ONE EGG Scan for March 18th

Some testing early drifted back and closed mixed on the day. Large caps back to lagging and Apple helped the NASDAQ. Overall filler day heading into the FOMC announcement today. All eyes fixed on what the text says and what Yellen will pontificate in the news conference. Expect some selling into the announcement and then it will react following how it is interpreted and speculated upon. Busy day.

Result for the Daily EGG Scan: 

Leadership outlook…

DTO – short oil trade broke¬†through resistance at the $100 mark and created trade as we stated last¬†week. The gain is now 20% on the breakout… stops are must on this as the high risk trade paid off… short side still in play.¬†$115 stop.

JDST – gold miners are struggling again as gold threatens to break the next level of support short term. Watch if this accelerates for a trade downside.

YINN Рnoted the reversal setup last week and it did make move with nice follow through on Monday. Took entry for the trade on Pattern Trading Strategy. Raise stop and manage risk on trade.

IBB – biotech still showing positive signs of leadership. Nice gain on Tuesday to keep the trend alive and well.

CURE – healthcare joined the upside rally to run to new high. Healthcare still not giving up on leading the broad markets.

UNG – natural gas bounce? Still needs to clear the $14.50 level to be of interest for a trade upside.

Treasury bond bounce continues which has some scratching their heads. Watch the Fed on this issue Wednesday.

Watch the¬†sentiment today as we start the week…

Current EGG Position:

Semi’s, China, Biotech, Healthcare and Financials show most promise… watch how the¬†FOMC meeting impacts the trading today… could be opportunity on the other side of the announcement.