ONE EGG Scan for April 8th

The buyers ran out of gas in late trading Tuesday. Now we find out who is ready to take control. There is no clear indication from the futures and it could start out on the slow side. We start earning today, the FOMC minutes are out this afternoon and M&A with Shell buying BG Group in the energy sector. Keep you eye open and you stops in place.

Result for the Daily EGG Scan: 

Leadership outlook…

YINN – China’s hope of stimulus pushed the country higher… higher oil prices validate things are going well??? Okay, but I would be very cautious about that driving prices. Watch for test of the move higher $46.60 resistance in play.

RUSL – Russia is moving higher, but the volatility is a challenge for many. Buyers continue the break higher technically. Working so far on the upside with small test on Tuesday. Watch and adjust your stops as we approach the February highs.

EDC – Emerging markets have benefited from the weaker dollar and positive global money rotation. Solid three day rally with Asia helping. Small test on Tuesday and watching today for the continuation of the move higher and the $27.90 high is the next goal. Raise stops to $25.85.

UCO – Clears the $7.75 resistance again. Rally on! Speculation on demand driving the price of the commodity. $9.40 target on the move.

NUGT – Gold prices jumping on speculation of global inflation on the stimulus in place. $11.75 entry is attractive if gold holds move above the $1217 level. Tested lower on Tuesday… watch today for bounce.

GASL – Got in on the move in energy space. Solid gain in the stocks, but watching to see if it holds the move. $4.50 target.

TMF – Watching treasury bonds on the FOMC minutes today… could get some clarity relative to the Fed talk.

Possible EGG Position:

Gave up gains on Tuesday in late trading. No real conviction from the buyers, but the sellers seem unwilling to push the issue on the downside. Earnings, economic data and the Fed… Just need some clarity in direction short term.