ONE EGG Scan for May 7th

More selling thanks to Ms. Yellen becoming a stock analyst, ADP jobs report disappointing results, earnings, economy, etc. etc. etc. If investors start to believe all the bad press… the sellers will gain control. The results on Wednesday looked as that may be the case until the last 30 minutes of trading… some buying stepped in at support and left some hope for the bounce or reversal play? Watching today to see how it looks relative to the follow through? Buyers or Sellers… who has the conviction? Or do we continue the tug-o-war?

Result for the Daily EGG Scan:Ā 

Leadership results theĀ scan list produced for today…

  • SRS (short REITs), SOXS (short semiconductors), and SQQQ (short NASDAQ 100) set up the short side
  • TMV – another move higher as rates climb and bonds fall.
  • GREK – two days of selling, make a loan payment, 8% jump… back to move higher?
  • SQQQ – short NASDAQ trade? watch the late day buy, but downside is setting up.
  • FXE – euro clears the $110.50 entry point. (ULE also leverage ETF)

Moves of interest trailing ten days:

  • XES – oil and gas equipment breaking higher. $30.23 level to clear.
  • UCO – crude jumping higher again.Ā double bottom pattern.
  • TMV – short Treasury bonds. gap higherĀ and follow through. bonds getting crushed.
  • GDXJ – base trading range breakout $25.
  • BRZU – testing breakout at $7.75.
  • UWTI – crude makes move higher, entry $3.50.Ā Still gaining upside momentum.
  • DBB – base metals continued leading higher.
  • EPOL – uptrend continues with move above the 200 DMA
  • RUSL –Ā uptrend still in play, big test higher… failed to hold. watch today.

PossibleĀ EGG Position:

No clear conviction, momentum is fleeting, and risk remains too high. Leadership is the greatest need for the broad indexes. News is driving direction and that doesn’t fit our strategy or risk tolerance. Patience. See how it responds to the late day selling in the laundry room.