ONE EGG Scan for May 11th

Jobs report brings the buyers back to the table and produce a bounce off many support lines. Nice move and looking for the follow through to start the week. This is why I added a the note, “Don’t let the news and worries skew the reality. If the trends break lower then you act otherwise you are speculating. Patience wins the race.” Still plenty of work to do and the opportunities are now setting up for lower risk trades.

Result for the Daily EGG Scan:Ā 

Leadership results theĀ scan list produced for today…

  • TMV –Ā sold early on jobs report, bounced back. upside still in play.
  • GREK – two days of selling, make a loan payment, 8% jump… back to moving higher? Looking for follow through.
  • FXE – euro clears and holds the $110.50 entry point. (ULE also leverage ETF) some selling to end week… watch today.
  • SOCL – BABA helps the sector with potential bottom reversal… watching. $20.11 level to clear.
  • MOO – breaking above $55.90 of interest. Friday gapped through this level and now showing upside momentum.

Moves of interest trailing ten days:

  • UGAZ – Natural gas breaking from the trading range and setting up opportunity short term. Entry $2.55
  • XES – oil and gas equipment breaking higher. $30.23 level to clear. (big reversal with oil on Thursday and bounce Friday? watch)
  • UCO – crude jumping higher again.Ā double bottom pattern. (Reversal on Thursday watching how it unfolds.)
  • GDXJ – base trading range breakout $25. (TESTING???)
  • BRZU – testing breakout at $7.75. Nice follow through upside.
  • DBB – base metals continued leading higher. (TESTING??? )
  • EPOL – uptrend continues with move above the 200 DMA
  • RUSL –Ā uptrend still in play, big test higher… failed to hold. watching.

PossibleĀ EGG Position:

Bounce on Friday helps the outlook short term with positive bias. Need to follow through this week. UGAZ is of interest for the trade setup to start the week. RUSL and EEM are positive. I will post a couple of options to start the trade week for the EGG and we will take what unfolds. Remember the markets are choppy and the direction uncertain at this point. This means more room on the stops which increases the risk. Thus, we will be patient with our entry and stops.