Market ended the week higher, but still lacking that conviction that takes it higher. Consolidation remains, but the S&P 500 closed at new high. Plenty of work left to be done as we start the week looking for the upside follow through. Leadership would be nice… still none to speak of it we are going higher convincingly. Patience and risk management are a must currently.
Result for the Daily EGG Scan:
Leadership results the scan list produced for today…
- YINN – China is back? at least for the day… but, needs some help.
- RUSL – Russia follows through on upside with nice move Friday. uptrend remains in play for the country ETF.
- BRZU – Brazil makes nice gain Friday to the top of the current range. Need follow through breakout and adding position is attractive.
- EWH – Hong Kong gapped higher and looking to continue the previous uptrend. Let this unfold short term.
- USLV – silver gapped higher and leading the metals on the upside. Expect some consolidation and continuation of the upside move.
- TUR – range breakout off lows? nice upside follow through
- TQQQ, CURE, SOXL, SPXL, FAS… and others had good move on Thursday but, still looking for follow through on moves. Stalled Friday.
Moves of interest trailing ten days:
- UGAZ – Natural gas breaking from the trading range and setting up opportunity short term. Entry $2.55
- USLV – Silver is the upside leader.
- SPXL – break to new high and in position to run.
- GDXJ – base trading range breakout $25. slow and steady.
- SIL – trading range ready to break higher? Yes… gapped at the open.
- RUSL – uptrend still in play, big test higher… watching. Nice move Tuesday.
- EWO – uptrend remains in play…
- CURE – down trending channel? break through the upside a positive.
Possible EGG Position:
Indexes make a solid move on the upside and in good position to follow through. The SPY move is worth trading on follow through with SPXL. Added Friday the SPXL entry at $95.80 and stop near the $94 mark and a target of $102 on follow through break higher. (SEE TABLE)