ONE EGG Scan for May 19th

The broad indexes start the week on the upside and look determined to push higher short term. The buyers are in control again and the sellers have taken a backseat for now. The NASDAQ is the only index yet to claim a new high. We will take what the market offers, but despite the positive feel… worries are still being dealt with and for that reason we will manage our risk accordingly.

Result for the Daily EGG Scan: 

Potential leadership results the¬†scans produced for today…

  • TMV – bonds return to their selling ways after only a one day bounce.
  • JO – coffee is working on a bottom reversal and made nice move higher.
  • SVXY – VIX index continues to decline break of the 12 mark get very interesting for stocks moving forward.
  • TNA – Small caps make move through resistance triggering entry for trade.
  • SOXL – Semi’s are looking better and hit entry as well for trade.
  • EWH – Hong Kong gapped higher and looking to continue the previous uptrend. Let this unfold short term. Break from the consolidation pattern is the key 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, BIB, SPXL, FAS… and others had good moves

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. Tested Monday.
  • EWO – uptrend remains in play… Tested Monday.
  • CURE – down trending channel? break through the upside a positive.
  • TUR – remains a¬†leader in this category.

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)