside is still in play, but the volatility is back on the worries. Took some profits last week and hit our stops. 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 – Emerging 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 $27.25 and watch. Move over $28.80 willing to add to positions. Moved higher and we hold for the upside move.

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:

Energy is consolidating and break higher is worth trade on the upside move. Use entry of $66 and target of $74. Stop $64. Lower risk on the trade entry with the consolidation pattern near the current high.

Internet is equally interesting on the upside. FDN is the ETF for the sector and a $67.50 entry is attractive. Stop $66.40 and target of $71. Challenge is volume for the trade. Watching to see how it unfolds.