ONE EGG Scan for April 29th

Sold lower at the open, bounced back to positive territory and then Twitter released early for earnings and the rest is history. Today promises to be interesting as the tech sector comes under pressure from the earnings. Watch how the internet (FDN) sector responds on the day. Facebook traded lower in sympathy with the news from Twitter.

Result for the Daily EGG Scan: 

Leadership outlook…

The results of scan list produce… NUGT (gold miners back in play on the break through resistance.) DGAZ (ready break higher on lower natural gas prices.) 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, volatile on Tuesday.) GLD (jumped 3% on a reverse off support at $113.)

Moves of interest from Monday & Tuesday:

GREK (at resistance bottoming pattern.) – held the gains.
GDXJ (basing trading range breakout $25.) – followed through nicely on Tuesday.
TUR (bottoming range at resistance.) $49 entry on breakout.
DBB (breakout confirmed on upside.) $15.80 entry.
ECH (breakout from trading range.) held the gains.

USLV (bottom reversal with gold) $20.50 entry.
TMV (breaking from base) $28.50 entry.
SIL (breaking descending triangle base) $9 entry.

Still Tracking Leaders:

YINN – China is still a leader on the scans, still volatile, but pushing higher. Watching how today unfolds. Showing some fatigue at the highs. Tight stops if you own it and see how it unfolds. Stop $63

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. Fatigue setting in or resting to move higher? Watch. Stop $30.

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 $29.50 and watch. Solid move higher to end the week on positive note.

ERX – Energy 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. Fatigue setting in or resting to move higher? Watch.

Possible EGG Position:

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. $12 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. Close on Tuesday, but bounced too soon… watch.