The market is choppy and that keeps the upside leadership from rising. This is a period where we have to be cautious and not force trades for the sense of activity. The list below are the top five opportunities from the scans run after Monday’s close. Today I focused on the trailing five days as the scan based on the choppy trading, and came up with the following:
- TUR – Accelerated through resistance at the $52.70 level and continue to push higher. With Russia/Ukraine in the news viewed the risk as too high.
- IYZ – Telecom has been accelerating off the April 28th low and is now in position to complete a double bottom breakout. I like this trade to $30.50 target.
- SVXY – Volatility index continues to fall showing little anxiety from investors of late. This was a trade in the ONLY ETF model. Still in play.
- DTO – Short crude oil has been showing on the scans for several days, but the speculation issue relative to Russia makes this a tough trade to risk the money. However, if we take out the current support it is worth the trade.
- XPH – Healthcare is bouncing and the leader is pharma. We added this trade to the Patten list last week at $95. Clears $96.50 willing to add to the position.