Bought 20% XHB $42.10 Stop @ $40.90 Target @ $46.95 The homebuilders etf is breaking out this morning, coming off of the 50-DMA, and rallying above the 20-DMA while also holding the 2019 trendline. With interest rates expected to continue dropping in the coming months this sector could continue to rally.
Bought 20% IBB @ $107.42 Stop @ $104.55 Target @ $115.89 Biotech is breaking out through all of the major moving averages this morning.
Bought 10% EDC @ $71.80 Stop @ $68.49 Target @ $86.88 It appears likely that yesterday EEM printed a cycle low. EDC is the bullish leveraged etf of EEM.
Closed REGN $302.51. Market dropping very hard as the Fed President speaks about their 1/4 point rate cut.
Sold OIH @ $13.90. The two largest stocks in the OIH index have reversed to short signals. No longer any reason to hold this trade.
Moved FDX stop up to $170.89. The stock has climbed higher five days in a row here, and we want to be sure to give it a little room to pullback, but we do expect that this will continue up for a while. Depending on the market itself we’ll send an alert as the target price gets closer to update any plans for the trade then.
Bought 10% REGN @ $311.70 Stop $299.85 Target @ $358.90 REGN has been basing along this $300 area for a while. Breaking out now with a strong move across the 20 and 50-DMAs. Still a chance this could wiggle around here, but solid chart setup with the signal and a good risk-reward.
Bought 20% EWG @ $27.80 Stop @ $27.20 Target @ $30.90 Some markets are showing stronger moves than others right now. Germany is rallying strongly off of the 50-Day and we don’t think it’s a stretch here to say they will head back to their May levels, at least. Chart is of the DAX, we trade EWG.
Bought 10% OIH $14.66 Stop $13.63 Target $16.89 The two biggest holdings of OIH, SLB and HAL are triggering nice buy signals on their charts with strong moves off the lows and now through the 20 and 50-day moving averages.
Sold our FXC @ $74.98 just above break even as it moved through our stop. Trade just couldn’t get going as the dollar chopped around without any direction the past month.