ONE EGG Scan for April 30th

Sold lower at the open again on Wednesday, attempted to turn positive, but the FOMC announcement that June was still a possibility to raise rates. You have to love the news and speculation in the markets currently as it makes for interesting moves.¬†Today promises to be interesting as the yields rose and the dollar fell… How does this unfold for stocks near term? Maybe today offers some clarity! A man can dream can’t he!

Result for the Daily EGG Scan: 

Leadership outlook and the results of¬†scan list produced…

  • NUGT –¬†gold miners back in play on the break through resistance.
  • GASL –¬†bottom reversal in play? can’t make a break.
  • URA –¬†double bottom breakout? stop $11.50
  • TECL – break from consolidation pattern and solid follow through. stop $153, volatile.
  • GLD – jumped 3% on a reverse off support at $113. tested Wednesday.
  • UWTI – crude makes move higher, entry $3.50.
  • BIS – short biotech starting a bottom reversal? Watching this unfold.

Moves of interest:

  • TMV – short Treasury bonds. gap higher look for entry on test.
  • SRS – Short REITs trade broke out. Watch for test and entry.
  • GREK – at resistance bottoming pattern. entry $11.75.
  • GDXJ – basing trading range breakout $25.
  • TUR – bottoming range at resistance. $49 entry on breakout.
  • DBB – breakout confirmed on upside. $15.80 entry.
  • USLV – bottom reversal with gold. $20 entry on test.
  • TMV – breaking from base. gapped through $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 stalled at the highs. Watching how today unfolds. Showing some fatigue at the highs. Tight stops if you own it and see how it unfolds. Stop $64

RUSL – Russia recovered from the big sell off April 17th. Upside is still in play, but the volatility is back on the worries. Trading sidewasy. Entry $32.10, Target $36.80. Fatigue setting in or resting to move higher? Watch. Stop $30.50.

EDC РEmerging markets have benefited from the positive global money rotation. Remains above the 200 DMA. Raise stops to $29.50 and watch. Tested lower on Wednesday.

ERX – Energy is trying to push higher, but the volatility had kept¬†crude oil¬†in check until Wednesday’s inventory report pushed crude higher. Trend off the March low still in play. $66 the target hit on the trade (booked some profit).¬†$64 stop in place. Watch.

Possible EGG Position:

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 Wednesday again… watch today.