ONE EGG Scan for May 14th

Opens higher and fades… opposite of Tuesday, but same results. Direction remains the theme to watch. The telling chart is the ten sectors of the S&P 500 index showing nine of the ten trailing or even with the index currently since the February lows. That is sideways activity. Choppiness continues and we remain patient versus trading for the sake of trading. Still taking it one day at a time.

Result for the Daily EGG Scan:Ā 

Leadership results theĀ scan list produced for today…

  • USLV – silver gapped higher and leading the metals on the upside.
  • UGAZ – makes move to confirm the trend reversal and follow through.
  • TMV – Rally continues as yields climb higher. Watch today.
  • ERY – Confusion on direction. ERX? Watching today.
  • UWTI – bounce in crude ready to stall? upside for now.
  • EWU – UK breaking higher on election results. Tested Tuesday.
  • NUGT – gold miners of interest on the break back to the upside through resistance short term.
  • URA – back on the upside?
  • EWA – bottom reversal? TUR – range breakout off lows?

Moves of interest trailing ten days:

  • UGAZ – Natural gas breaking from the trading range and setting up opportunity short term. Entry $2.55
  • TMV – short treasury bonds accelerating. (TESTING?)
  • GDXJ – base trading range breakout $25. (TESTING???) Yes… nice bounce on Tuesday… follow through?
  • SIL – trading range ready to break higher? Yes… gapped at the open.
  • SRS – short REITs climbing again on rates. (TESTING?) rates flattened out.
  • BRZU – testing breakout at $7.75. Need follow through upside.
  • DBB – base metals continued leading higher. (TESTING??? ) bounced on Tuesday and watching how it unfolds.
  • RUSL –Ā uptrend still in play, big test higher… watching. Nice move Tuesday.
  • EWO – uptrend remains in play…

PossibleĀ EGG Position:

Nerves back in play or ready to move higher? Futures are higher… time to breakout? Watching to see how this one unfolds. Got theĀ follow through on UGAZ with gap higher. It is of interest for the trade setup ($2.50 entry on test or $2.60). GDX, SIL, RUSL, UWTI all of interest as well. 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.